Parkway Properties Inc. today announced today the purchase of Citicorp Plaza on behalf of Parkway Properties Office Fund LP, for a purchase price of $100 million.
The property is situated on 11.5 acres in the O’Hare submarket in Chicago, and it consists of three interconnected, 11-story class A office buildings totaling 600,000 square feet.
The property was completed in phases between 1980 and 1982 and underwent significant renovations in 2006.
Citicorp Plaza also includes an adjacent 1,712-space, three-story structured parking facility, as well as a 276-space surface parking area.
The property was 86.7 percent occupied by 35 customers at the time of purchase.
Parkway Realty Services will provide property management, renewal leasing services, and construction supervision services for the property. Services related to new leasing will be provided by an unaffiliated third-party leasing agent.
Parkway Properties, a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition and ownership of office properties.