PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Kristen Burney
PMRG | PM Realty Group
(713) 209-5910
kburney@pmrg.com

FOR IMMEDIATE RELEASE

Jan 30, 2007

PARKWAY PROPERTIES AWARDS PM REALTY GROUP THE LEASING AT THREE NEW ATLANTA AQUISITIONS

ATLANTA, GA - Parkway Properties, Inc. (NYSE: PKY) announced today that it has awarded PM Realty Group (PMRG) the leasing assignment at its three newly-acquired Class A office properties in Atlanta's metro area, totaling approximately 575,000 square feet. Overlook II, 100 Ashford Center North and Peachtree Ridge were acquired by the Parkway Properties Office Fund, L.P. on December 27, 2006. 

Overlook II, located in the Vinings area in Northwest Atlanta, is a 262,000-square-foot, 13-story office property constructed in 1985. The property includes 794 parking spaces in a five-level parking garage. Dean Giordano, senior vice president of PMRG, will manage the leasing at this property. 

100 Ashford Center North, located in the Central Perimeter submarket, is a 154,000-square-foot, five-story office property located on 6.1 acres that was constructed in 1987. The building is connected to a five-level parking garage consisting of 525 parking spaces. Bill Weghorst, senior vice president and director of the Atlanta region for PMRG, will manage the leasing at this property. 

Peachtree Ridge, located in the Peachtree Corners submarket, is a 159,000-square-foot, seven-story office property located on 12.5 acres that was constructed in 1986. The property includes a two-level parking deck consisting of 172 parking spaces and 420 parking spaces in a surface lot. Chip Roach, senior vice president of PMRG, will manage the leasing at this property. 

"We selected PM Realty Group to lease these Atlanta properties due to its national reach and the strength of the Atlanta team," said Richard Hickson, vice president with Parkway Properties, Inc. "The Parkway team is very pleased to be working with PM Realty Group on these new additions to our Atlanta portfolio."

The Parkway and PMRG team is currently marketing approximately 40,000 square feet of available space in the newly acquired properties. 

 
About Parkway Properties, Inc.

Parkway Properties, Inc. a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, acquisition, ownership, management, and leasing 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 approximately 13.3 million square feet of leasable space as of January 2, 2007. The Company also offers fee-based real estate services through its wholly owned subsidiary, Parkway Realty Services, to its owned properties and to its third party and minority interest properties. For additional information, visit www.pky.com.


About PM Realty Group

Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.

PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.

Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com.