Parkway Properties (PKY) Closes $200M Investment from TPG; Acquires Hearst Tower; Sells Two Other Properties

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Parkway Properties, Inc. (NYSE: PKY) has received the previously announced $200 million equity investment by TPG, a leading global private investment firm, and it has completed the purchase of Hearst Tower, a 972,000 square foot office tower located in the central business district in Charlotte, North Carolina for $250 million. Additionally, Parkway completed the previously announced sales of The Pinnacle at Jackson Place and Parking at Jackson Place for a combined gross sales price of $29.5 million.

As a result of the investment by TPG, the Board has accepted the resignations of existing Board members Daniel P. Friedman, Michael J. Lipsey, Leland R. Speed, and Troy A. Stovall. Additionally, TPG has the right to appoint four directors to the Company's Board. The directors appointed thus far include TPG partners Kelvin Davis and Avi Banyasz, as well as Adam Metz, a TPG senior advisor. TPG will appoint a fourth Director in the near future.

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