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Fanatics to lease Highwoods' office building in Tampa, Fla.

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Fanatics to lease Highwoods' office building in Tampa, Fla.

Fanatics Inc.'s in-house apparel division, Fanatics Brands, will occupy 92,000 square feet encompassing three full floors at Highwoods Properties Inc.'s 5332 Avion office building in Tampa, Fla.

The office real estate investment trust said it is required to immediately start recognition of GAAP net operating income and reflect Fanatics in occupancy as of year-end 2019, given that the licensed sports merchandise retailer has immediate access to start construction of tenant improvements at the site.

The REIT, however, noted that it expects the lease to have only minimal impact on same-property cash NOI in 2020.