{"id":1004684250,"date":"2023-10-03T03:37:32","date_gmt":"2023-10-03T11:37:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004684250"},"modified":"2023-10-04T08:58:00","modified_gmt":"2023-10-04T16:58:00","slug":"parkway-buys-3-msf-office-portfolio-in-houston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/","title":{"rendered":"Parkway Buys 3 MSF Office Portfolio in Houston"},"content":{"rendered":"
\"CityWestPlace,<\/a>

CityWestPlace comprises four buildings. Image courtesy of Parkway<\/em><\/p><\/div>\n

Parkway, a newly created company between Parkway Property Investments<\/strong> and Midway<\/strong>, has acquired two significant Houston office campuses, Post Oak Central and CityWestPlace, that between them total more than 3 million square feet. The company purchased the assets from Parkway Property Investments’ previous unnamed partners.<\/p>\n

Although a dollar value was not released in connection with the all-cash deal, Parkway\u2019s assertion that the acquisition marks one of the nation\u2019s largest real estate transactions so far this year seems plausible. According to The Real Deal<\/em>, the assets have been appraised at nearly $350 million<\/a>. Parkway touted the \u201cstrength of the submarkets, the institutional mix of the global tenant-base and the redevelopment potential of Post Oak Central\u201d as crucial elements.<\/p>\n

Parkway will continue to operate both properties, and its development partner, Midway, will oversee the redevelopment of Post Oak Central and the continued development of CityWestPlace.<\/p>\n

\n

READ ALSO<\/strong>: More Workers Return to Office After Labor Day<\/a><\/p>\n

\n

Parkway was created in 2023, when Parkway Property Investments, of Orlando, and Houston-based Midway partnered to form a private real estate investment, operations and management firm. Midway continues to operate as a separate development entity under its established name and also acts as Parkway’s development partner.<\/p>\n

The three-building, mixed-use Post Oak Central is on Post Oak Boulevard in the Uptown business and entertainment district. Designed by Philip Johnson<\/strong> and constructed between 1975 to 1981, Post Oak Central comprises 1.2 million square feet of Class A office space and 90,000 square feet of pedestrian-oriented retail. The 17-acre campus provides ready access to the 610 Loop and U.S. 59, as well as to the new METRORapid Silver Line.<\/p>\n

\"Post<\/a>

Post Oak Central comprises three buildings. Image courtesy of Parkway<\/em><\/p><\/div>\n

In a prepared statement, Brad Freels, chairman & CEO of Midway and co-executive chairman of Parkway, said that while Post Oak Central is performing, it has been underappreciated in the market for some time.<\/p>\n

CityWestPlace is a 39-acre campus in Houston\u2019s Westchase District, off the Sam Houston Tollway near the Energy Corridor. The four-building Class A office complex was designed by Keating Mann Jerrigan Rottet and Daniel Mann Johnson & Mendenhall and built between the 1993 and 2001.<\/p>\n

It totals nearly 1.5 million rentable square feet, in addition to four parking structures with ground-floor amenities. CityWestPlace\u2019s outdoor spaces include extensive flower gardens, pine groves, sunken gathering areas and water features such as Japanese slit pools and a mist fountain. Tenant amenities include onsite conference space, multiple food and beverage options, two fitness centers, trails, a jogging track and sports fields.<\/p>\n

Slow progress?<\/h2>\n

Whatever travails the office market might be going through nationally, Houston\u2019s saw a 12 percent bump in leasing activity, to 3.7 million square feet, from the first to the second quarter, according to a report from Partners Real Estate<\/strong>.<\/p>\n

Still, the metro\u2019s overall vacancy rose 20 basis points, to 24.7 percent. And office construction is robust, with 2.9 million square feet underway.<\/p>\n

In September, InLight Capital acquired<\/a> a 143,410-square-foot Class A office property in Sugar Land, a Houston suburb, following an auction that resulted from a CMBS foreclosure.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two campuses traded in one of the nation\u2019s largest CRE deals so far this year.<\/p>\n","protected":false},"author":882,"featured_media":1004684286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,1589,21783,21742,21747,51973],"tags":[47846,33073,52018],"class_list":["post-1004684250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-houston","category-investment","category-latest","category-office","category-southwest","tag-midway-companies","tag-parkway-properties-inc","tag-partners-real-estate"],"acf":[],"yoast_head":"\nParkway Buys 3 MSF Office Portfolio in Houston - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Parkway has acquired two Houston office campuses, Post Oak Central and CityWestPlace, that between them total 3 million square feet.\" \/>\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-buys-3-msf-office-portfolio-in-houston\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parkway Buys 3 MSF Office Portfolio in Houston\" \/>\n<meta property=\"og:description\" content=\"Parkway has acquired two Houston office campuses, Post Oak Central and CityWestPlace, that between them total 3 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-03T11:37:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-04T16:58:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CityWestPlace.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"806\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/\",\"name\":\"Parkway Buys 3 MSF Office Portfolio in Houston - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CityWestPlace.jpg\",\"datePublished\":\"2023-10-03T11:37:32+00:00\",\"dateModified\":\"2023-10-04T16:58:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Parkway has acquired two Houston office campuses, Post Oak Central and CityWestPlace, that between them total 3 million square feet.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/parkway-buys-3-msf-office-portfolio-in-houston\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CityWestPlace.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/CityWestPlace.jpg\",\"width\":806,\"height\":610,\"caption\":\"CityWestPlace comprises four buildings. 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