Parkway Announces Several Notable Leases
ORLANDO, Fla., June 28, 2012 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has signed a total of 33,000 square feet of new and expansion leases at Peachtree Dunwoody Pavilion in Atlanta, GA, backfilling approximately 37% of the previously announced space that will be vacated by Cox Communications on June 30, 2012. This leasing activity consists of a 23,000 square foot new lease signed with CBS Broadcasting Inc. that expires January 31, 2023, and a 10,000 square foot expansion by a major national health insurance carrier that expires April 30, 2016, which is coterminous with its existing lease at the property.
Parkway also signed a 13,000 square foot new lease at Hearst Tower, Parkway's most recent acquisition located in Uptown Charlotte, with Dixon Hughes Goodman LLP that commences July 1, 2012, and extends through June 30, 2017. Additionally, the Company signed a five-year new lease for 35,000 square feet with AT&T Services, Inc. at 111 Capitol Building in Jackson, MS, and an 85,000 square foot renewal at Bank of America Plaza in Nashville, TN with Louisiana-Pacific Corporation, representing a 79-month extension beyond its existing expiration.
"We continue to make meaningful progress towards our goal of improving portfolio occupancy," stated Jayson Lipsey, Chief Operating Officer of Parkway Properties. "We have anticipated the loss of Cox Communications at Peachtree Dunwoody Pavilion, and the leasing efforts of our Atlanta team have mitigated the impact of that vacancy by backfilling 37% of the space before its expiration. We are also encouraged to see strong interest in our recently acquired Hearst Tower, which is now over 95% leased. Our leasing velocity remains steady in our markets, which should help us gain traction in occupancy over the next several quarters given our minimal near-term lease expirations."
About Parkway Properties
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the ownership of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 42 office properties located in 10 states with an aggregate of approximately 10.7 million square feet of leasable space at June 6, 2012. Fee-based real estate services are offered through wholly-owned subsidiaries of the Company, which in total manage and/or lease approximately 12.2 million square feet for third-party owners at June 6, 2012.
Parkway Properties, Inc.'s press releases and additional information about the Company are available on the Company's website at www.pky.com.
Thomas E. Blalock
Vice President of Investor Relations
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