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Parkway May Repeat JV Deal With 233 N. Michigan

CHICAGO-Once again the sole owner of the one-million-sf East Loop asset after buying out Investcorp International's 70% share for $139.7 million, Jackson, MS-based Parkway Properties is taking calls from potential partners.

By Mark Ruda | Updated on May 04, 2005

CHICAGO-After finishing the buyout of Investcorp International, Inc., Parkway Properties, Inc. may sell a share of the one-million-sf office building at 233 N. Michigan Ave. to another joint venture partner. The East Loop asset also has a chance, although slim, of becoming part of the company’s new investment fund.

Parkway Properties completed the buy-back of a 70% interest in the building last month for $139.7 million, which puts the value of the Jackson, MS-based REIT’s sole Chicago asset at $199.6 million. That is up nearly 16% from the price Parkway Properties paid in 2001.

Parkway Properties already has fielded calls about 233 N. Michigan Ave., which is besting the submarket as well as overall Downtown leasing market with a 92% occupancy rate. Vacancy in the 22.1-million-sf East Loop submarket stands at 18.1%, according to CB Richard Ellis, also a tenant in the building.

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