Thomas Properties Group

Thomas Properties Group
Parkway Properties
Industry Real estate
Fate Merged with Parkway Properties (December 20, 2013)
Successor Parkway Properties, Inc.
Founded 1996
Founder James A. Thomas
Defunct December 20, 2013 (2013-12-20)
Headquarters Los Angeles, California, United States
Area served
 California, Pennsylvania, Virginia, and Texas
Key people
 James A. Thomas (Founder Chairman, President, & CEO)
Parent Parkway Properties, Inc.
Website www.tpgre.com/index.htm

Thomas Properties Group was an American real estate company based out of the City National Plaza in Los Angeles, California. It was founded in 1996 by James A. Thomas, and on March 9, 2004, it went public under the ticker symbol "TPGI".[1] On December 20, 2013 Thomas Properties merged with Parkway Properties. The company owned properties in California, Pennsylvania, Virginia, and Texas, the properties not sold off are now owned by Parkway.

History

Thomas Properties Group was founded by James Thomas, and incorporated on March 9, 2004. On July 1, 2007, Lehman Brothers and the California State Teachers Retirement System partnered with Thomas Properties to buy several properties in Austin, Texas that the Blackstone Group had acquired from Equity Office Properties Trust.[2] This venture still exists under the leadership of Parker. Thomas Group operated until December 20, 2013 when its shareholders agreed to a merger with Parkway Properties.[3] Parkway assumed ownership of all Thomas Properties' assets as well as its debt.[4]

Merger with Parkway Properties

On December 20, 2013 Thomas Properties Group announced that its merger into Parkway Properties was complete. The merger was valued at approximately $1.2 billion.[5] The transaction was approved by stockholders of each company at their respective stockholder meetings on December 17, 2013. The combined company operates under Parkway's existing ticker symbol PKY, on the New York Stock Exchange.[3]

Awards

In 2008 Thomas Properties Group received the California Sustainability Alliance's Sustainability Showcase Award.[6] Thomas Properties Group was recognized for their leadership in greening real estate and in integrating sustainable design and operations into all aspects of its products, services and investments.[7]

References

  1. ↑ "Thomas Properties Group Inc (TPGI) IPO". NASDAQ.
  2. ↑ "Thomas Properties Group Announces Acquisition of Austin Office Portfolio". Thomas Properties Group.
  3. 1 2 "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion". PRNewswire.
  4. ↑ "Parkway Agrees to Buy Thomas Properties In $1.2B Deal". CoStar Group.
  5. ↑ "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion". MarketWatch.
  6. ↑ California Sustainability Alliance, Sustainability Showcase Awards, Retrieved July 24th, 2010
  7. ↑ California Sustainability Alliance, Thomas Properties Group, Retrieved July 24th, 2010
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