Parkway Completes Joint Venture Of Houston Greenway Assets
PARKWAY INC (PKY)
Last parkway inc earnings: 8/11 04:24 pm
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Source: PR Newswire
HOUSTON, April 20, 2017 /PRNewswire/ -- Parkway, Inc. (NYSE: PKY) announced today that it completed the previously announced joint venture of Greenway Plaza and Phoenix Tower (collectively, the "Greenway Portfolio") by selling a 49.0% interest in the properties for $512.1 million, or an implied $210 per square foot. The Greenway Portfolio is an approximately 5.0 million square foot campus consisting of 11 office properties located in the Greenway submarket of Houston, Texas. Parkway, Inc., through certain of its subsidiaries (collectively, "Parkway"), formed a joint venture with TH Real Estate Global Asset Management, the real estate investment management arm of TIAA ("TH Real Estate"), Silverpeak Real Estate Partners ("Silverpeak") and Canada Pension Plan Investment Board ("CPPIB"). As part of the joint venture transaction, Parkway retained a 51% interest in the Greenway Portfolio, a partnership between TH Real Estate and Silverpeak acquired a 24.5% inter
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