CB Richard Ellis Represents Intermedia Communications in 800,000-Square-Foot Lease Assignment for Tampa Corporate Headquarters.

LOS ANGELES--(BUSINESS WIRE)--Oct. 21, 1998--Intermedia Communications, the nation's fastest-growing integrated communications provider, has signed a 10-year, 800,000-square-foot lease that will create a new corporate campus for the company on a 50-acre site in northeast Tampa, Fla. CB Richard Ellis (NYSE:CBG) represented Intermedia in the transaction.

Tampa-based Intermedia, which provides a broad range of networking solutions for both voice and data connectivity to corporate clients, will occupy a five-building, corporate headquarters campus to be developed on the site along the burgeoning I-75 corridor. The lessor and developer is Highwoods Properties, a Raleigh, N.C.-based real estate investment trust (REIT).

The Intermedia complex, which will be built in three phases, will be part of Highwoods Preserve, a 1.5-million-square-foot, mixed-use project to be developed on 200 acres. Construction on the first three Intermedia buildings, encompassing 400,000 square feet, will begin in early 1999. Building four will be completed in 2000 and building five in 2001.

The transaction continues a strong partnership between Intermedia and CB Richard Ellis. During the past two years, CB Richard Ellis has closed more than 35 separate lease transactions across the United States in response to the client's skyrocketing growth.

"Our partnership with CB Richard Ellis has been a key component in effectively addressing our real estate needs," commented Jon Carter, Intermedia senior director of facilities management. "The focused commitment of their local team, integrated with broad national in-house capabilities, gives us the resources to make sound decisions across the ever-increasing reach of Intermedia's telecommunication network."

The CB Richard Ellis leasing team was led by Bob Burgen, first vice president, and included Bill Obregon, senior associate, and Scott Allen, associate.

CB Richard Ellis is the world's leading real estate services company. With headquarters in Los Angeles and more than 9,000 employees worldwide, the company serves real estate owners, investors and occupiers through more than 200 principal offices in 29 countries.

Services include property sales and leasing, property management, corporate advisory services and facilities management, mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting. CB Commercial and REI Limited, which merged in April 1998 to form CB Richard Ellis, had combined 1997 revenues of $848 million.