Parkway Properties downsizes in Houston

Sales profit used to repay debt

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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. ...