Parkway To Sell Chicago Building For $151M

Law360, New York (November 16, 2011, 7:14 PM EST) -- Real estate investment trust Parkway Properties Inc. has agreed to the $150.6 million sale of a 1-million-square-foot Chicago office building, part of a plan to reduce its debt as it reorganizes and exits several key markets, the REIT said Wednesday.

The 32-story building serves as collateral for a $148.5 million loan, and its sale will remove the company's largest mortgage from its balance sheet and bring Parkway one step closer to exiting the Chicago market.

The sale will also rid Parkway of up to $13 million...
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