Parkway Sells Final Two Assets in Hampton Roads

Parkway Properties, Inc. PKY announced today the sale of Greenbrier Towers I & II for a gross sale price of $16.7 million. The two office properties total 172,000 square feet and are located in the Greenbrier area of Chesapeake, Virginia, also known as Hampton Roads. The buildings were 87.0% occupied as of July 1, 2011. Richard G. Hickson, Chief Financial Officer of Parkway stated, "The sale of these assets is particularly important as it completes Parkway's exit from the Hampton Roads market. We are pleased with the continued execution on our FOCUS Plan strategy of exiting markets the Company has identified as non-core. This sale also provides a significant source of proceeds to reduce the balance outstanding on our revolving credit facility."