Parkway is established in Jackson, Mississippi, laying the foundation for decades of growth across U.S. real estate markets.

Jim Heistand launched ACP, acquiring 6.5 million square feet across 84 office assets in the Southeast. Backed by global institutional partners, ACP becomes Florida’s largest private office owner and is sold to Highwoods Properties for $622M, delivering a 37% IRR.

Heistand acquires a zero-asset medical office platform and, in partnership with its partners, grows it to 1.4 million square feet before selling to CNL Healthcare for $247M.

Heistand founded Eola Capital as a Sunbelt-focused office investment platform in partnership with GE and Lehman. Over the next decade, the firm deploys over $300M in equity, achieving a portfolio-wide IRR exceeding 20%. A 2007 recapitalization with the State of Utah Pension Fund earned a 34% IRR. In 2011, Eola merged with publicly traded Parkway Properties, Inc., monetizing its management platform for $58M and laying the groundwork for Parkway’s next chapter as a public REIT.

Heistand becomes Chairman and later CEO. Over five years, Parkway recycled over $2B of assets and grew its market capitalization from $250M to over $2B. Key milestones during this period include being named NAIOP Arizona Owner and Developer of the Year (2012), developing Hayden Ferry III and setting record rents in Tempe (2014), becoming Atlanta’s largest office landlord (2015), and ranking as the top-performing REIT in its peer group by 2016.

Parkway merges with Cousins Properties, spinning off its Houston assets into a new REIT, Parkway, Inc. Within a year, Parkway completes a $465M recapitalization of Greenway Plaza and a full merger with CPPIB affiliates, unlocking shareholder value through swift, strategic execution.

Following the CPPIB merger, Heistand acquires Parkway’s management platform and establishes Parkway Property Investments as a privately held firm with institutional-grade standards. Parkway builds its office portfolio across key Sunbelt markets in partnership with leading investors and expands into industrial and multifamily development. In 2023, Parkway closed a 3M square foot acquisition in Houston, marking one of the largest U.S. real estate transactions of the year, underscoring its momentum and agility in a private market structure.