UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): September 19, 1997
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PARKWAY PROPERTIES, INC.
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(Exact name of Registrant as specified in its charter)
Maryland 1-11533 74-2123597
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (601) 948-4091
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(Former name or former address, if changed since last report)
FORM 8-K
PARKWAY PROPERTIES, INC.
Item 2. Acquisition or Disposition of Assets
On September 19, 1997, Parkway Properties LP, a limited
partnership in which Parkway Properties, Inc. is a 99% limited
partner and a wholly-owned subsidiary is a 1% general partner,
purchased First Tennessee Plaza for $29,200,000, from an unrelated
party. The Company also paid approximately $676,000 in fees to
pay off the existing first mortgage. First Tennessee Plaza is a
419,809 rentable square foot, 27 floor office building with a
four-level, 390 space parking garage located in Knoxville,
Tennessee. The building is 95% leased to fifty-six tenants with
First Tennessee Bank occupying approximately 101,000 square feet
(24% of the building) under a lease that expires September 2004.
This acquisition was funded with bank borrowings on lines of
credit with Deposit Guaranty National Bank at a rate equal to the
90-day Libor rate plus 1.75%, currently 7.56%.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements
The audited financial statements of First Tennessee Plaza
for the twelve months ended December 31, 1996 are incorporated by
reference to the Registrant's Form 8-K dated and filed on September
9,1997. Also incorporated is the unaudited financial statement of
First Tennessee Plaza for the six months ended June 30, 1997.
(b) Pro Forma Consolidated Financial Statements
The pro forma consolidated financial statements required
are incorporated by reference to the Registrant's Form 8-K dated and
filed on September 9, 1997.
(c) Exhibits
(10) The Purchase and Sale Agreement between Carlyle Real
Estate Limited Partnership, XIII and Parkway Properties LP dated
August 20, 1997 is incorporated by reference to the Registrants Form
8-K dated and filed on September 9, 1997. 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: September 26, 1997 PARKWAY PROPERTIES, INC.
BY: /s/Sarah P. Clark
Sarah P. Clark
Senior Vice President,
Chief Financial Officer,
Treasurer and Secretary
