JACKSON, Miss., Dec. 8 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) today announced the closing of the fee simple sale of two
properties located in Houston, Texas to unrelated purchasers. Richmond
Centre, a 92,000 square-foot office building in the Westchase submarket of
Houston sold for $6.9 million. Ashford II, a 59,000 square-foot office
building in the Energy Corridor submarket of Houston sold for $5.25
million. Parkway received net cash proceeds from the two sales of
approximately $11.6 million and will recognize a gain on the sales of
approximately $4.8 million in the fourth quarter. The combined sales price
represents a capitalization rate of approximately 7.1% on projected 2007
cash net operating income for the two buildings. Proceeds from the sale
were used to repay amounts outstanding under the Company's lines of credit.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO)
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, acquisition, ownership, management, and leasing 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 12.9 million square feet of leasable space as of December 8,
2006. The Company also offers fee- based real estate services through its
wholly owned subsidiary, Parkway Realty Services, to its owned properties
and to its third party and minority interest properties.
Parkway Properties, Inc.'s press releases and additional information
about the Company are available 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.
 back to top
Related links:
http://www.pky.com
Photo Notes: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,
+1-601-948-4091, of Parkway Properties, Inc.
|
