Parkway to buy Texas office buildings in $1.2B dealParkway to buy Texas office buildings in $1.2B dealhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=63912013-09-17T14:14:00Z2013-09-09T12:15:00Z

AUSTIN - Office landlord Parkway Properties Inc. has agreed to acquire Thomas Properties Group Inc. in a transaction valued at $1.2 billion. The merger includes 14 Thomas Properties office assets totaling 9.8 million sf, including eight in the Austin and Houston markets. The portfolio was 89 percent occupied.

The purchase comes out to an average of $266 per sf — full market price for the assets. The transaction includes the following Thomas Properties assets:

Austin Properties
Property Address Rentable SF Occupancy
Frost Bank Tower 401 Congress Ave. 535,000 94.8%
300 West 6th Street 300 W. 6th St. 454,000 89.9%
San Jacinto Center 98 San Jacinto Blvd. 410,000 81.2%
One Congress Plaza 111 Congress Ave. 518,000 83.5%
One American Center 600 Congress Ave. 504,000 75.9%
Four Points Centre FM 2222 and RM 620 192,000 99.1%

Houston Properties
Property Address Rentable Area Occupancy
CityWestPlace 2101 CityWest Blvd. 1,470,000 sf 99%
San Felipe Plaza 5847 San Felipe St. 980,000 sf 86.5%

Read more at Costar Group.

CoStar Group
Austin-Round Rock
http://www.costar.com/news/article/parkway-agrees-to-buy-thomas-properties-in-$12b-deal/152070Read more at {Source}

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