This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Parkway Announces Commencement Of Hayden Ferry III Development In Tempe

ORLANDO, Fla., April 14, 2014 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has commenced construction of Hayden Ferry III, a 261,000 square foot, Class A development in the Tempe submarket of Phoenix, Arizona.   

Parkway Properties logo.

Hayden Ferry III will be the final phase in Parkway's 780,000 square foot master planned office community.  The 10-story property will be located along the south shore of Tempe Town Lake, offering waterfront views and accessibility to the Mill Avenue entertainment district and light rail system.         

James R. Heistand, Parkway's President and Chief Executive Officer, stated, "We believe that current office market conditions in the Tempe submarket validate our conviction to commence construction on Hayden Ferry III.  Market rental rates for our properties in Tempe have continued to increase, including a 24% increase in rental rates at Hayden Ferry I since our initial investment in June 2011.  Additionally, Parkway's current Tempe portfolio is 97% leased as of January 1, 2014.  We have achieved our pre-leasing target on Hayden Ferry III, begun construction and we look forward to creating long-term value at the asset." 

Parkway Properties Office Fund II L.P. signed an amendment to its partnership agreement authorizing the Hayden Ferry III development and providing for a transfer of an interest in the Hayden Ferry III development that will give Parkway a 70% interest, with its partner maintaining the remaining 30% interest.

Parkway expects total projects costs of approximately $68.8 million, including tenant improvements and leasing costs, and intends to finance the project with a construction loan of approximately 65% of the total cost.

Investors and interested parties may access additional information on Parkway's Hayden Ferry III development at www.haydenferry3.com.

About Parkway Properties

Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership and management of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 50 office properties located in eight states with an aggregate of approximately 17.6 million square feet at January 1, 2014. Parkway also offers fee-based real estate services which manage and/or lease approximately 12.2 million square feet for third parties as of January 1, 2014. Additional information about Parkway is available on the company's website at www.pky.com.



1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs