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  <title>SECURITIES AND EXCHANGE COMMISSION</title>
  
  
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">&nbsp;</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">&nbsp;</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">UNITED STATES</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 18.0pt">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Washington, D.C.
  20549</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><br>
  <b><u>__________________________</u></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><br>
  <b><font style="font-size: 16.0pt">FORM 8-K</font></b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 16.0pt"><br>
  </font></b>Current Report</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><br>
  <br>
  Date of Report (date of earliest event reported):&nbsp; May 14, 2008</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><br>
  <br>
  <b><u><font style="font-size: 14.0pt">PARKWAY PROPERTIES, INC</font></u></b><u>.</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>(Exact Name of
  Registrant as Specified in its Charter)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><br>
  <br>
  </p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Maryland</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1-11533</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>74-2123597</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; (State or Other Jurisdiction &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Commission File
  Number) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; (IRS Employer</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Incorporation)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; Identification
  No.)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><br>
  <u>One Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:4.5pt;text-align:center'>(Address
  of Principal Executive Offices, including zip code)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:4.5pt;text-align:center'><font style="font-size: 11.0pt"><br>
  </font><u>(601) 948-4091</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>(Registrant's
  telephone number, including area code)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'><br>
  <u>Not Applicable</u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>(Former name or
  former address, if changed since last report)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'><br>
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions (see General Instruction A.2. below):</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'><br>
  &#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'>&#61551;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Page 1 of 3 Pages</p>
  
  <div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <br
  clear=all style='page-break-before:always'>
  
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'><b>Item 1.01.&nbsp; Entry into a
  Material Definitive Agreement</b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 14,
  2008, Parkway Properties, Inc., through affiliated entities, (&#147;Parkway&#148;)
  entered into a limited partnership agreement forming a $750 million
  discretionary fund (&#147;Fund II&#148;) with the Teacher Retirement System of Texas (&#147;TRS&#148;)
  for the purpose of acquiring high-quality, multi-tenant office properties.&nbsp; The
  description of the limited partnership agreement contained herein is qualified
  in its entirety by the text of such agreement, which is attached hereto as
  Exhibit 10.1 and is incorporated by reference herein.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRS
  will be a 70% investor and Parkway will be a 30% investor in Fund II, which
  will be capitalized with approximately $375 million of equity capital and $375
  million of non-recourse, fixed-rate first mortgage debt.&nbsp; Fund II will target investments
  of class A office buildings in Houston, Austin, San Antonio, Chicago, Atlanta, Phoenix,
  Charlotte, Memphis, Nashville, Jacksonville, Orlando, Tampa/St. Petersburg and Ft.
  Lauderdale, as well as other growth markets to be determined at Parkway&#146;s
  discretion.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parkway will
  serve as the general partner of Fund II and will provide asset management,
  property management, leasing and construction management services to Fund II,
  for which it will be paid market-based fees.&nbsp; Parkway will have four years to
  identify and acquire properties for Fund II (the &#147;Investment Period&#148;), with
  funds contributed as needed to complete acquisitions.&nbsp; Parkway will exclusively
  represent Fund II in making acquisitions within the target markets and within
  certain predefined criteria.&nbsp; Parkway may continue to make fee-simple
  acquisitions in markets outside of the target markets, acquire properties
  within the target markets that do not meet Fund II&#146;s specific criteria or sell
  any currently owned properties.&nbsp; </p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";color:black;text-align:justify'><br>
  <b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";color:black;text-align:justify'><br>
  (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";color:black;text-align:justify'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";page-break-after:avoid'>The following is filed as an
  exhibit to this Current Report on Form 8-K:</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";color:black;text-align:justify'><br>
  10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partnership Agreement of
  Parkway Properties Office Fund II, L.P. by and among PPOF II, LLC, Parkway
  Properties LP and Teacher Retirement System of Texas.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Page 2 of 3 Pages</p>
  
  <div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <br
  clear=all style='page-break-before:always'>
  
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";color:black;text-align:center'>SIGNATURES</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify'><br>
  Date:&nbsp;&nbsp;&nbsp;&nbsp;May 19, 2008</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:3.0in'>PARKWAY PROPERTIES, INC.</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:3.0in'><br>
  <br>
  </p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.25in'>By: <u>/s/ Mandy M. Pope&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Mandy M. Pope</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.5in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief
  Accounting Officer </p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>Page 3 of 3 Pages</p>
  
