HOUSTON, June 12, 2017 /PRNewswire/ -- Parkway, Inc.
(NYSE: PKY) announced today that it has signed a 26-month lease
extension with Apache Corporation ("Apache") at Post Oak
Central. The renewal extends all 524,000 square feet
currently occupied by Apache through February 28, 2022. Additionally, the
renewal preserves Apache's existing five-year and ten-year renewal
options, which would supersede the terms of this amendment if
exercised prior to December 31,
2017.
"We are pleased that we were able to reach an agreement with
Apache with a renewal that is mutually beneficial to both parties,"
stated James R. Heistand, President
and Chief Executive Officer of Parkway. "This extension gives
Apache at least two more years of term while creating value for
Parkway's stockholders and adding stability to Post Oak Central for
nearly five years."
Apache was represented by Tim
Relyea and Scott Wegmann of
Cushman & Wakefield.
About Parkway
Parkway, Inc. is an independent, publicly traded, self-managed
real estate investment trust ("REIT") that owns and operates
high-quality office properties located in attractive submarkets in
Houston, Texas. As of March 31, 2017, our portfolio consists of five
Class A assets comprising 19 buildings and totaling approximately
8.7 million rentable square feet in the Greenway, Galleria and
Westchase submarkets of Houston.
Contact:
Thomas Blalock
Vice President, Finance & Capital Markets
(407) 581-2915
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SOURCE Parkway, Inc.