CHARLOTTE, NC—Parkway Properties is knee deep in strategy execution. The company just received a $200 million equity investment from private investment firm TPG and closed on the Hearst Tower acquisition for $250 million. Parkway also disposed of the Pinnacle at Jackson Place and Parking at Jackson Place in Jackson, MS. for a combined $29.5 million.

Parkway’s stated goal is to position itself for long-term growth. The firm is committed to improving operations and cash flow, and on pursuing new acquisitions to grow. Parkway’s target is the Sunbelt region and the Hearst Tower fits smack dab in the middle of that strategy.

The $250 million, or $257 per square foot, purchase price of Hearst Tower represents a significant discount to replacement cost. The building is currently 94% leased with no material expirations until 2017. The 47-story tower offers 972,000 square feet of space.