HOUSTON — Parkway Inc., the real estate investment trust that owns office buildings exclusively in the Houston area, has signed a lease with online used-car retailer Vroom for an entire floor at CityWest Place Four.
“In Houston’s challenging business and real estate climate, this transaction with Vroom highlights the resilience and distinctive value of CityWest Place,” said Mike Fransen, senior vice president and managing director at Parkway.
CityWest Place is a 35-acre office campus located in the Westchase district along the Sam Houston Tollway, north of Westheimer. Clary Groen of Foresite Retail Advisors represented Vroom in the deal, while J.P. Hutcheson and Rachel Williams led Parkway’s leasing team.
Parkway is one of the largest property owners in Houston, with a portfolio of 19 Class A buildings totaling approximately 8.7 million square feet across Greenway Plaza, the Galleria area and Westchase.
The current Parkway was formed last year after Cousins Properties and the former Parkway Properties completed a roughly $2 billion merger. As part of that transaction, the Houston buildings were spun off into Parkway Inc., a newly established REIT led by Jim Heistand, who is based in Orlando. Since Thanksgiving, Parkway’s stock has risen from about $17 per share to close at $21.35 on Friday.
Jan. 28, 2017 Realty News Report Copyright 2017