CHARLOTTE, NC-Parkway Properties Inc. has completed itsacquisition of the 46-story Hearst Tower in downtown Charlotte for$250 million. The Orlando, Florida-based REIT paid $257 per squarefoot for the 972,000-square-foot office tower.
Parkway financed the acquisition with a $200-million equityinvestment from TPG. Hearst Tower is 94% occupied. Additionally,Parkway also completed the sale of Parking at Jackson Place and ThePinnacle at Jackson Place in Jackson, Mississippi, for $29.5million. For the full story, go to Commercial Property Executive .
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