| 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. |
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