TIER REIT Announces Strategic Venture with Invesco Real Estate at its Third + Shoal Development
April 06 2017 - 4:30PM
Business Wire
TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate
investment trust, today announced the sale of 50% of the Company’s
interest in its Third + Shoal development to Invesco Real Estate, a
global real estate investment manager, as a strategic financial
partner. Third + Shoal is an approximately 345,000 square foot
office tower currently under construction in the heart of Austin’s
“New Downtown,” with an expected delivery in the third quarter of
2018. The Company’s joint venture with Invesco Real Estate closed
on March 31, 2017.
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“We are uniquely positioned and moving forward with this Class
AA project, at a time when competitive development is especially
limited, tenant demand is robust, and Austin CBD vacancy is at
historic lows,” stated Scott Fordham, President and Chief Executive
Officer of TIER REIT. “Our strategic partnership with Invesco Real
Estate highlights the attraction of institutional capital to the
vibrant Austin office market,” continued Mr. Fordham, “and it
allows the Company to pursue potential near-term opportunities to
create additional value through our build-to-core development
program in the highly sought-after submarkets of The Domain in
Austin and Legacy Town Center in Dallas.”
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. For
additional information regarding Third + Shoal, please visit
www.thirdandshoal.com.
About Invesco
Invesco is an independent investment management firm dedicated
to delivering an investment experience that helps people get more
out of life. NYSE: IVZ; www.invesco.com
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate
investment management business with $68 billion in real estate
assets under management, 447 employees and 21 regional offices
across the U.S., Europe and Asia. The firm was established in 1983
and has been actively investing in core, value-add and
opportunistic real estate strategies since 1992. Invesco Real
Estate is a business name of Invesco Advisers, Inc. which is an
indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one
of the largest investment management firms in the world with $813
billion in assets under management and on-the-ground presence in 29
cities worldwide. Information as of December 31, 2016.
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
development opportunities. 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/20170406006242/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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