LOS ANGELES-Stakeholders of the Thomas Properties Group Inc. have voted to approve the proposed merger with Parkway Properties Inc. GlobeSt.com reported Parkway Properties plan to acquire Thomas Properties Group in a stock-for-stock transaction valued at approximately $1.2 billion in an earlier story.

Thomas Properties Group stakeholders voted 99% in favor of the merger and a merger agreement that represents 87% of Thomas Properties Group outstanding shares of common stock. Following the stakeholders vote on December 17, the merger officially completed on December 19. At the end of closing on December 19, Thomas Properties common stock was converted into .3822 newly issued shares of Parkway Properties common stock. Likewise, voting stock was also converted into newly issued shares of Parkway Properties voting stock.

Parkway Properties plans to strategically dispose of select properties, holding Thomas Properties class-A assets in target submarkets with 90% occupancy. In total, the company plans to hold $866 million in Thomas Properties assets.