Parkway, Midway to Merge
The combined company will have 45 million square feet under management.
Parkway Property Investments LLC, of Orlando, Fla., and Midway Holdings LP, of Houston, have entered into a definitive agreement under which they will form a new, fully diversified real estate investment, operations and management firm.
In a prepared statement, the two privately owned companies stated that they will together ramp up investment, ownership and operations across the Sun Belt and beyond.
Given that Midway is concentrated in Texas, while Parkway has been operating widely across the Sun Belt, the new firm will function under “a refreshed Parkway brand.” Midway reportedly will continue to operate as a separate development entity under its own name and current management and will act as the combined company’s development partner.
Expanded services
The new company will have a total of 45 million square feet of assets under management, including developments in progress, and will offer a wide range of commercial real estate services, including acquisitions and dispositions, asset management, investment and development—in partnership with Midway—property operations and management, construction management, REIT compliance and governance, strategic leasing and advisory, as well as portfolio repositioning.
Between them, Parkway and Midway have more than 100 years of experience. The newly combined firm will employ about 300 personnel and will be headquartered in Houston. The full integration of the Parkway and Midway teams is being targeted for the third quarter.
Midway Chairman & CEO Bradley Freels and Parkway Chairman James Heistand will serve as co-executive chairmen of the new firm’s board, while Parkway CEO Jayson Lipsey and Midway President Jamie Bryant will serve as co-CEOs. The remainder of the leadership team will include executives from both entities. A. Noni Holmes-Kidd will serve as chief legal officer, Matt Mooney as COO, John Kosciulek as CFO and Pam Jesse as chief people officer.
Midway’s mixed-use makeover
Last October, Midway unveiled plans to redevelop the 70-acre former ConocoPhillips corporate headquarters in Houston into a 1.3 million-square-foot mixed-use project called Watermark District at Woodcreek.
The site, along Interstate 10 in the Katy Freeway West submarket, will eventually encompass luxury multifamily residences, high-end retail space, a boutique hotel and 650,000 square feet of premier office space.
