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W.P. Carey Takes KBR Tower in Houston For $174.6M

Parkway Properties buys Phoenix Tower for $124.5M

  Houston Business Journal  by Shaina Zucker, Reporter             


Date: Monday, December 3, 2012, 5:11pm CST

Parkway Properties Inc. (NYSE: PKY) said Monday it will acquire Phoenix Tower, a 626,000-square-foot Class A office building in the Greenway Plaza submarket.

Orlando, Fla.-based Parkway will purchase the 26-story tower for $124.5 million, and the deal is expected to close by the end of the year.

The 28-year-old structure, which was renovated in 2011, is currently 84.5 percent leased and is located on the northwest corner of Buffalo Speedway and Southwest Freeway.

Parkway will own 100 percent of the asset and intends to place a secured first mortgage on the property shortly after closing, which will total about 65 percent of the purchase price.

The company also purchased other office towers across the country — Tower Place 200, a 260,000-square-foot office tower in the Buckhead submarket of Atlanta, and 525 North Tryon, a 406,000-square-foot office tower in the central business district of Charlotte, N.C.

“These three acquisition opportunities fit well within our investment strategy of acquiring high-quality assets in our targeted submarkets,” James Heistand, Parkway’s president and CEO, said in the company’s Monday statement.