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Parkway’s 1111 Brickell in Miami. Picture courtesy of Parkway -
CITYCENTRE in Houston. Picture courtesy of Halfway -
East River Bayou – entrance and strolling path in Houston. Rendering courtesy of Halfway -
Kirby Grove. Picture courtesy of Halfway
Parkway Property Investments LLC, of Orlando, Fla., and Halfway Holdings LP, of Houston, have entered right into a definitive settlement underneath which they are going to type a brand new, totally diversified actual property funding, operations and administration agency.
In a ready assertion, the 2 privately owned corporations acknowledged that they are going to collectively ramp up funding, possession and operations throughout the Solar Belt and past.
On condition that Halfway is concentrated in Texas, whereas Parkway has been working extensively throughout the Solar Belt, the brand new agency will perform underneath “a refreshed Parkway model.” Halfway reportedly will proceed to function as a separate growth entity underneath its personal identify and present administration and can act because the mixed firm’s growth accomplice.
Expanded companies
The brand new firm could have a complete of 45 million sq. toes of property underneath administration, together with developments in progress, and can supply a variety of economic actual property companies, together with acquisitions and inclinations, asset administration, funding and growth—in partnership with Halfway—property operations and administration, development administration, REIT compliance and governance, strategic leasing and advisory, in addition to portfolio repositioning.
Between them, Parkway and Halfway have greater than 100 years of expertise. The newly mixed agency will make use of about 300 personnel and will likely be headquartered in Houston. The total integration of the Parkway and Halfway groups is being focused for the third quarter.
Halfway Chairman & CEO Bradley Freels and Parkway Chairman James Heistand will function co-executive chairmen of the brand new agency’s board, whereas Parkway CEO Jayson Lipsey and Halfway President Jamie Bryant will function co-CEOs. The rest of the management group will embrace executives from each entities. A. Noni Holmes-Kidd will function chief authorized officer, Matt Mooney as COO, John Kosciulek as CFO and Pam Jesse as chief individuals officer.
Halfway’s mixed-use makeover
Final October, Halfway unveiled plans to redevelop the 70-acre former ConocoPhillips company headquarters in Houston right into a 1.3 million-square-foot mixed-use challenge known as Watermark District at Woodcreek.
The location, alongside Interstate 10 within the Katy Freeway West submarket, will ultimately embody luxurious multifamily residences, high-end retail area, a boutique lodge and 650,000 sq. toes of premier workplace area.
