Parkway Announces COO Transition Effective October 15, 2011.

Parkway Properties, Inc.

announced today that Mr. William R. Flatt has resigned as Executive Vice President and Chief Operating Officer effective October 15, 2011. Additionally, the Board of Directors has approved the promotion of Mr. M. Jayson Lipsey to Executive Vice President and Chief Operating Officer effective the same date. Jayson joined Parkway in 2001 and has extensive experience in many areas of the Company, having held positions in operations, leasing, asset management, and investments during that time. Most recently, he served as Senior Vice President and Fund Manager for the Company. Jayson also possesses a strong academic record, having earned a Bachelor of Science in Accounting and Business Administration from Washington & Lee University and a Master of Business Administration from the University of Virginia Darden School of Business.