HOUSTON-Parkway Properties Inc., a Jackson, MS-based REIT, has purchased a 72,050-sf office building in the Greenspoint submarket for $9 million. An affiliate of Sacramento-based Panattoni Development Corp. is the seller.
The two-year old building, situated at 550 Greens Parkway, is 100% leased. Its lead tenant is Lennar Homes, which occupies 49,136 sf or 68% of the building. The tenant roster also includes Crescent Services Corp., Village Builders and Panattoni.
Steven G. Rogers, Parkway's president and CEO, tells GlobeSt.com that this is the REIT's 11th buy in town. Panattoni-Van Valkenburggh, JV is the official seller of record.
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