Parkway Properties' $55M acquisition
Aims to spend millions more on closing, improvements
By Inman News, Monday, January 21, 2008.Parkway Properties Inc. on Friday announced that its Office Fund LP paid $55 million for the class A Gateway Center building in Orlando, Fla.
The property comprises 228,000 square feet of office space on 10 floors that is situated atop a six-story parking facility. Constructed in 1989, the property was 79 percent leased at the time of sale to 17 tenants.
The Fund expects to spend an additional $2.8 million on closing costs, building improvements, leasing costs and tenant improvements during the first two years of ownership.
The Fund is a $500 million discretionary fund formed in July 2005 for the purpose of acquiring high-quality, multi-tenant office properties in markets such as Houston, Phoenix, Atlanta, Chicago, Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale, Jacksonville and Memphis.
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