The reports of the death of the office building have been greatly exaggerated. Parkway has acquired, in an all-cash transaction, two significant Houston assets—Post Oak Central and CityWestPlace–from a previous partner. Parkway will continue to operate both properties and Parkway’s development partner, Midway, will oversee the redevelopment of Post Oak Central and the continued development of CityWestPlace.
Parkway was created in 2023 when Orlando-based Parkway Property Investments and Houston-based Midway partnered to form a privately owned, fully diversified real estate investment, operations, and management firm. Midway continues to operate as a separate development entity under its established name and acts as Parkway’s development partner.
Constructed in 1981, Post Oak Central is a three-building, 1.2 million square foot mixed-use development located on Post Oak Boulevard in the heart of Houston’s Uptown business and entertainment district. It also has 90,000 square feet of retail. CityWestPlace is a Class-A office complex built between 1993 and 2001 and encompasses four buildings with a total of 1.5 million rentable square feet, as well as four structured parking garages with ground-floor amenities.