Parkway Properties, Inc.

Overview

Parkway Properties, Inc. was a real estate investment trust (REIT) that focused on the acquisition, ownership, development, and management of office properties in the United States. The company was established on May 17, 1996, and was headquartered in Orlando, Florida. Parkway Properties primarily invested in office buildings located in the Sun Belt region, including notable properties such as Liberty Place, Phoenix Tower, San Felipe Plaza in Houston, Raymond James Tower in Memphis, Tennessee, and The Murano in Philadelphia. In 2011, Parkway Properties expanded its portfolio by acquiring the property management business of Eola Capital and its ownership stake in six properties for $462 million. The following year, the company purchased Hearst Tower for $250 million and sold 15 properties in Memphis for $147.5 million. These strategic acquisitions and dispositions were part of Parkway Properties' efforts to enhance its portfolio and operational efficiency. In 2016, Parkway Properties was acquired by Cousins Properties, a real estate investment firm. This acquisition led to the spin-off of Parkway, Inc., which continued to operate the Houston-based assets. The merger with Cousins Properties allowed the combined entity to strengthen its position in the real estate market and expand its portfolio of office properties across the United States.