US Airways headquarters in Arizona is sold

Posted: June 19, 2013

US Airways Group Inc.'s headquarters building in Tempe, Ariz. has been sold to an Orlando, Fla.-based real estate investment trust (REIT) for $41.8 million.

Parkway Properties Inc. bought a 75 percent interest in the 225,000-square foot, nine-story office tower, according to a prospectus filed with the U.S. Securities and Exchange Commission.

US Airways, which is the sole tenant, will still own 25 percent of the building valued at $56 million. US Airways, which plans to merge with American Airlines and move the combined carrier's headquarters to Fort Worth, Tex., has an option to terminate the Tempe lease on Dec. 31, 2016, the filing said. Parkway entered into the agreement to buy the majority ownership from a N.Y.-based real estate investment trust, W.P. Carey Inc., on March 15.

"The terms of our lease remain unchanged and we've said previously that we will continue to maintain a significant corporate and operational presence in Phoenix after the merger closes even though the new American will be headquartered in Dallas-Fort Worth," US Airways spokesman Todd Lehmacher said.

-- Linda Loyd

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