Parkway Properties Forms $750M Discretionary Fund with Teacher Retirement System

Regions Southwest | Houston
Parkway Properties Forms $750M Discretionary Fund with Teacher Retirement System
May 16, 2008

Parkway Properties Inc.  has signed limited partnership agreement forming Parkway Properties Office Fund II L.P.,  a $750 million discretionary fund with the Teacher Retirement System of Texas, for the purpose of acquiring high-quality multi-tenant office properties. TRS will be a 70 percent investor, and Parkway will be a 30 percent investor in the fund, which will be capitalized with approximately $375 million of equity capital and $375 million of non-recourse, fixed-rate first mortgage debt. Fund II will target investments in office buildings in Houston, Austin, San Antonio, Chicago, Atlanta, Phoenix, Charlotte, Memphis, Nashville, Jacksonville, Orlando, Tampa/St. Petersburg, Ft. Lauderdale, as well as other growth markets to be determined at Parkway's discretion.

 
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