Parkway Properties downsizes in Florida

Move aims to cut costs

Parkway Properties Inc. recently announced the sale of the Central Station Building, a 133,000-square-foot office building in St. Petersburg, Fla. The value of the transaction was $15 million. Parkway said it received net cash proceeds from the sale of approximately $14.5 million and will recognize a gain on the sale of approximately $200,000 in the third quarter. Proceeds from the sale were used to repay amounts outstanding under the company's lines of credit. 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. ...