|Parkway Properties is under contract to sell its last building in the Chicago CBD at 111 E Wacker, Parkway's Thomas Blalock told
us on Thursday. While he can't disclose the buyer, he said it didn't
make sense to own the building without its neighbor, 233 N Michigan,
which sold to Commonwealth REIT earlier this quarter (hint, hint). The building's $148.5M mortgage was
the largest on Parkway's books, and now seemed to be the right time for
a disposition, with one-third of the renters rolling in the next year.
Parkway still owns US Cellular Plaza in the O'Hare market and an asset in Schaumburg. The 111 E Wacker deal is set to close next quarter.|