Parkway Properties COO resigns

September 19, 2011

Real Estate

JACKSON — Parkway Properties, Inc. (NYSE: PKY) announced today that Mr. William R. Flatt has resigned as Executive Vice President and Chief Operating Officer effective October 15, 2011. Additionally, the Board of Directors has approved the promotion of Mr. M. Jayson Lipsey to Executive Vice President and Chief Operating Officer effective the same date. Jayson joined Parkway in 2001 and has extensive experience in many areas of the Company, having held positions in operations, leasing, asset management, and investments during that time. Most recently, he served as Senior Vice President and Fund Manager for the Company. Jayson also possesses a strong academic record, having earned a Bachelor of Science in Accounting and Business Administration from Washington & Lee University and a Master of Business Administration from the University of Virginia Darden School of Business.

Mr. Flatt stated, “I have deeply enjoyed my time at Parkway since I began here as an intern 15 years ago. I am grateful for what I have learned from all of my teammates, but particularly so to Steve for his many years of mentorship. I am looking forward to embarking on a new chapter in my career and am confident Parkway has the systems and great people in place throughout our portfolio to allow for a smooth transition.”

Mr. Steven G. Rogers, President and Chief Executive Officer stated, “It has been my distinct pleasure to work so closely with Will for so long. He has helped lead the growth of Parkway’s culture and we will miss our friend and colleague. I also have had the pleasure to work with and mentor Jayson Lipsey since his first employment with Parkway in 2001. He is an innate leader with a very broad spectrum of real estate skills and acumen and one whom I have viewed as a key part of our succession planning for years. I look forward to working with Will and Jayson as they transition our company’s leasing and operations over the next few weeks.”

Mr. James R. Heistand, Executive Chairman, commented, “We are fortunate to have such a deep bench at Parkway to allow for a Chief level change without disruption. Jayson has a very strong operational background, and I have complete confidence in his ability to lead our overall leasing and operations effort as Parkway executes its growth strategy.”

About Parkway Properties

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. Parkway owns or has an interest in 67 office properties located in 12 states with an aggregate of approximately 14.5 million square feet of leasable space at September 19, 2011. Included in the portfolio are 26 properties totaling 6.6 million square feet that are owned jointly with other investors, representing 45.5% of the portfolio. Fee-based real estate services are offered through wholly-owned subsidiaries of the Company, which in total manage and/or lease approximately 12.9 million square feet for third-party owners at September 19, 2011.

Source: PR Newswire

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