Parkway Properties To Pay $125M For Houston's Phoenix Tower

Law360, New York (December 4, 2012, 8:23 PM EST) -- Parkway Properties Inc. agreed Monday to acquire the 626,000-square-foot Phoenix Tower office building in Houston  for $124.5 million as the real estate investment trust continued a recent spate of additions to its holdings in the Sunbelt.

The Phoenix Tower deal is Orlando, Fla.-based Parkway's fourth office tower acquisition in the past two months, representing a total outlay of $328 million. The company said it would use a significant portion of a public stock offering also announced Monday to finance the acquisitions.

Parkway's other recent moves have...
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