PM Realty Group

PM Realty Group 1000 Main St, Suite 2400 Houston, Texas 77002	MEDIA CONTACT: Mary Lynn Fernau Griffin Integrated Marketing (713) 301-5494 ml@griffinmktg.com

FOR IMMEDIATE RELEASE Jan 30, 2007

PARKWAY PROPERTIES AWARDS PM REALTY GROUP THE LEASING AT THREE NEW ATLANTA ACQUISITIONS

ATLANTA, GA - Parkway Properties, Inc. (NYSE: PKY) announced today that it has awarded PM Realty Group (PMRG) the leasing assignment at its three newly-acquired Class A office properties in Atlanta’s metro area, totaling approximately 575,000 square feet. Overlook II, 100 Ashford Center North and Peachtree Ridge were acquired by the Parkway Properties Office Fund, L.P. on December 27, 2006. Overlook II, located in the Vinings area in Northwest Atlanta, is a 262,000-square-foot, 13-story office property constructed in 1985. The property includes 794 parking spaces in a five-level parking garage. Dean Giordano, senior vice president of PMRG, will manage the leasing at this property. 100 Ashford Center North, located in the Central Perimeter submarket, is a 154,000-square-foot, five-story office property located on 6.1 acres that was constructed in 1987. The building is connected to a five-level parking garage consisting of 525 parking spaces. Bill Weghorst, senior vice president and director of the Atlanta region for PMRG, will manage the leasing at this property. Peachtree Ridge, located in the Peachtree Corners submarket, is a 159,000-square-foot, seven-story office property located on 12.5 acres that was constructed in 1986. The property includes a two-level parking deck consisting of 172 parking spaces and 420 parking spaces in a surface lot. Chip Roach, senior vice president of PMRG, will manage the leasing at this property. “We selected PM Realty Group to lease these Atlanta properties due to its national reach and the strength of the Atlanta team,” said Richard Hickson, vice president with Parkway Properties, Inc. “The Parkway team is very pleased to be working with PM Realty Group on these new additions to our Atlanta portfolio.” The Parkway and PMRG team is currently marketing approximately 40,000 square feet of available space in the newly acquired properties.

About Parkway Properties, Inc. 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, acquisition, ownership, management, and leasing of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 66 office properties located in 11 states with an aggregate of approximately 13.3 million square feet of leasable space as of January 2, 2007. The Company also offers fee-based real estate services through its wholly owned subsidiary, Parkway Realty Services, to its owned properties and to its third party and minority interest properties. For additional information, visit www.pky.com.
About PM Realty Group Headquartered in Houston, PM Realty Group (PMRG) is a privately held real estate firm of more than 1,300 employees and 25 divisional and regional offices that conducts business in every major state. With more than 50 years of experience, PMRG provides services to a portfolio valued in excess of $25 billion. The firm’s diversified client base includes institutional and private investors, real estate investment trusts, government agencies, corporations and healthcare service providers. PMRG focuses on creating value for its clients and offers a full spectrum of real estate services, including property and facility management, leasing, marketing, investment sales, construction management and engineering. In addition, PMRG partners with clients in comprehensive development and joint venture investment programs. For additional information, visit www.pmrg.com.

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