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Parkway Properties Incorporated
L.A. landlord Thomas Properties will be sold to Florida REIT
L.A. landlord Thomas Properties will be sold to Florida REIT

Los Angeles commercial landlord Thomas Properties Group Inc., which revived downtown's massive City National Plaza, is fading from the local landscape. The company has agreed to be sold to Parkway Properties Group Inc., a real estate investment trust based in Orlando, Fla., for $294 million in stock. The deal, which the two companies value at about $1.2 billion after including the value of debt and other costs, will give Parkway two properties in Houston and five in Austin, Texas. Thomas Properties is also letting go of its interest in City National Plaza, a 2.5 million-square-foot office, restaurant and shopping complex that covers a city block at 5th and Flower streets. As...

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