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PARKWAY ANNOUNCES OFFICE BUILDING PURCHASE

JACKSON, Miss., March 8 /PRNewswire/ -- The Parkway Company (Nasdaq: PKWY) announced today the purchase of the One Park 10 Plaza Office Building in Houston, Texas from a major insurance company. One Park 10 Plaza is an eight story office building with approximately 161,000 square feet of rentable area and 609 parking spaces located in the Katy Freeway/Energy Corridor office submarket of Houston. The building is currently 95% leased within a submarket that is currently 98% leased. The $6,700,000 purchase price was funded with existing cash reserves.

Steven G. Rogers, President, stated, "We are pleased with the acquisition of another quality suburban office building. The purchase price of $41.61 per square foot represents a substantial discount to original cost and to current replacement cost."
 -0- 3/8/96


/CONTACT: Mitch Mattingly, President, Parkway Texas Corp., 713-952-7073, or Sarah P. Clark, Chief Financial Officer, The Parkway Company, 601-948-4091/

/The Parkway Company press releases available through Company News On-Call by fax, 800-758-5804, ext. 103115, or at http://www.prnewswire.com/

(PKWY)

CO: Parkway Company ST: Mississippi, Texas IN: SU:

KW-SD -- ATF007 -- 1582 03/08/96 12:10 EST
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Publication:PR Newswire
Date:Mar 8, 1996
Words:190
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