JACKSON, Miss., Dec. 8 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. today announced the closing of the fee simple sale of two properties located in Houston, Texas to unrelated purchasers. Richmond Centre, a 92,000 square-foot office building in the Westchase submarket of Houston sold for $6.9 million. Ashford II, a 59,000 square-foot office building in the Energy Corridor submarket of Houston sold for $5.25 million. Parkway received net cash proceeds from the two sales of approximately $11.6 million and will recognize a gain on the sales of approximately $4.8 million in the fourth quarter. The combined sales price represents a capitalization rate of approximately 7.1% on projected 2007 cash net operating income for the two buildings. Proceeds from the sale were used to repay amounts outstanding under the Company's lines of credit.
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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 12.9 million square feet of leasable space as of December 8, 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 at http://www.pky.com/.
CONTACT: STEVEN G. ROGERS
PRESIDENT & CHIEF EXECUTIVE OFFICER
WILLIAM R. FLATT
CHIEF FINANCIAL OFFICER
(601) 948-4091
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