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  <title>SECURITIES AND EXCHANGE COMMISSION</title>
  
  
  
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  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>&nbsp;</b></p>
  
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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'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b><u>__________________________</u></b></p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>FORM 8-K</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><b>&nbsp;</b></p>
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>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'>&nbsp;</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>Date of Report (date
  of earliest event reported):&nbsp; April 26, 2006</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><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'>&nbsp;</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; <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; <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; (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; 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 style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'><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='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center; margin-top:0; margin-bottom:0'><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='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal align=center style='margin-left:4.5pt;text-align:center; margin-top:0; margin-bottom:0'><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='text-indent:.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal style='text-indent:.5in; margin-top:0; margin-bottom:0'>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-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  
  
  <p class=MsoNormal style='margin-left:.5in;text-indent:-.5in; margin-top:0; margin-bottom:0'>&#61551;&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; 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; 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>
  
  
  
  <p class=MsoFooter align=center style='text-align:center'>Page 1 of 2 Pages</p>
  
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  <p class=MsoNormal style='text-align:justify'><b>ITEM 1.01.&nbsp; Entry into a
  Material Definitive Agreement</b></p>
  
  <p class=MsoNormal style='text-align:justify'><b>&nbsp;</b></p>
  
  <p class=MsoNormal style='text-align:justify'>On
  April 26, 2006, Parkway Properties, Inc. (the &quot;Company&quot;) entered into an
  agreement to acquire the fee simple interest in One Illinois Center, an office
  building located at 111 East Wacker Drive, and the attached four-level
  structured parking garage in Chicago, Illinois from Lincoln-Carlyle Illinois
  Center LLC for $198 million. The agreement, which is subject to customary due
  diligence procedures and closing conditions, is expected to close in the second
  quarter of 2006.</p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>This
  purchase will be funded by a $148.5 million non-recourse fixed rate first
  mortgage at an estimated 117 basis point spread over the 10-year US Treasury
  rate, currently calculated to be 6.27%, and amortized over 30 years with a
  10-year maturity.&nbsp; Additional purchase funding will come from $49.5 million
  drawn under existing lines of credit.&nbsp; </p>
  
  
  
  <p class=MsoNormal style='text-align:justify'>Upon
  closing of the acquisition, the building will be managed by Parkway Realty
  Services.&nbsp; The Company will contract with third parties for new office leasing
  and both new and renewal retail leasing. </p>
  
  
  
  <p class=MsoNormal align=center style='text-align:center;text-indent:.5in'>* * * * *</p>
  
  
  
  <p class=MsoNormal style='text-align:justify;text-autospace:none'>Certain statements in this report that discuss the Company's
  expectations are forward-looking statements within the meaning of the federal
  securities laws and as such are based upon the Company's current belief as to
  the outcome and timing of future events.&nbsp; The following factors, among others
  discussed in the Company's filings under the Securities Exchange Act of 1934,
  could cause actual results and future events to differ materially from those
  set forth or contemplated in the forward-looking statements: failure of the
  acquisition to be consummated, defaults under or non-renewal of leases,
  increases in market interest rates, increases in operating costs, failure to
  obtain necessary outside financing, environmental uncertainties, financial
  market fluctuations, changes in real estate and zoning laws, increases in real
  property tax rates, a deterioration in general economic conditions in the
  United States or the Chicago metropolitan area and adverse developments or
  other changes in the Chicago real estate market. Although the Company believes
  that the expectations reflected in such forward-looking statements are based
  upon reasonable assumptions, actual results could differ materially from those
  set forth in the forward-looking statements.&nbsp; The Company cautions investors
  and potential investors not to place undue reliance on such statements.&nbsp; The
  Company undertakes no obligation to publicly release the results of any
  revisions to these forward-looking statements that may be made to reflect
  future events or circumstances or to reflect the occurrence of unanticipated
  events.</p>
  
  
  
  
  
  <p class=MsoNormal align=center style='text-align:center'>SIGNATURES</p>
  
  
  
  <p class=MsoNormal style='text-align:justify;text-indent:.5in'>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>Date:&nbsp;&nbsp;&nbsp; April 28, 2006</p>
  
  <p class=MsoNormal style='text-indent:3.0in'>PARKWAY PROPERTIES, INC.</p>
  
  
  
  
  
  <p class=MsoNormal style='margin-left:3.25in; margin-top:0; margin-bottom:0'>By: <u>/s/ William R. Flatt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </u></p>
  
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;
  &nbsp;William R. Flatt</p>
  
  <p class=MsoNormal style='margin-left:3.5in; margin-top:0; margin-bottom:0'>&nbsp;&nbsp;&nbsp;&nbsp;
  Chief Financial Officer </p>
  
  <p class=MsoFooter align=center style='text-align:center; margin-top:0; margin-bottom:0'>&nbsp;</p>
  
  <p class=MsoFooter align=center style='text-align:center; margin-top:0; margin-bottom:0'>
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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": "06791747"}, "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):  April 26, 2006
  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 2 Pages
  ITEM 1.01.  Entry into a
  Material Definitive Agreement
  On
  April 26, 2006, Parkway Properties, Inc. (the "Company") entered into an
  agreement to acquire the fee simple interest in One Illinois Center, an office
  building located at 111 East Wacker Drive, and the attached four-level
  structured parking garage in Chicago, Illinois from Lincoln-Carlyle Illinois
  Center LLC for $198 million. The agreement, which is subject to customary due
  diligence procedures and closing conditions, is expected to close in the second
  quarter of 2006.
  This
  purchase will be funded by a $148.5 million non-recourse fixed rate first
  mortgage at an estimated 117 basis point spread over the 10-year US Treasury
  rate, currently calculated to be 6.27%, and amortized over 30 years with a
  10-year maturity.  Additional purchase funding will come from $49.5 million
  drawn under existing lines of credit.
  Upon
  closing of the acquisition, the building will be managed by Parkway Realty
  Services.  The Company will contract with third parties for new office leasing
  and both new and renewal retail leasing.
  * * * * *
  Certain statements in this report that discuss the Company's
  expectations are forward-looking statements within the meaning of the federal
  securities laws and as such are based upon the Company's current belief as to
  the outcome and timing of future events.  The following factors, among others
  discussed in the Company's filings under the Securities Exchange Act of 1934,
  could cause actual results and future events to differ materially from those
  set forth or contemplated in the forward-looking statements: failure of the
  acquisition to be consummated, defaults under or non-renewal of leases,
  increases in market interest rates, increases in operating costs, failure to
  obtain necessary outside financing, environmental uncertainties, financial
  market fluctuations, changes in real estate and zoning laws, increases in real
  property tax rates, a deterioration in general economic conditions in the
  United States or the Chicago metropolitan area and adverse developments or
  other changes in the Chicago real estate market. Although the Company believes
  that the expectations reflected in such forward-looking statements are based
  upon reasonable assumptions, actual results could differ materially from those
  set forth in the forward-looking statements.  The Company cautions investors
  and potential investors not to place undue reliance on such statements.  The
  Company undertakes no obligation to publicly release the results of any
  revisions to these forward-looking statements that may be made to reflect
  future events or circumstances or to reflect the occurrence of unanticipated
  events.
  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:    April 28, 2006
  PARKWAY PROPERTIES, INC.
  By:
  /s/ William R. Flatt
  William R. Flatt
  Chief Financial Officer
  Page 2 of 3 Pages