Thursday, September 5, 2013

Parkway Agrees to Buy Thomas Properties In $1.2B Deal

National Commercial Real Estate News From CoStar Group

Parkway Agrees to Buy Thomas Properties In $1.2B Deal

In one of the largest REIT mergers of the year, office landlord Parkway Properties Inc. (NYSE: PKY) agreed to acquire Los Angeles-based Thomas Properties Group Inc. (NYSE: TPGI) in a stock-for-stock transaction valued at $1.2 billion.

The merger, expected to close in the fourth quarter, includes 14 Thomas Properties office assets totaling 9.8 million square feet, including eight in the fast-growing Austin and Houston markets. The portfolio was...

Parallel Acquires Urban Towers In Irving For $125M

A joint venture consisting of San Diego-based Parallel Capital Partners and Angelo, Gordon & Co. out of New York obtained the 850,000-square-foot Urban Towers at 222 Las Colinas Blvd. in Irving, TX from CB Richard Ellis Strategic Partners U.S. for $125 million, or about $148 per square foot.

The complex consists of two Class AA high-rise office towers situated on 11.2 acres in the Irving business district of Las Colinas. The 22-story North Tower...

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