Parkway completes JV with TH Real Estate and CPPIB
Parkway Properties has completed its previously announced joint venture with TH Real Estate, Silverpeak Real Estate Partners and the Canada Pension Plan Investment Board.
The previously announced joint venture was formed after Parkway sold a 49 interest in a Houston office campus portfolio for $512.1 million, or $210 per-square-foot, in February.
The portfolio consists of the Greenway Plaza and Phoenix Tower, collectively called the Greenway Portfolio, which comprises 11 office properties located in the Greenway submarket of Houston.
As part of the transaction, TH Real Estate and Silverpeak will acquire a 24.5 percent stake in the portfolio, and CPPIB also will acquire a 24.5 percent interest. Parkway will retain a 51 percent interest in the Greenway Portfolio.
Parkway will serve as the general partner and provide property management and leasing services for the joint venture. Holliday Fenoglio Fowler arranged the recapitalization and secured financing f