JACKSON, Miss., Nov. 8 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) announced today that on November 7, 2007, it closed on the
purchase of the B-Note in a loan secured by an 844,000 square foot office
building known as 2100 Ross located in the Central Business District of
Dallas, Texas. The B-Note has a face value of $10 million and was purchased
for $6.9 million. The yield to maturity in March 2012 is 15.75%. The B-Note
is secured by a first mortgage lien, and accordingly, subject to certain
superior rights of the A-Note, enjoys the normal and customary protection
of collateral and cash flow. The loan is serviced by an affiliate of the
major financial institution that originated the loan. The combined balance
of the A and B notes is $71 million, or approximately $84 per square foot.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO)
2100 Ross is a 34-story, Class-A office property constructed in 1982
and renovated in 2003. The building is currently 75.6% occupied with Ernst
& Young, CB Richard Ellis, Clark Consulting and Merrill Lynch as major
customers. The significantly improving real estate market known as the Arts
District is a 19-block, 68.4 acre neighborhood and is the largest urban
arts district in the United States. The building is located along Ross
Avenue, at the edge of the District in the northern area of the Dallas CBD
with proximity to six major freeways and well-established executive
residential areas that include Park Cities, Lakewood, Turtle Creek, Uptown
and Preston Hollow.
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a
self-administered real estate investment trust specializing in the
operation, leasing, acquisition, and ownership of office properties. The
Company is geographically focused on the Southeastern and Southwestern
United States and Chicago. Parkway owns or has an interest in 66 office
properties located in 11 states with an aggregate of approximately 13.0
million square feet of leasable space as of November 8, 2007. Included in
the portfolio are 18 properties totaling 2.7 million square feet that are
owned jointly with other investors, representing 21% of the portfolio.
Under the Company's GEAR UP Plan, which started January 1, 2006 and ends
December 31, 2008, it is the Company's strategy to transform from an
owner-operator to an operator-owner. The strategy highlights the Company's
strength in providing excellent service in the operation of office
properties in addition to its direct ownership of real estate assets.
Fee-based real estate services are offered through the Company's wholly
owned subsidiary, Parkway Realty Services, which also manages and/or leases
approximately 1.8 million square feet for third party owners as of November
8, 2007.
Parkway Properties, Inc.'s press releases and additional information
about the Company are available on the World Wide Web at http://www.pky.com.
CONTACT: Steven G. Rogers
President & Chief Executive Officer
William R. Flatt
Chief Financial Officer
(601) 948-4091
SOURCE Parkway Properties, Inc.
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Related links:
http://www.pky.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/103115.html/
CONTACT:
Steven G. Rogers, President & Chief Executive
Officer, or William R. Flatt, Chief Financial Officer, both of
Parkway Properties, Inc., +1-601-948-4091
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