Parkway Properties

Parkway Properties, Inc.
Industry Real estate investment trust
Fate Acquired
Founded May 17, 1996 (1996-05-17)
Headquarters Orlando, Florida
Key people
 James R. Heistand, President & CEO
Number of employees
 286
Website pky.com
3344 Peachtree was owned by Parkway

Parkway Properties, Inc. was a real estate investment trust that invested in office buildings in the Sun Belt. In 2016, the company was acquired by Cousins Properties.

Notable properties owned by the company included Liberty Place, Phoenix Tower, San Felipe Plaza and Raymond James Tower in Memphis, Tennessee.

History

The company was formed on May 17, 1996.

In 2011, the company acquired the property management business of Eola Capital and its ownership stake in 6 properties for $462 million.[1]

In 2012, the company acquired Hearst Tower for $250 million.[2] The company also sold 15 properties in Memphis, for $147.5 million.[3]

In 2013, the company acquired Thomas Properties Group in a $1.2 billion transaction.[4] The company also acquired Deerwood North and Deerwood South for $130 million.[5] The company sold Carmel Crossing for $37.5 million.[6]

In 2014, the company sold Fair Oaks Plaza[7] and an office building in Houston leased to Schlumberger.[8] It also sold 3 office buildings in Central Florida Research Park for $44 million.[9] It acquired Corporate Center I, II and III in Tampa, Florida for $238 million.[10][11]

In 2015, the company sold Millenia Park One for $28.2 million.[12]

In 2016, the company was acquired by Cousins Properties, which spun off its Houston assets into a new company called Parkway, Inc.[13][14]

References

  1. ↑ Ashby, Andy (April 11, 2011). "Parkway pays $462M for chunk of Eola Capital". American City Business Journals.
  2. ↑ Boye, Will (June 6, 2012). "Parkway Properties closes on Hearst Tower purchase". American City Business Journals.
  3. ↑ Ashby, Andy (April 3, 2012). "Hertz closes on five Parkway Properties office buildings in Memphis". American City Business Journals.
  4. ↑ "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion" (Press release). PRNewswire. December 20, 2013.
  5. ↑ Kritzer, Ashley Gurbal (January 22, 2013). "Parkway to buy Jacksonville's trophy office parks for $130M". American City Business Journals.
  6. ↑ Boye, Will (November 11, 2013). "Vision Properties closes on Carmel Crossing purchase". American City Business Journals.
  7. ↑ Sernovitz, Daniel J. (May 12, 2014). "Parkway Properties sells Fair Oaks Plaza months after $1.2 billion merger". American City Business Journals.
  8. ↑ Rodriguez, Ernest (September 23, 2014). "Parkway Properties Sells Schlumberger Bldg". CoStar Group.
  9. ↑ Fluker, Anjali (December 24, 2014). "As promised: Parkway Properties sells 3 C. Fla. Research Park buildings for $44M". American City Business Journals.
  10. ↑ "Parkway Completes Acquisition Of Corporate Center Assets In Tampa" (Press release). PRNewswire. December 9, 2014.
  11. ↑ Kritzer, Ashley Gurbal (December 9, 2014). "Parkway closes on Corporate Center buildings in Tampa's Westshore for $238M". American City Business Journals.
  12. ↑ Fluker, Anjali (December 30, 2015). "Breaking: Parkway Properties sells Millenia-area office building for $28M". American City Business Journals.
  13. ↑ "Cousins Closes Merger with Parkway and Prepares to Spin Off Combined Company's Houston-Based Assets" (Press release). PRNewswire. October 6, 2016.
  14. ↑ "Cousins Completes Spin-Off of Parkway, Inc" (Press release). PRNewswire. October 6, 2016.
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