Parkway Properties purchased Squaw Peak Corporate Center, a two-building, 287,000-square-foot office project in the Camelback/Squaw Peak submarket of Phoenix, Ariz.

The value of the transaction was $46.9 million.

The building is located at the intersection of 16th Street and Northern Avenue. Squaw Peak Corporate Center was 92 percent leased at the time of sale to multiple customers, including Aetna, URS Greiner Woodward, a global engineering firm, Chubb, MetLife, ING and Fidelity National Title.

Squaw Peak Corporate Center was constructed in 1999-2000. The property includes two adjoining two-story parking decks containing 518 spaces, 122 covered spaces and a surface parking lot containing 792 parking spaces.

Parkway Properties Inc. is a self-administered real estate investment trust specializing in the acquisition of office properties.

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