  <div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>
  
  <hr size=2 width="100%" noshade style='color:navy' align=center>
  
  </div>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>
  
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.5in'>&nbsp;</p>
  
  </div>
  
  </body>
  
  </html>
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metadata_filer: {"company-data": {"conformed-name": "PARKWAY PROPERTIES INC", "cik": "0000729237", "assigned-sic": "6798", "irs-number": "742123597", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11533", "film-number": "08845034"}, "business-address": {"street1": "ONE JACKSON PL", "street2": "188 E CAPITOL ST STE 1000", "city": "JACKSON", "state": "MS", "zip": "39225-4647", "phone": "6019484091"}, "mail-address": {"street1": "ONE JACKSON PL P O BOX 24647", "street2": "188 E CAPITOL ST STE 1000", "city": "JACKSON", "state": "MS", "zip": "39225"}, "former-company": {"former-conformed-name": "PARKWAY CO", "date-changed": "19951018"}}
text: SECURITIES AND EXCHANGE COMMISSION
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C.
  20549
  __________________________
  FORM 8-K
  Current Report
  Pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (date of earliest event reported):  May 14, 2008
  PARKWAY PROPERTIES, INC
  .
  (Exact Name of
  Registrant as Specified in its Charter)
  Maryland
  1-11533
  74-2123597
  (State or Other Jurisdiction              (Commission File
  Number)                      (IRS Employer
  of Incorporation)                                                                                  Identification
  No.)
  One Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647
  (Address
  of Principal Executive Offices, including zip code)
  (601) 948-4091
  (Registrant's
  telephone number, including area code)
  Not Applicable
  (Former name or
  former address, if changed since last report)
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any of the
  following provisions (see General Instruction A.2. below):
         Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
         Soliciting
  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
         Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
         Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
  Page 1 of 3 Pages
  Item 1.01.  Entry into a
  Material Definitive Agreement
  On May 14,
  2008, Parkway Properties, Inc., through affiliated entities, ("Parkway")
  entered into a limited partnership agreement forming a $750 million
  discretionary fund ("Fund II") with the Teacher Retirement System of Texas ("TRS")
  for the purpose of acquiring high-quality, multi-tenant office properties.  The
  description of the limited partnership agreement contained herein is qualified
  in its entirety by the text of such agreement, which is attached hereto as
  Exhibit 10.1 and is incorporated by reference herein.
  TRS
  will be a 70% investor and Parkway will be a 30% investor in Fund II, which
  will be capitalized with approximately $375 million of equity capital and $375
  million of non-recourse, fixed-rate first mortgage debt.  Fund II will target investments
  of class A office buildings in Houston, Austin, San Antonio, Chicago, Atlanta, Phoenix,
  Charlotte, Memphis, Nashville, Jacksonville, Orlando, Tampa/St. Petersburg and Ft.
  Lauderdale, as well as other growth markets to be determined at Parkway's
  discretion.
  Parkway will
  serve as the general partner of Fund II and will provide asset management,
  property management, leasing and construction management services to Fund II,
  for which it will be paid market-based fees.  Parkway will have four years to
  identify and acquire properties for Fund II (the "Investment Period"), with
  funds contributed as needed to complete acquisitions.  Parkway will exclusively
  represent Fund II in making acquisitions within the target markets and within
  certain predefined criteria.  Parkway may continue to make fee-simple
  acquisitions in markets outside of the target markets, acquire properties
  within the target markets that do not meet Fund II's specific criteria or sell
  any currently owned properties.
  Item 9.01.    Financial Statements and Exhibits
  (d)       Exhibits
  The following is filed as an
  exhibit to this Current Report on Form 8-K:
  10.1      Limited Partnership Agreement of
  Parkway Properties Office Fund II, L.P. by and among PPOF II, LLC, Parkway
  Properties LP and Teacher Retirement System of Texas.
  Page 2 of 3 Pages
  SIGNATURES
  Pursuant to the
  requirements of the Securities Exchange Act of 1934, the registrant has duly
  caused this report to be signed on its behalf by the undersigned hereunto duly
  authorized.
  Date:    May 19, 2008
  PARKWAY PROPERTIES, INC.
  By:
  /s/ Mandy M. Pope
  Mandy M. Pope
  Chief
  Accounting Officer
  Page 3 of 3 Pages