Parkway Announces Leasing and Occupancy Update

Oct 08, 2010, 18:13 ET from Parkway Properties, Inc.

JACKSON, Miss., Oct. 8 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has signed a total of 140,000 square feet of new leases and 87,000 square feet of renewal and expansion leases since the Company's last leasing update press release on August 27, 2010.  Outlined below are the major leases signed during this timeframe.  Total leasing activity during the third quarter was 203,000 square feet of new leases, 711,000 square feet of renewal leases, and 87,000 square feet of expansion leases, bringing the Company's portfolio to 85.7% occupied and 87.4% leased as of today.

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  • Chemical Market Associates, Inc. signed a 10-year new lease for 26,000 square feet commencing January 1, 2011, at 1401 Enclave Parkway in Houston, Texas.
  • Callon Petroleum Company signed a 10-year new lease for 12,000 square feet commencing March 1, 2011, at 1401 Enclave Parkway in Houston, Texas.
  • Mid-Atlantic Convenience Stores, LLC signed a 69-month new lease for 23,000 square feet commencing December 27, 2010, at Boulders Center in Richmond, Virginia.
  • Centene Corporation signed a 67-month new lease for 18,000 square feet commencing December 1, 2010, at the 111 Capitol Building in Jackson, Mississippi.
  • 360 Enterprises, Inc. signed a 66-month new lease for 11,000 square feet commencing January 1, 2011, at Mesa Corporate Center in Mesa, Arizona.
  • Nabors Corporate Services expanded by 11,000 square feet on September 1, 2010, for 52 months, or through December 31, 2014, at One Commerce Green in Houston, Texas.  
  • C.H. Robinson Worldwide, Inc. renewed 10,000 square feet and expanded by an additional 4,000 square feet for 64 months beyond their current expiration date, or through May 31, 2016, at Desert Ridge Corporate Center in Phoenix, Arizona.
  • Bluewater Industries Holdings, Inc. renewed 14,800 square feet and expanded by an additional 500 square feet for seven years beyond their current expiration date, or through February 28, 2018, at 5300 Memorial in Houston, Texas.

William R. Flatt, Chief Operating Officer at Parkway, stated, "These leases show momentum from a variety of different markets, and will contribute toward the company's leasing and occupancy objectives for 2010."

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 64 office properties located in 11 states with an aggregate of approximately 13.2 million square feet of leasable space as of October 8, 2010.  Included in the portfolio are 20 properties totaling 3.7 million square feet that are owned jointly with other investors, representing 28.0% of the portfolio.  Fee-based real estate services are offered through the Company's wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 2.6 million square feet for third-party owners at October 8, 2010.

Parkway Properties, Inc.'s press releases and additional information about the Company are available on the Company's website at www.pky.com.

Forward Looking Statement

This press release and related information contain projections, estimates and other information that may be forward-looking statements within the meaning of the Securities Act or the Securities Exchange Act.  Statements pertaining to our beliefs, expectations or intentions or those pertaining to capital resources, profitability, portfolio performance and market rental rates by their nature contain assumptions, estimates, projections and forward-looking statements.  These assumptions, estimates, projections and forward-looking statements involve risks and uncertainties many of which are beyond our control.  In addition, our analysis and financial models rely on numerous business, executive, competition and other assumptions that may turn out to be incorrect resulting in conclusions which are materially incorrect.  Parkway's Form 10-K and subsequent documents filed with the SEC provides a list of certain factors that may impact estimates, projections and forward-looking statements.  We make no representations as to the accuracy or reasonableness of the information provided.  You should use caution in relying on any information or analysis provided.  You should also review and understand the underlying assumptions, estimates and projections and how they affect any analysis.  Any estimate, assumption, projection or forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any of these.

CONTACT:  

RICHARD G. HICKSON IV

CHIEF FINANCIAL OFFICER

WILLIAM R. FLATT

CHIEF OPERATING OFFICER

(601) 948-4091

SOURCE Parkway Properties, Inc.



RELATED LINKS

http://www.pky.com