Parkway Agrees To Sell 49% Interest In Houston Greenway Portfolio
PARKWAY INC (PKY)
Last parkway inc earnings: 8/11 04:24 pm
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Source: PR Newswire
HOUSTON, Feb. 17, 2017 /PRNewswire/ -- Parkway, Inc. (NYSE: PKY) announced today that it has reached an agreement to sell a 49.0% interest in Greenway Plaza and Phoenix Tower (collectively, the "Greenway Portfolio") for $512.1 million, or an implied $210 per square foot. Parkway's Greenway Portfolio is an approximately 5.0 million square foot campus consisting of 11 office properties located in the Greenway submarket of Houston, Texas. "The recapitalization of our Greenway Portfolio accomplishes several objectives for Parkway," stated James R. Heistand, President and Chief Executive Officer of Parkway, Inc. ("Parkway"). "First, we have established a great partnership with three well-capitalized and highly regarded institutional investors that share our view of the long-term resiliency of the Houston market and the expectation of an eventual recovery in Houston office fundamentals. Second, this transaction helps to mitigate risk in a single office campus that
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