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Acquisition Criteria  May 2008
SIZE: 125,000 to 1,000,000 square feet, multi-story (250,000 square feet if a new market)
PARKING:Adequate parking to accommodate full occupancy and meet market and code requirements
QUALITY:Class A, A- or B+
LEASING:60% - 100%
YIELD: 7% yield (Stabilized CAP rate) based on stabilized, 92% occupancy, risk, quality and durability of rent roll and income stream. An ARGUS run with an unleveraged IRR of 8%.
OWNERSHIP: 100% fee simple or in a joint venture format where Parkway Realty Services handles the management and leasing.
REPLACEMENT COST:The purchase price of the property must be below current replacement cost.
MARKETS:

Houston Charlotte
San Antonio Chicago
Austin Phoenix
Dallas Nashville
Tampa / St. Petersburg Orlando
Jacksonville Memphis
South Florida Washington D.C. Metro
Atlanta Northern Virginia

We prefer CBD assets but will consider suburban assets in land constrained areas or immediately adjacent to existing properties.

CUSTOMERS:Prefer major customer buildings with at least 5 years remaining on lease and customer being at least 30% of rent roll value.
DEBT: Properties will be purchased on an all cash basis, requiring no financing contingency thus insuring a quick closing.
MANAGEMENT:

Parkway Realty Services will manage its building directly.

If you own or have a listing on buildings meeting all of the above criteria, please forward a property information package, including an income and expense statement and ARGUS diskette to the address below.

ADDRESS:

Jim Ingram
Executive Vice President
and Chief Investment Officer
Parkway Properties, Inc.
One Jackson Place
188 East Capitol Street, Suite 1000
Jackson, Mississippi 39201
(601)948-4091
(800)748-1667
E-Mail: jingram@pky.com
DISCLAIMER:Parkway has deviated and may deviate from its published criteria at its sole discretion and without notice

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