News
233 N MICHIGAN ON THE BLOCK
May 11, 2011
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| Parkway Properties has entered into a contract to sell the near-Mag-Mile building for $162.2M, and it's already pocketed a $17M non-refundable deposit on the 1.1M SF tower. The property is 84% leased and sold for a 6.9% cap rate. Parkway plans to use the first $84.6M to pay off the existing mortgage on the building. The remainder will go toward reducing debt in the company's portfolio. Parkway CEO Steve Rogers said in a release that the REIT still likes Chicago, but it's looking reduce its exposure in one block of the CBD and improve its balance sheet. Parkway still owns properties in 11 states, including Illinois. The buyer wasn't revealed and the sale is expected to close later this month. |
