Parkway Properties downsizes in Houston

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.

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