Parkway Provides Update on Carmel Crossing Sale to Fund II

JACKSON, Miss., Nov. 12, 2010 /PRNewswire/ -- PARKWAY PROPERTIES, INC. (NYSE: PKY) announced on October 29, 2010, the pending sale of Carmel Crossing for $25 million to Parkway Properties Office Fund II, LP ("Fund II"), the Company's $750 million fund with the Teacher Retirement System of Texas.  Parkway previously anticipated the final sale of this property to Fund II as of November 10, 2010, but now expects the final sale to occur in the middle of December 2010.  The terms of this pending sale to Fund II are unchanged.

(Logo: http://photos.prnewswire.com/prnh/20030513/PARKLOGO )

(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 64 office properties located in 11 states with an aggregate of approximately 13.2 million square feet of leasable space at November 12, 2010.  Included in the portfolio are 20 properties totaling 3.7 million square feet that are owned jointly with other investors, representing 28.0% of the portfolio.  Fee-based real estate services are offered through the Company's wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 2.6 million square feet for third-party owners at November 12, 2010.

Parkway Properties, Inc.'s press releases and additional information about the Company are available at www.pky.com.

SOURCE Parkway Properties, Inc.