JACKSON, Miss., Jan. 13 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE: PKY) today announced the expansion of its wholly-owned subsidiary, Parkway Realty Services, LLC ("PRS") in Jacksonville, Florida and the addition of commercial leasing veteran Victor A. Hughes, III to the Jacksonville team of real estate professionals led by Lisa L. Smith, Senior Vice President. Mr. Hughes will be responsible for leasing and business development as PRS expands its third-party business in the Jacksonville market.
PRS was founded in 1983 as a real estate service provider to both third-party clients and the investments of its parent company, Parkway Properties, Inc. ("Parkway"). With the Jacksonville office expansion, PRS will now focus on providing its formerly proprietary leasing and management services to third-party public and private companies and individual investors that own or invest in Class-A commercial office space in the Greater Jacksonville area.
"The combination of Parkway's presence throughout the southeast office markets, the existing PRS presence in the Jacksonville market and my established business relationships, will create good business opportunities for PRS," said Victor Hughes, PRS Jacksonville Managing Director.
Steven G. Rogers, President and Chief Executive Officer of Parkway, stated, "Since its inception, PRS has been devoted to meeting the needs of commercial real estate owners. We are owners and have represented owners' interests for over 25 years, so we understand the challenges commercial real estate owners face. Our experience translates into astute asset management and increased net operating income across our clients' portfolio of properties. This is an important continuation of a larger strategic initiative to expand our third-party services nationally and is consistent with our transformation to an operator-owner."
Founded in 1983, PRS is a commercial real estate services and advisory firm that serves the needs of private and public companies and individual investors that own or invest in Class-A commercial office space. PRS offers expert commercial real estate guidance, professional property management services, and strategic marketing and leasing services aimed at increasing net operating income and maximizing profit upon exit. PRS is a wholly-owned subsidiary of Parkway Properties, Inc. and has offices in major U.S. markets, including Houston, Atlanta, Chicago, Orlando, Phoenix, and now Jacksonville. PRS employs over 200 employees. Additional information about PRS is available at www.prs-realty.com.
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 65 office properties located in 11 states with an aggregate of approximately 13.4 million square feet of leasable space at January 13, 2010. Included in the portfolio are 21 properties totaling 3.9 million square feet that are owned jointly with other investors, representing 28.8% 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 1.3 million square feet for third-party owners at January 13, 2009.
Parkway Properties, Inc.'s press releases and additional information about the Company are available on the World Wide Web at www.pky.com.
J. MITCHELL COLLINS
CHIEF FINANCIAL OFFICER
SOURCE Parkway Properties, Inc.