ORLANDO, Fla., April 10, 2014 /PRNewswire/ -- Parkway Properties, Inc. (NYSE:PKY) announced today that it has acquired Courvoisier Centre, a Class A office complex located in Miami, Florida.
Courvoisier Centre is a 346,000 square foot, two-building office complex, located in the Brickell submarket of Miami. The properties, which are located on the upscale island community of Brickell Key, offer panoramic water and skyline views from nearly every leasable space, and have a comprehensive, high-end amenity base both at the properties and nearby. In addition to undergoing a $10 million renovation in 2013, the assets include a parking infrastructure that offers a submarket-leading ratio of 2.7 spaces per 1,000 square feet of leased space. The properties are currently 83.4% occupied and are expected to generate an initial full-year cash net operating income yield of 4.5%. James R. Heistand, Parkway's President and Chief Executive Officer, stated, "The acquisition of Courvoisier Centre supports our strategy of acquiring best-in-class assets within the strongest submarkets across the Sunbelt. The buildings' high-end amenity base, along with available parking infrastructure and water views, makes Courvoisier Centre a highly desirable asset. Further, a heavy emphasis on multifamily development within the Brickell submarket has limited the amount of available supply of Class A office assets, which has enabled Brickell to achieve the highest rental rates in Miami." Parkway's purchase price for Courvoisier Centre was $145.8 million, or $422 per square foot. The acquisition was funded using available cash and proceeds received from borrowings under the Company's new seven-year, unsecured term loan. Investors and interested parties may access additional information on Parkway's acquisition of Courvoisier Centre at www.pky.com under the Investors tab. Other Financing Activity