ORLANDO, Fla., Dec. 9, 2014 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has completed its previously announced acquisition of Corporate Center I, II and III at International Plaza, located in the Westshore submarket of Tampa, Florida, for a gross purchase price of $238 million. As of December 1, 2014, and adjusted for known near-term move-outs, occupancy at the three Corporate Center assets was 71%. The acquisition of the Corporate Center assets was funded through a combination of proceeds received from Parkway's September 2014 public offering of common stock and borrowings under the Company's unsecured credit facility.
"The completion of the Corporate Center acquisition reinforces our track record of creative deal structuring and further enhances our scale within Westshore, the top-performing submarket in Tampa," stated James R. Heistand, President and Chief Executive Officer of Parkway. "These three assets represent approximately one million square feet of high-quality, value-add office product located in a core submarket where our existing portfolio is currently approximately 96% leased."
In connection with the closing of the Corporate Center acquisition, Parkway completed the previously announced purchase and subsequent sale of 19 additional office properties located in six states totaling approximately 2.1 million square feet. Parkway sold these 19 office assets, which were not consistent with Parkway's current investment strategy, for a gross sale price of $237 million.
About Parkway Properties
Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership, development and management of quality office properties in higher growth submarkets in the Sunbelt region of the United States. At October 1, 2014, Parkway owned or had an interest in 52 office properties located in eight states with an aggregate of approximately 18.5 million square feet of leasable space. Fee-based real estate services are offered through wholly-owned subsidiaries of the Company, which in total managed and/or leased approximately 10.6 million square feet for third-party owners at October 1, 2014.
Director of Investor Relations
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SOURCE Parkway Properties, Inc.