Behind Parkway's Spec Gamble
Before taking out the shovels on its spec project, Parkway Properties set a hurdle for Hayden Ferry III. Since Parkway announced that it would begin development this month, the question is who jumped that hurdle?
According to SEC docs, Parkway needed to secure a full-floor lease (some 10% of the total SF) by March 31. The company that did it remains a mystery. We've reached out to Parkway's Matt Mooney, below, for comment.
We got a glimpse into Parkway's agreement with the Teacher Retirement System of Texas for its co-ownership and development of Hayden Ferry III, a 262k SF office building that's the third office tower in the 43-acre Hayden Ferry Lakeside mixed-use development in Downtown Tempe. The $71.6M 10-story tower will be owned 70% by Parkway and 30% by Texas Teachers, according to docs. (If this was supposed to be an even split, then we can assume those aren't math teachers.)