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Stock Market & Financial Investment News

News Breaks
March 19, 2013
07:06 EDTPKYParkway Properties agrees to purchase Tampa Fund II assets and Tempe office
Parkway Properties announced that it has entered into a purchase and sale agreement to acquire its co-investor's 70% interest in three office properties located in the Westshore submarket of Tampa, Florida and has entered into a purchase and sale agreement to acquire a 75% interest in the US Airways Building, a 225,000 square foot office building located in the Tempe submarket of Phoenix, Arizona. The agreed-upon gross valuation of the Tampa Fund II Assets is $139.3M. Parkway's purchase price for its co-investor's 70% interest in the Tampa Fund II Assets is $97.5M. The agreed-upon gross valuation of the US Airways Building is $56M. Parkway's purchase price for the approximate 75% interest is $41.8M.
News For PKY From The Last 14 Days
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November 17, 2014
16:06 EDTPKYParkway Properties announces consolidation of ownership in key Austin JV assets
Parkway Properties announced that Parkway and The California State Teachers' Retirement System have successfully unwound their joint venture in Austin, Texas. As part of the agreement, Parkway acquired CalSTRS' 60% interest in San Jacinto Center and One Congress Plaza, resulting in 100% ownership of these two assets, and transferred its 40% interest in Frost Bank Tower, 300 West 6th Street and One American Center to CalSTRS. Parkway also received net proceeds of approximately $43.6M from CalSTRS in connection with the transaction. Prior to the termination of the joint venture, Parkway's pro rata ownership in Austin was 967,000 square feet. Post-closing, Parkway now wholly owns 926,000 square feet, a decrease of 41,000 square feet. In addition, the net proceeds to Parkway of $43.6M will reduce Parkway's net debt to EBITDA and will be used to partially fund pending acquisitions.

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