JACKSON, Miss., July 29 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has signed an early renewal and expansion with United States Cellular Corporation ("US Cellular") for a total of 212,000 square feet at Citicorp Plaza in Chicago, Illinois. The renewal extends US Cellular's lease expiration through October 31, 2017, or by 70 months. Citicorp Plaza is a three-building, 637,000 square foot office complex located in the O'Hare submarket of Chicago, and was 80.2% leased as of July 29, 2010. Citicorp Plaza is owned by Parkway Properties Office Fund, L.P., and Parkway's share of ownership is 40%.
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William R. Flatt, Chief Operating Officer, stated, "US Cellular's renewal helps stabilize over 33% of Citicorp Plaza through 2017, and further mitigates our lease rollover exposure over the next couple of years. This renewal, combined with the 104,000 square foot five-year renewal signed with The Travelers Indemnity Company announced on July 15, represents 316,000 square feet of advance renewals signed this month, or over 15% of our existing 2011 expirations. Our portfolio today remains at 86% occupied and 87% leased."
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 64 office properties located in 11 states with an aggregate of approximately 13.2 million square feet of leasable space as of July 29, 2010. Included in the portfolio are 21 properties totaling 3.9 million square feet that are owned jointly with other investors, representing 29.3% of the portfolio. Fee-based real estate services are offered through the Company's wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 2.8 million square feet for third-party owners at July 29, 2010.
Parkway Properties, Inc.'s press releases and additional information about the Company are available on the Company's website at www.pky.com.
CONTACT: | RICHARD G. HICKSON IV | |
CHIEF FINANCIAL OFFICER | ||
WILLIAM R. FLATT | ||
CHIEF OPERATING OFFICER | ||
(601) 948-4091 | ||
SOURCE Parkway Properties, Inc.
