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  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>UNITED STATES</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Washington, D.C.
  20549</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><br>
  <b><u>__________________________</u></b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><br>
  <b>FORM 8-K</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b><br>
  </b>Current Report</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Pursuant to Section
  13 or 15(d) of the Securities Exchange Act of 1934</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><br>
  <br>
  Date of Report (date of earliest event reported):&nbsp; July 6, 2005</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><br>
  <br>
  <b><u>PARKWAY PROPERTIES, INC</u></b><u>.</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Exact Name of
  Registrant as Specified in its Charter)</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><br>
  <br>
  </p>
  
  <p class=MsoNormal style="margin-top: 0; margin-bottom: 0">&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 class=MsoNormal style="margin-top: 0; margin-bottom: 0">&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;&nbsp; (IRS Employer</p>
  
  <p class=MsoNormal style="margin-top: 0; margin-bottom: 0">&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 class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><br>
  <u>One Jackson Place, Suite 1000, 188 East Capitol Street, Jackson, MS 39225-4647</u></p>
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'>(Address
  of Principal Executive Offices, including zip code)</p>
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'><br>
  <u>(601) 948-4091</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Registrant's
  telephone number, including area code)</p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><br>
  <u>Not Applicable</u></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>(Former name or
  former address, if changed since last report)</p>
  
  <p class=MsoNormal style="margin-top: 0; margin-bottom: 0"><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 class=MsoNormal style="margin-top: 0; margin-bottom: 0"><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 class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#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 class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#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 class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#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>
  
  
  
  <hr color="#000080">
  <p style="margin-top: 0; margin-bottom: 0"><br clear=all
  style='page-break-before:always'>
  
  
  </p>
  
  
  <p class=MsoNormal style='text-align:justify; margin-top:0; margin-bottom:0'><b>ITEM 1.01.&nbsp; Entry into a
  Material Definitive Agreement</b></p>
  
  <p class=MsoNormal style='text-align:justify; margin-top:0; margin-bottom:0'><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July 6,
  2005, Parkway Properties, Inc., through affiliated entities, (&quot;Parkway&quot;)
  entered into a limited partnership agreement forming a $500 million
  discretionary fund with Ohio Public Employees Retirement System (&quot;Ohio PERS&quot;)
  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 and is incorporated by reference herein.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio
  PERS will be a 75% investor and Parkway will be a 25% investor in the fund,
  which will be capitalized with approximately $200 million of equity capital and
  $300 million of non-recourse, fixed-rate first mortgage debt.&nbsp; The fund will
  target acquisitions in the existing core Parkway markets of Houston, Phoenix,
  Atlanta, Chicago, Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale and
  Jacksonville.</p>
  
  <p class=MsoNormal style='text-align:justify; margin-top:0; margin-bottom:0'><br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fund will
  target properties with a cash on cash return greater than 7% and a leveraged
  internal rate of return of greater than 11%.&nbsp; Parkway will serve as the general
  partner of the fund and will provide asset management, property management,
  leasing and construction management services to the fund, for which it will be
  paid market-based fees.&nbsp; After each partner has received a 10% annual
  cumulative preferred return and a return of invested capital, 20% of the excess
  cash flow will be paid to the general partner and 80% will be paid to the
  limited partners.&nbsp;&nbsp;&nbsp; Through its general partner and limited partner ownership
  interests, Parkway may receive a distribution of the cash flow equivalent to
  40%.&nbsp; Parkway will have three years to identify and acquire properties for the
  fund (the &quot;Commitment Period&quot;), with funds contributed as needed to close
  acquisitions.&nbsp; Parkway will exclusively represent the fund in making
  acquisitions within the target markets and within certain predefined criteria.&nbsp;
  Parkway will not be prohibited from making fee-simple or joint venture
  acquisitions in markets outside of the target markets, acquiring properties
  within the target markets that do not meet the fund's specific criteria or
  selling or joint venturing any currently owned properties.&nbsp; The term of the
  fund will be seven years from the expiration of the Commitment Period, with
  provisions to extend the term for two additional one-year periods.</p>
  
