HOUSTON – Florida-based REIT Parkway Inc. is selling 49 percent of its interest in Greenway Plaza and nearby Phoenix Tower for $512.1 million.
The deal, which will close in the second quarter, puts the value of the roughly five million-sf portfolio at about $210 per sf.
Under the terms of the deal, Parkway will form a joint venture with affiliates of TH Real Estate, Silverpeak Real Estate Partners, and Canada Pension Plan Investment Board.
Parkway will retain a 51 percent interest, will serve as general partner, and will provide property management and leasing services for the joint venture.
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