Florida REIT selling half its stake in Greenway Plaza, Phoenix Tower

​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.