Parkway Announces Closing Of Eight Office Buildings In Prime Submarket Of Jacksonville, Florida

Mar 07, 2013, 16:05 ET from Parkway Properties, Inc.

ORLANDO, Fla., March 7, 2013 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has completed the previously announced purchase of eight office properties totaling 1.0 million square feet located in the Deerwood submarket of Jacksonville, Florida for a purchase price of $130 million.  The properties were developed in phases from 1996 through 2005 and are currently a combined 93.7% occupied.  Parkway placed secured financing on the properties simultaneous with closing totaling $84.5 million that has a maturity date of April 1, 2023 and a fixed interest rate of 3.9%. 

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Other Financing Activity

On February 21, 2013, Parkway closed on an $80 million first mortgage secured by Phoenix Tower in Houston, Texas.  Phoenix Tower is a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston that was 83.6% occupied as of January 1, 2013.  The mortgage has a maturity date of March 1, 2023 and a fixed interest rate of 3.9%.

About Parkway Properties

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the ownership of quality office properties in higher-growth submarkets in the Sunbelt region of the United States.  Parkway owns or has an interest in 43 office properties located in nine states with an aggregate of approximately 11.9 million square feet of leasable space at January 1, 2013.  Fee-based real estate services are offered through wholly owned subsidiaries of the Company, which in total manage and/or lease approximately 10.8 million square feet for third-party owners at January 1, 2013.  Additional information about Parkway is available on the Company's website at   

Contact: Thomas E. Blalock Vice President of Investor Relations (407) 650-0593

SOURCE Parkway Properties, Inc.