Parkway Properties To Sell Portfolio Of 19 Office Buildings For $237 Mln

(RTTNews) - Parkway Properties Inc. (PKY) Tuesday it agreed to sell a portfolio of 19 office buildings for a gross sale price of $237.0 million.

Parkway recently agreed to purchase the 19 office assets, which are located in six states and total approximately 2.1 million square feet, as part of the same transaction pursuant to which Parkway has agreed to acquire Corporate Center I, II, and III at International Plaza located in the Westshore submarket of Tampa, Florida.

Chief Executive James Heistand said, "The successful disposition of the 19 office buildings that were included in our recently announced portfolio acquisition will allow us to achieve our ultimate goal of acquiring the three Corporate Center assets in Tampa, where we believe we can add considerable value."

Parkway expects the closing of the sale of the 19 office portfolio to occur during the fourth quarter of 2014, subject to customary closing conditions.