Parkway Properties

Parkway Properties, Inc.
Public
Traded as NYSE: PKY
S&P 600 SmallCap Index
Industry Real estate
Founded May 17, 1996 (1996-05-17)
Headquarters Orlando, Florida, United States
Number of locations
 36 office properties (14.3 million square feet of leasable space)
Area served
 Sun Belt region of The United States
Key people
 James R. Heistand (President & CEO)
Number of employees
 286
Website pky.com
Footnotes / references
[1]

Parkway Properties, Inc. is an American real estate company based out of the Bank of America Center in Orlando, Florida. Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership, development and management of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 36 office properties located in six states with an aggregate of approximately 14.3 million square feet of leasable space as of January 1, 2016. Fee-based real estate services are offered through wholly owned subsidiaries of the Company, which in total manage and/or lease approximately 2.7 million square feet for third-party owners as of January 1, 2016. The company serves six states in the Sun Belt region of the United States with space in Arizona, Florida, Georgia, North Carolina, Texas, as well as Pennsylvania. It was incorporated on May 17, 1996.

Portfolio

A building in Parkway's Portfolio. 3344 Peachtree Building

Parkway owns, operates, manages or leases 36 office properties located in six states, with over 14,300,000 square feet (1,330,000 m2) of space. Some notable buildings in Parkway's portfolio include: Bank of America Center (Orlando), Hearst Tower (Charlotte), Liberty Place, NASCAR Plaza, One Congress Plaza, Phoenix Tower, San Felipe Plaza, Hayden Ferry Lakeside, U.S. Airways Building,One Buckhead Plaza, and 3344 Peachtree.[2]

Parkway manages and or leases approximately 2.7 million square feet of space for third-party owners.

Merger with Thomas Properties Group

On December 20, 2013 Parkway Properties, Inc. announced the completion of its merger with Thomas Properties Group. The merger was valued at approximately $1.2 billion.[3] The transaction was approved by stockholders of each company at their respective stockholder meetings on December 17, 2013. The combined company operates under Parkway's existing ticker symbol PKY, on the New York Stock Exchange.[4] The deal helped Parkway grow in Texas and increased the companies portfolio by approximately 40 percent.[5]

References

  1. ↑ "Parkway Properties Inc. (PKY)". Yahoo! Finance.
  2. ↑ "Portfolio". Parkway Properties.
  3. ↑ "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion". MarketWatch.
  4. ↑ "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion". PRNewswire.
  5. ↑ "UPDATE 1-Parkway to buy Thomas Properties for $1 bln in stock, debt". Reuters.
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