JACKSON, MS, Mar. 8, 2011—EastGroup Properties (NYSE-EGP) announced that it is initiating the development of two new business distribution buildings in the Houston market. World Houston 32, located in the World Houston International Business Center (top left photo) , will contain 94,000 square feet and has a projected total cost of $6,831,000. The building, which is 100% preleased, is scheduled to be completed before the end of the year.
Beltway Crossing 8 will be in EastGroup’s Beltway Crossing Center (lower right photo) at the Sam Houston Toll Road and Highway 249. It will offer 88,000 square feet of multi-tenant space with a projected total cost of $5,316,000 and will be available for occupancy in October.
David H. Hoster II, President and CEO, stated, “We are pleased to add these two new buildings to our Houston development program after having started construction of World Houston 31 (44,000 square feet) last December. Houston is EastGroup’s largest market with a total of 4,823,000 square feet and our strongest in terms of rents and occupancy.”
EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net/
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FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
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