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News Breaks
January 27, 2014
08:34 EDTPKYParkway Properties completes acquisition of additional interest in Austin JV
Parkway Properties announced that it has completed its acquisition of its co-investor's approximately 17% interest in a joint venture that owns a portfolio of five office properties in Austin, Texas for a purchase price of approximately $41.5M. After giving effect to this acquisition, each of Parkway and CalSTRS has a 50% interest in the CalSTRS JV and Austin properties. Pursuant to an agreement entered into between Parkway and CalSTRS, CalSTRS has until February 5 to exercise an option to purchase up to 60% of Madison's former interest on the same terms as Parkway. If CalSTRS exercises its option to purchase a portion of Madison's former interest, Parkway's interest in the CalSTRS JV and the Austin properties will be reduce to 40%, with CalSTRS owning the remaining 60%.
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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