Parkway Announces Three Asset Sales For $50.5 Million
Parkway Properties, Inc. (NYSE: PKY) announced today the sale of Waterstone, a 93,000 square foot office property located in the Airport/South submarket of Atlanta, Georgia; Meridian, a 97,000 square foot office property located in the Northwest submarket of Atlanta; and Bank of America Plaza, a 436,000 square foot office tower located in the Central Business District of Nashville, Tennessee.
On July 10, 2013, Parkway completed the sale of Waterstone for a gross sale price of $3.4 million. The property was 52.1% occupied at closing. On July 10, 2013, Parkway completed the sale of Meridian for a gross sale price of $6.8 million. The property was 74.7% occupied at closing. On July 17, 2013, Parkway completed the sale of Bank of America Plaza for a gross sale price of $42.8 million. The property was 93.1% occupied at closing. Parkway received a total of approximately $50.5 million in net proceeds from the three completed asset sales. As a result of the two asset sales in Atlanta, Parkway expects to record a $4.6 million impairment charge for the second quarter 2013. Additionally, Parkway expects to record a gain related to the sale of Bank of America Plaza totaling approximately $11.9 million for the third quarter 2013.
About Parkway Properties
Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership 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 45 office properties located in eight states with an aggregate of approximately 13.0 million square feet at April 1, 2013. Parkway also offers fee-based real estate services which manage and/or lease approximately 11.8 million square feet for third parties as of April 1, 2013. Additional information about Parkway is available on the Company's website at www.pky.com.
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