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TAMPA -- Parkway Properties Inc. purchased The Pointe, a 252,000-square-foot office building on Rocky Pointe Island in Tampa, for $46.9 million.
Parkway's purchase was made on behalf of Parkway Properties Office Fund II LP, a fund with $750 million in capital to spend, administered by the Jackson, Miss.-based company. Parkway is a 30% investor in Fund II.
The Pointe currently has 28 tenants, and was 88.4% leased at time of sale. Parkway CEO James Heistand calls the property “a landmark asset.”
“With this purchase, Parkway now owns an interest in over 788,000 square feet and manages an additional 299,000 square feet for third-party owners in the Westshore submarket,” Heistand says.
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