HOUSTON-Parkway Properties Inc. based in Orlando, Florida, is buying Phoenix Tower, a Class A office tower measuring 626,000 square feet, for $124.5 million. The transaction is slated for completion by the end of 2012. Parkway will be the sole owner of the property and plans to place a secured first loan on the building immediately after closing, representing nearly 65% of the acquisition price.
The 26-story building, situated on the northwest corner of Buffalo Speedway and Southwest Freeway, now has an occupancy rate of 84.5%. For the full story, go to Houston Business Journal .
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