  <p class=MsoBodyText style='text-align:justify; margin-top:0; margin-bottom:0'><br>
  <b>ITEM 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></p>
  
  <p class=MsoBodyText style='text-align:justify; margin-top:0; margin-bottom:0'><br>
  (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</p>
  
  <p class=MsoBodyText style='text-align:justify; margin-top:0; margin-bottom:0'><br>
  (10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partnership Agreement of
  Parkway Properties Office Fund, L. P. by and among PKY Fund, LLC, Parkway
  Properties L. P. and PERS Holding Company Limited, L. L. C.</p>
  
  <hr color="#000080">
  <p style="margin-top: 0; margin-bottom: 0"><br clear=all
  style='page-break-before:always'>
  
  
  </p>
  
  
  <p class=MsoBodyText align=center style='text-align:center; margin-top:0; margin-bottom:0'>SIGNATURES</p>
  
  <p class=MsoNormal style='text-align:justify; margin-top:0; margin-bottom:0'><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 class=MsoNormal style='text-align:justify; margin-top:0; margin-bottom:0'><br>
  Date:&nbsp;&nbsp;&nbsp;&nbsp;July 7, 2005</p>
  
  
  
  <p class=MsoNormal style='text-indent:3.0in; margin-top:0; margin-bottom:0'>PARKWAY PROPERTIES, INC.</p>
  
  <p class=MsoNormal style='text-indent:3.0in; margin-top:0; margin-bottom:0'><br>
  <br>
  </p>
  
  <p class=MsoNormal style='margin-left:3.25in; margin-top:0; margin-bottom:0'>By: /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;&nbsp; </p>
  
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mandy M. Pope</p>
  
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Accounting
  Officer</p>
  
  </div>
  
  </body>
  
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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": "05943517"}, "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):  July 6, 2005
  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))
  ITEM 1.01.  Entry into a
  Material Definitive Agreement
  On July 6,
  2005, Parkway Properties, Inc., through affiliated entities, ("Parkway")
  entered into a limited partnership agreement forming a $500 million
  discretionary fund with Ohio Public Employees Retirement System ("Ohio PERS")
  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 and is incorporated by reference herein.
  Ohio
  PERS will be a 75% investor and Parkway will be a 25% investor in the fund,
  which will be capitalized with approximately $200 million of equity capital and
  $300 million of non-recourse, fixed-rate first mortgage debt.  The fund will
  target acquisitions in the existing core Parkway markets of Houston, Phoenix,
  Atlanta, Chicago, Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale and
  Jacksonville.
  The fund will
  target properties with a cash on cash return greater than 7% and a leveraged
  internal rate of return of greater than 11%.  Parkway will serve as the general
  partner of the fund and will provide asset management, property management,
  leasing and construction management services to the fund, for which it will be
  paid market-based fees.  After each partner has received a 10% annual
  cumulative preferred return and a return of invested capital, 20% of the excess
  cash flow will be paid to the general partner and 80% will be paid to the
  limited partners.    Through its general partner and limited partner ownership
  interests, Parkway may receive a distribution of the cash flow equivalent to
  40%.  Parkway will have three years to identify and acquire properties for the
  fund (the "Commitment Period"), with funds contributed as needed to close
  acquisitions.  Parkway will exclusively represent the fund in making
  acquisitions within the target markets and within certain predefined criteria. 
  Parkway will not be prohibited from making fee-simple or joint venture
  acquisitions in markets outside of the target markets, acquiring properties
  within the target markets that do not meet the fund's specific criteria or
  selling or joint venturing any currently owned properties.  The term of the
  fund will be seven years from the expiration of the Commitment Period, with
  provisions to extend the term for two additional one-year periods.
  ITEM 9.01.    Financial Statements and Exhibits
  (c)       Exhibits.
  (10)      Limited Partnership Agreement of
  Parkway Properties Office Fund, L. P. by and among PKY Fund, LLC, Parkway
  Properties L. P. and PERS Holding Company Limited, L. L. C.
  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:    July 7, 2005
  PARKWAY PROPERTIES, INC.
  By: /s/ Mandy M. Pope
  Mandy M. Pope
  Chief Accounting
  Officer