UNITED STATES1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): Nov. 25, 1997
---------------
- -
PARKWAY PROPERTIES, INC.
- -------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Maryland 1-11533 74-2123597
- -------------------------------------------------------------
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
One Jackson Place Suite 1000
188 East Capitol Street
P. O. Box 24647
Jackson, Mississippi 39225-4647
- -------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (601) 948-4091
--------------
- -
- -----------------------------------------------------------------
- -
(Former name or former address, if changed since last report)
FORM 8-K
PARKWAY PROPERTIES, INC.
Item 2. Acquisition or Disposition of Assets.
On November 25, 1997, a limited partnership in which
Parkway Properties, Inc. is a 99% limited partner and a wholly-
owned subsidiary is a 1% general partner purchased the Greenbrier
Towers in Chesapeake, Virginia for $16,000,000 from an unrelated
party. Greenbrier Towers consists of two six-story office
buildings constructed in 1985 and 1987 containing approximately
11.4 acres within Greenbrier Business Park. The buildings are
strategically located in the Hampton Roads area (Norfolk,
Virginia Beach and Newport News) of Southern Virginia and have
direct access to Interstates 64 and 464. The buildings are 98%
leased to 35 tenants with the largest tenant occupying 27,877
square feet or 16% of the total net rentable square feet under a
lease that expires in September 2007. The purchase was funded
with bank borrowings on a line of credit with Deposit Guaranty
National Bank at a rate equal to the 90-day Libor rate plus
1.75%, currently 7.53%.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements
It is impractical to provide the audited
financial statements of Greenbrier Towers required
by Item 7(a) of Form 8-K, but such financial
statements will be filed as soon as practical but
not later than 60 days after the filing of this
Form 8-K.
(b) Pro Forma Consolidated Financial Statements
The pro forma consolidated financial
statements will be filed with the audited
financial statements of Greenbrier Towers.
(c) Exhibits.
(10) The purchase and sale
agreement will be filed with the audited financial
statements of Greenbrier Towers. Parkway agrees
to furnish supplementally to the Securities and
Exchange Commission on request a copy of any
omitted schedule or exhibit to this agreement.
FORM 8-K
PARKWAY PROPERTIES, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
DATE: December 10, 1997
PARKWAY PROPERTIES, INC.
By: /s/Sarah P. Clark
Sarah P. Clark
Senior Vice President,
Chief Financial Officer,
Treasurer and Secretary
_______________________________
1
