Parkway Expands Presence In Phoenix Market With Purchase Of Tempe Office Tower

James R. Heistand

ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced  the purchase of Tempe Gateway, a 264,000 square foot office tower located in the Tempe submarket of Phoenix, Arizona, for a purchase price of $66.1 million. 

Tempe Gateway was built in 2009 and is currently 73.9% occupied.  The property is expected to generate a 2013 estimated cash net operating income yield of approximately 5.0%. 

Tempe Gateway, Tempe, AZ

The Company does not plan to place a secured first mortgage on the property at this time.  With this purchase, Parkway owns 788,000 square feet in the Tempe submarket of Phoenix. 

James R. Heistand, Parkway's President and Chief Executive Officer, stated, "We have seen strong leasing demand and positive rental rate growth at our other assets in this growing

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

Thomas E. Blalock

Vice President of Investor Relations

(407) 650-0593