Rumors of the demise of office buildings have been greatly exaggerated. In an all-cash transaction, Parkway has acquired two significant assets in Houston – Post Oak Central and CityWestPlace – from its previous partner, Midway. These properties will continue to be operated by Parkway and overseen for redevelopment by Midway.
Parkway was formed in 2023 through a partnership between Orlando-based Parkway Property Investments and Houston-based Midway. As a privately owned real estate investment firm, it is fully diversified with operations and management capabilities. While operating under its established name, Midway also serves as Parkway’s development partner.
Post Oak Central was built in 1981 as a mixed-use development spanning three buildings with 1.2 million square feet of space on Post Oak Boulevard in the bustling Uptown business district of Houston. It also features 90,000 square feet of retail space. CityWestPlace is another Class-A office complex consisting of four buildings constructed between 1993-2001 with a total rentable area of 1/5 million square feet along with four structured parking garages offering ground-floor amenities.
The article originally appeared on Connect CRE website.
