PKY-2014.01.03-S3-EXHIBIT 5.1

EXHIBIT 5.1

Hogan Lovells US LLP

Columbia Square

555 Thirteenth Street, NW

Washington, DC 20004

T +1 202 637 5600

F +1 202 637 5910

www.hoganlovells.com

January 3, 2014

Board of Directors

Parkway Properties, Inc.

Bank of America Center

390 North Orange Avenue, Suite 2400

Orlando, Florida 32801

Ladies and Gentlemen:

We are acting as counsel to Parkway Properties, Inc., a Maryland corporation (the “Company”), in connection with its registration statement on Form S-3, as amended (the “Registration Statement”), filed with the Securities and Exchange Commission relating to the offering of up to 139,334 shares of common stock, $0.001 par value per share (the “Shares”), of the Company issuable upon exercise of outstanding stock options (the “Options”) previously issued by Thomas Properties Group, Inc., a Delaware corporation (“TPGI”), under the 2004 Equity Incentive Plan of TPGI, as amended (the “Plan”). The Options and the Plan were assumed by the Company pursuant to an Agreement and Plan of Merger, dated September 4, 2013, by and among the Company, Parkway Properties, LP, PKY Masters, LP, TPGI and Thomas Properties Group, L.P. This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S‑K, 17 C.F.R. § 229.601(b)(5), in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including telecopies). As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

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Board of Directors Parkway Properties, Inc.	- 2 -	January 3, 2014

For purposes of this opinion letter, we have assumed that (i) the issuance of the Options and the adoption of the Plan were duly authorized and established by proper action of the board of directors of TPGI or a duly authorized committee of such board in accordance with TPGI’s charter and bylaws and applicable Delaware corporate law; (ii) at the time of offer and issuance of any Shares, the Registration Statement will have been declared effective under the Securities Act of 1933, as amended (the “Act”), and no stop order suspending its effectiveness will have been issued and remain in effect; (iii) the Company will remain a Maryland corporation; and (iv) the Shares will not be issued in violation of the ownership limit contained in the Company’s Articles of Amendment and Restatement, as amended

This opinion letter is based as to matters of law solely on the applicable provisions of the Maryland General Corporation Law, as amended. We express no opinion herein as to any other laws, statutes, ordinances, rules, or regulations (and in particular, we express no opinion as to any effect that such other laws, statutes, ordinances, rules, or regulations may have on the opinions expressed herein).

Based upon, subject to and limited by the foregoing, we are of the opinion that the Shares, when issued and delivered in accordance with the terms and provisions of the Plan and the Options, against receipt of the consideration provided for therein, upon due execution and delivery on behalf of the Company of certificates therefor, including global certificates, or the entry of the issuance thereof in the books and records of the Company, as the case may be, will be validly issued, fully paid and nonassessable.

This opinion letter has been prepared for use in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the reference to this firm under the caption “Legal Matters” in the prospectus constituting a part of the Registration Statement. In giving this consent, we do not thereby admit that we are an “expert” within the meaning of the Securities Act of 1933, as amended.

Very truly yours,

/s/ Hogan Lovells US LLP

HOGAN LOVELLS US LLP