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.