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  1. Business

Orlando company acquires high-end office buildings at International Plaza

TAMPA — Three high-end office buildings that make up the Corporate Center at International Plaza are being acquired by an Orlando-based company as part of a $237 million deal.

Parkway Properties said it is buying a portfolio of 22 buildings in six Southern states to obtain Corporate Center I, II and III in the hot Westshore market. As part of the same transaction, expected to close this year, the company will sell the other 19 buildings to an undisclosed buyer who has put down $10 million in earnest money.

"The successful disposition of the 19 office buildings … will allow us to achieve our ultimate goal of acquiring the three Corporate Center assets in Tampa, where we believe we can add considerable value," James R. Heistand, Parkway's president and CEO, said in a statement.

Corporate Center's current occupancy rates are well below those of other Westshore office buildings, some of which are 90 percent leased.

Parkway, which owns or has interest in 51 office properties in eight states, is buying the 22 buildings from entities connected to Saudi Arabia's royal family.