Parkway Properties downsizes in Houston

Sales profit used to repay debt
Published on Dec 15, 2006

Parkway Properties Inc. sold two office properties totaling 151,000 square feet in Houston, Texas, for a total of approximately $12.2 million. The first property, Richmond Centre, is a 92,000-square-foot office building in the Westchase submarket that sold for $6.9 million. The other property, Ashford II, is a 59,000-square-foot office building in the Energy Corridor submarket, which sold for nearly $5.3 million. Buyers of both properties were not disclosed. Proceeds from the sale were used to repay amounts outstanding under the company's lines of credit, according to a press statement. Parkway Properties Inc. is a self-administered real estate investment trust operating in the southeastern and southwestern United States and Chicago. ...

Comments