April 23, 2009 (FinancialWire) — Parkway Properties, Inc. (NYSE: PKY) has priced a public offering of 6.25 million shares of its common stock at $13.71 per share. UBS Investment Bank (NYSE: UBS) is the sole underwriter for the offering.

The company has granted UBS a 30 day option to purchase up to 937,500 additional shares of common stock to cover overallotments. The offering is scheduled to close on April 27.

Parkway plans to use the net proceeds from the offering to reduce outstanding borrowings under its line of credit and for general corporate purposes.

Jackson, Mississippi-based Parkway Properties is a 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 66 office properties located in 11 states with an aggregate of around 13.5 million square feet of leasable space as of April 23.

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