One Year Together: Reflecting on Parkway's Achievements

One year ago, Parkway re-emerged as a powerhouse in the commercial real estate industry through the strategic combination of Orlando-based Parkway Property Investments and Houston-based Midway. This partnership has united over a century of collective experience to create a privately owned, fully diversified real estate investment, operations, and management firm. As we celebrate this milestone, it's worth reflecting on Parkway's remarkable achievements in just 12 months.

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Major Acquisitions

Just two months after the combination, Parkway demonstrated its enhanced capabilities by acquiring Post Oak Central and CityWestPlace in Houston. This transaction, spanning over three million square feet, ranks among the largest real estate deals in recent U.S. history. The acquisition highlights Parkway's expertise in capital markets and investment, while setting the stage for Midway's development and placemaking skills to transform these properties.  

Impressive Leasing Success Across Portfolio

Despite the challenging leasing environment, Parkway has demonstrated remarkable prowess across both office and retail sectors. In the past year, we have signed over 1 million square feet of office and retail leases across our portfolio. Key highlights include:

  • CityWestPlace in Houston reached 98% occupancy
  • East River's office component is 95% leased, including multiple global and regional headquarters
  • Baldwin Point in Orlando achieved 100% occupancy following significant renovations and community-oriented amenities  
  • 1111 Brickell in Miami saw occupancy increase to 98% following a major repositioning
  • Successful retail leasing, including notable tenants such as Sephora, Wells Fargo, and North Italia

These achievements across the Sun Belt region underscore Parkway's ability to redefine office spaces, meet evolving business needs, and curate vibrant, mixed-use environments that attract both office tenants and retailers alike.  

Property Enhancements and Recognitions

Parkway's commitment to excellence is evident in our recent property improvements and recognitions:

  • Completed renovations and rebranding at 501 East Kennedy in Tampa, reflecting a modern, hospitality-focused atmosphere
  • 1111 Brickell received The Outstanding Building of the Year (TOBY) award from Building Owners and Managers Association Miami-Dade in the 500,000-1M SF Category for 2024

Community and Sustainability Initiatives

Parkway has also demonstrated a strong commitment to community and sustainability. Our team members have logged over 525 volunteer hours over the past 12 months, showcasing our dedication to social responsibility. In addition, we've hosted more than 400 community-engaging events, fostering connections and making a positive impact.

To further our commitment to environmental stewardship, we created and implemented an ESG real-time tracking dashboard. This proprietary system allows our team and stakeholders to monitor utility usage, ESG goals, and expenses in real-time, enabling immediate, impactful changes.

Looking Forward

As Parkway continues to grow and evolve, our combined expertise and resources position us for continued success in creating remarkable places and sustainable assets. With a focus on innovation, community engagement, and sustainability, we are well-equipped to navigate the future of commercial real estate.

In celebrating this one-year milestone, we reaffirm our commitment to excellence and look forward to many more years of growth and success. The synergies created by the Parkway-Midway combination, leveraging Midway's placemaking skills with Parkway's robust investment insight, market presence, and broad capital connections, have positioned us as a leader in creating dynamic, integrated spaces that meet the evolving needs of businesses and consumers alike.