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$500M Parkway Fund Targeting Local Office Market

CHICAGO-Teaming with Ohio Public Employees Retirement System on a $500-million fund, the Jackson, MS-based REIT could add to its single holding here, the 1.1-million-sf 233 N. Michigan Ave.

By Mark Ruda | Updated on August 03, 2005

(To read more on the debt and equity markets, click here.)

CHICAGO-The local office market is among nine targets for a $500-million fund recently formed by Jackson, MS-based Parkway Properties Inc. and Ohio Public Employees Retirement System. Acquisitions here, as well as Atlanta, Charlotte, Houston, Phoenix and four Florida markets, could be completed by the end of the year, according to the REIT.

A 25% partner in the fund, Parkway Properties has been looking to add to its local portfolio, which still includes a single asset–1.1-million-sf 233 N. Michigan Ave. While being the only market outside of the Sunbelt, Chicago’s job growth is expected to exceed the national average, explains president and chief executive officer Steven G. Rogers, and Parkway Properties’ building is outperforming the local market with a 90.7% occupancy rate. The building within the Illinois Center development is anchored by Young & Rubicam, the fifth-largest tenant in the REIT’s portfolio with annual rent of $4.2 million for its 122,078 sf.

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