{"id":1004052039,"date":"2012-06-08T07:00:56","date_gmt":"2012-06-08T15:00:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=51535"},"modified":"2020-04-08T10:55:36","modified_gmt":"2020-04-08T18:55:36","slug":"parkway-closes-250m-hearst-tower-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-250m-hearst-tower-deal\/","title":{"rendered":"Parkway Closes $250M Hearst Tower Deal"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/p>\n

Orlando-based real estate investment firm, \"\"<\/a>Parkway Properties, Inc., announced it has completed the high-profile purchase of Charlotte\u2019s fourth largest office building\u2014the Hearst Tower. Closing on the office property was made possible by the $200 million equity investment promised by TPG earlier this year.<\/p>\n

The 972,000-square-foot, 47-story office tower sold for $250 million, or $257 per square foot\u2014a steeply discounted price considering factors such as the tower\u2019s location in Charlotte\u2019s central business district and its high occupancy. The property is 94 percent occupied and has no material expirations prior to 2017; it is expected to generate a net operating income of approximately\u00a0$17.5 million\u00a0during the first year of Parkway\u2019s ownership period.<\/p>\n

The purchase of Hearst Tower was financed with cash received from TPG, combined with borrowings on the company’s credit facility. \u00a0While the property is currently unencumbered, Parkway expects to obtain financing on it to provide capital for future investment opportunities.<\/p>\n

As previously reported, the Hearst tower was sold to Parkway by Bank of America as part of its nationwide cost-cutting strategy. Bank of America will, however, enter a lease agreement with Parkway for 322,000 square feet through March 2022.<\/p>\n

Parkway Properties is a self-administered real estate investment trust specializing in ownership of specialized office properties in higher-growth submarkets in the Sunbelt region, owning or having interest in 42 properties for a total of 10.7 million square feet of leasable space.<\/p>\n

TPG is a leading global private investment firm founded in 1992 with\u00a0$51.5 billion\u00a0of assets under management and offices in major global markets.<\/p>\n

Photo credit: jbarrieros via Flickr.com<\/em><\/p>\n

\u00a0<\/em>For additional Charlotte market data click here.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Eliza Theiss, Associate Editor Orlando-based real estate investment firm, Parkway Properties, Inc., announced it has completed the high-profile purchase of Charlotte’s fourth largest office building—the Hearst Tower. Closing on the office property was made possible by the $200 million equity investment promised by TPG earlier this year. The 972,000-square-foot, 47-story office tower sold for […]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[1815],"class_list":["post-1004052039","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest","tag-national"],"acf":[],"yoast_head":"\nParkway Closes $250M Hearst Tower Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/parkway-closes-250m-hearst-tower-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parkway Closes $250M Hearst Tower Deal\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor Orlando-based real estate investment firm, Parkway Properties, Inc., announced it has completed the high-profile purchase of Charlotte’s fourth largest office building—the Hearst Tower. 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