The JV plans to invest up to $100 million in the venture. Investcorp is funding up to 75% of the JV capital; Parkway, 25%. Parkway will operate, manage and lease the properties and also provide acquisition and construction management services.
Parkway currently owns or has an interest in 49 office properties totaling about 7.2 million sf in 11 states. The REIT's largest holdings are in Houston, with 1.6 million sf, or 22.75% of its portfolio. The firm also has sizable holdings in Columbia, SC, Jackson, MS and Memphis, TN.
Investcorp manages a portfolio currently valued at $1.4 billion. The firm also manages corporate investments and assets valued at $17 billion.
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