Monday , 24 June 2019
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Online Car Dealer Leases Full Floor from Parkway REIT

Jim Heistand, CEO, Parkway Inc.

Jim Heistand, CEO, Parkway Inc.

HOUSTON – Parkway Inc., the REIT that owns solely Houston buildings, has leased a full floor in its CityWest Place Four building to Vroom, an online used-car retailer.

“In Houston’s challenging business and real estate climate, this transaction with Vroom speaks to the resiliency and unique offering of CityWestPlace,” said Mike Fransen, Senior Vice President and Managing Director of Parkway.

Located in the Westchase area, CityWest Place is a 35-acre campus on the Sam Houston Tollway, north of Westheimer. Clary Groen with Foresite Retail Advisors represented Vroom in the transaction and J.P. Hutcheson and Rachel Williams led the team for Parkway.

Called the largest property owner in Houston, Parkway owns 19 Class A buildings with a total of 8.7 million SF in Greenway Plaza, the Galleria area and Westchase.

Parkway was created last year, when Cousins Properties and the former Parkway Properties merged in a $2 billion deal. The Houston buildings were spun off into Parkway Inc., a new REIT led by Jim Heistand of Orlando. Since Thanksgiving. Parkway’s stock has risen from about $17 a share to close at $21.35 a share on Friday.

Jan. 28, 2017 Realty News Report Copyright 2017

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