HOUSTON, June 12, 2017 /PRNewswire/ -- Parkway, Inc. (NYSE: PKY) announced today that it has signed a 26-month lease extension with Apache Corporation ("Apache") at Post Oak Central. The renewal extends all 524,000 square feet currently occupied by Apache through February 28, 2022. Additionally, the renewal preserves Apache's existing five-year and ten-year renewal options, which would supersede the terms of this amendment if exercised prior to December 31, 2017.
"We are pleased that we were able to reach an agreement with Apache with a renewal that is mutually beneficial to both parties," stated James R. Heistand, President and Chief Executive Officer of Parkway. "This extension gives Apache at least two more years of term while creating value for Parkway's stockholders and adding stability to Post Oak Central for nearly five years."
Apache was represented by Tim Relyea and Scott Wegmann of Cushman & Wakefield.
Parkway, Inc. is an independent, publicly traded, self-managed real estate investment trust ("REIT") that owns and operates high-quality office properties located in attractive submarkets in Houston, Texas. As of March 31, 2017, our portfolio consists of five Class A assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston.
Vice President, Finance & Capital Markets
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SOURCE Parkway, Inc.