May
07

Charlotte’s Hearst Tower Under Contract

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Parkway Properties has entered into an agreement to acquire the 972,000-square-foot Hearst Tower, an office building located in Charlotte’s Central Business District, for $250 million. The building is 94 percent leased, and Bank of America will enter into a new 322,000-square-foot lease as part of the transaction. Additionally, TPG has agreed to make a $200 million investment in Parkway at a price of $11.25 per share. The purchase of Hearst Tower will initially be funded using the cash received from TPG, combined with borrowings on the company’s credit facility.

MORE INFORMATION ON THE BUILDING HERE

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