A venture between two commercial real estate firms has ended after a short-lived partnership.
Houston developer Midway and Orlando-based Parkway Property Investments have agreed to go their separate ways and dissolve their joint venture, Parkway Ventures, the Houston Business Journal reported. The firms joined forces in May of last year and stressed that it was not a merger.
The future of their collaboration and the fate of their Houston-based employees is unclear. The company told employees that their employment might not be necessary after the split, the outlet reported, citing an anonymous source. Parkway said there haven’t been layoffs.
“Midway has decided to sell its interest in the Parkway Ventures joint venture to Parkway, providing Parkway with full control of the venture, and will bring its property operations back in house,” the firms said in a joint statement.
Parkway Ventures was based in Houston and had 45 million square feet of assets under management and 300 employees when the firms combined last year.
The venture started construction on an $88 million office development at 903 Town and Country Boulevard in Houston’s CityCentre at the end of last year. Midway’s 150-acre East River project attracted a headquarters lease for construction engineering firm Orion Group Holdings. And they bought two Houston office buildings, Post Oak Central and CityWestPlace.
The dissolution of Parkway Ventures has already led to notable departures, including Jamie Bryant, former co-CEO of Parkway, and Larry Sloan, executive vice president of investment and development at Midway. Both left the firm in November 2023.
Brad Freels remains CEO of Midway, and Parkway’s operations are now led by Jayson Lipsey, following the full transfer of control of Parkway Ventures to Parkway.
— Andrew Terrell
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