Real estate investment trust Thomas Properties Group Inc. has called a special meeting for Dec. 17 so shareholders can vote on the company’s proposed acquisition by Parkway Properties Inc.
The Los Angeles commercial real estate company in September accepted an offer from Orlando, Fla.-based Parkway valued at $1.2 billion. The deal gives shareholders $294 million in Parkway stock. Also, Parkway will assume $752 million in Thomas Properties’ debt.
As part of the transaction, James Thomas, Thomas Properties founder and chief executive, will become chairman of Parkway.