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Highwoods Properties wraps up sale of 4 office buildings in Memphis, Tenn.

Highwoods Properties Inc. sold four office buildings totaling 599,000 square feet in Memphis, Tenn., completing the first phase of the office real estate investment trust's two-phased plan to exit the Greensboro, N.C., and Memphis markets.

The REIT has no predetermined timetable for the second phase, which comprises the planned sale of its remaining assets in both cities.

Highwoods, which has closed its division offices in Memphis and Greensboro, has already sold a select portfolio of assets in both cities for $428 million. The sale price is near the estimated total investment for Bank of America Tower at Legacy Union in Charlotte, N.C.