TIER REIT Announces Sale of Eisenhower I
March 13 2017 - 4:30PM
Business Wire
TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate
investment trust, today announced the sale of Eisenhower I, a
130,000 square foot office building located in Tampa’s Westshore
business district. The property was sold today to an unrelated
third party for $31.4 million, with an incentive to earn up to an
additional $3.0 million subject to certain future events.
“Consistent with our strategic plan, this is the Company’s third
exit from a non-target market this year, resulting in gross
aggregate disposition proceeds of approximately $300 million
following our announced sales of Buena Vista Plaza, Wanamaker, and
Three Parkway earlier this year,” stated Scott Fordham, President
and Chief Executive Officer of TIER REIT. “The Company continues to
pursue opportunities to recycle this capital into prudent
acquisitions and strategic development within our target growth
markets.”
About TIER REIT, Inc.
TIER REIT, Inc. is a self-managed, Dallas-based real estate
investment trust focused on delivering outsized stockholder return
through stock price appreciation and dividend growth while offering
unparalleled tenant service. TIER REIT’s investment strategy is to
acquire, develop and operate a portfolio of best-in-class office
properties in select U.S. markets that consistently lead the nation
in both population and office-using employment growth. Within these
markets, we target TIER1 submarkets, which are primarily urban and
amenity-rich locations. For additional information regarding TIER
REIT, please visit www.tierreit.com or call 972.483.2400.
Forward-Looking Statements
Certain statements made in this press release that are not based
on historical information are forward-looking statements which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This press release
contains express or implied forward-looking statements relating to
the use of proceeds from this disposition. TIER REIT undertakes no
obligation to update or revise the information contained in this
press release, whether as a result of new information, future
events or circumstances, or otherwise. For additional disclosure
regarding these and other risks faced by the Company, see the
disclosure contained in our public filings with the Securities and
Exchange Commission, including, without limitation, our most recent
Annual Report on Form 10-K.
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version on businesswire.com: http://www.businesswire.com/news/home/20170313006372/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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