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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.

1 reply
  1. hsacq
    hsacq says:

    Report: Dallas firm to buy Houston’s iconic Williams Tower

    Tuesday, December 4, 2012


    The Williams Tower is being sold to Dallas-based Invesco Real Estate for about $420 million, according to an industry trade publication.

    The dollar amount would be the top price ever paid for a Houston office property outside the downtown area.

    At the end of last year, a Canadian real estate investment trust bought downtown’s Hess Tower for $442.5 million, shattering the price record for a Houston office building.

    The deal isn’t expected to close until next year, according to the report in Real Estate Alert, which noted Houston’s red hot investment market.

    So far this year, some $2.4 billion of office properties worth at least $25 million have closed, it said. The previous high was $2.2 billion in 2007.

    The 64-story Williams Tower went on the market over the summer. Hines Real Estate Investment Trust is the owner.

    The parties could not be immediately reached.

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