Parkway Announces Closing Of Phoenix Tower In Houston, TX And 525 North Tryon In Charlotte, NC

Phoenix Tower, Houston, TX

ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced the closing of the previously announced acquisitions of Phoenix Tower, a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston, Texas, and 525 North Tryon, a 406,000 square foot office tower located in the central business district of Charlotte, North Carolina.

On December 20, 2012, Parkway completed the purchase of Phoenix Tower for $123.8 million, or $198 per square foot.  Phoenix Tower was built in 1984 and fully renovated in 2011.  It is a LEED(®) Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage.

525 North Tryon, Charlotte, NC

The building is currently 84.5% leased with an average in place net rent per square foot of $14.03. 

 Phoenix Tower is expected to generate a 2013 estimated cash net operating income yield of approximately 6.0%.  Parkway will own 100% of the asset and intends to place a secured first mortgage on the property totaling approximately 65% of the purchase price. 

For a complete copy of the company’s news release, please contact:

Thomas E. Blalock

Vice President of Investor Relations

(407) 650-0593

Web Site: http://www.pky.com