Parkway Continues Houston Portfolio Purge With Phoenix Tower Listing
Orlando-based Parkway Properties is marketing the 34-story Phoenix Tower as a continuation of its Houston selloff. The 629k SF building in Greenway is expected to get around $104M or $164/SF according to Real Estate Alert. Parkway purchased the building in 2012 for $123.8M, according to Realty News Report. The building was put on the market a year ago but nothing was ever finalized. Eastdil Secured has the listing now.
In the past year, Parkway has sold seven buildings in Houston totaling $179M. Houston shouldn't feel too bad, the firm has pruned $624M in properties from its portfolio recently in what is described as a "portfolio transformation." [RNR]