JACKSON, Miss., Feb. 10 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. announced today leasing activity for the month ended January 31, 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )
As of February 1, 2006, occupancy of the office portfolio was 88.9%, which reflects no change from January 1, 2006. This is consistent with the Company's earnings guidance provided in the most recent earnings announcement. Since December 31, 2005, 35 leases were renewed or expanded for approximately 382,000 square feet. Additionally, 13 new leases were signed totaling 39,000 square feet. Not included in occupancy are 27 leases totaling 229,000 square feet, which have been fully executed as of February 10, 2006 and commence in 2006. These leases bring the portfolio to 90.7% leased as of February 10, 2006 as compared to 90.5% as of January 10, 2005.
Morgan Keegan and Company at the Morgan Keegan Tower in downtown Memphis, TN accounts for 218,000 of the 382,000 square feet that was renewed subsequent to December 31, 2005. This lease was previously scheduled to expire in September 2007 and represented 14% of the lease rollover scheduled in that year. Under the terms of the renewal agreement the lease has been extended until 2016. The effective rental rate over the term will be $18.75 per square foot and there were no tenant improvements or commissions paid. The economic effect of this renewal has been included in 2006 guidance.
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, acquisition, ownership, management, and leasing of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 66 office properties located in 11 states with an aggregate of approximately 12,224,000 square feet of leasable space as of February 10, 2006. The Company also offers fee-based real estate services through its wholly owned subsidiary, Parkway Realty Services, to its owned properties and to its third party and minority interest properties.
Parkway Properties, Inc.'s press releases and additional information about the Company are available on the World Wide Web at http://www.pky.com/.
Parkway Properties, Inc.
Leasing Status
as of 02/10/06
Total Occupancy
Square Footage Vacancy Percent
Occupancy -
01/10/06 12,224,013 1,362,739 88.85%
Commencement
City Building Square Footage Quarter Year
Atlanta, GA Merdian 3,742 1 2006
Charlotte, NC Charlotte Park 4601 13,009 1 2006
Charlotte, NC Charlotte Park 4601 3,028 1 2006
Charlotte, NC Carmel Crossing-Piedmont 8,835 1 2006
Chicago, IL 233 North Michigan 8,973 3 2006
Chicago, IL 233 North Michigan 863 3 2006
Chicago, IL 233 North Michigan 33,514 2 2006
Chicago, IL 233 North Michigan 2,945 3 2006
Columbia, SC Tower at 1301 Gervais 6,384 1 2006
Hampton Roads, VA Greenbrier II 3,141 1 2006
Hampton Roads, VA Townpoint Center 1,649 1 2006
Houston, TX One Park Ten 1,386 1 2006
Houston, TX Comerica 5,222 1 2006
Houston, TX Comerica 6,752 1 2006
Houston, TX Town & Country 4,097 1 2006
Houston, TX 5300 Memorial 547 1 2006
Jackson, MS 111 Capitol Building 3,348 1 2006
Knoxville, TN First Tennessee Plaza 16,011 2 2006
Nashville, TN Bank of America Plaza 3,638 2 2006
Orlando, FL Citrus Center 51,558 2 2006
Orlando, FL Citrus Center 3,325 2 2006
Orlando, FL Citrus Center 11,681 1 2006
Orlando, FL Maitland 100 6,563 1 2006
Orlando, FL Maitland 100 4,572 2 2006
Phoenix, AZ Viad 13,941 2 2006
Richmond, VA Winchester 5,183 1 2006
Richmond, VA Winchester 4,816 1 2006
Sum of above 228,723
Adjusted Leasing Status once leases have commenced
Total SF Total SF Leased %
Not Leased
12,224,013 1,134,016 90.72%
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