TIER REIT Announces Exit from Washington, D.C. Market
April 27 2017 - 4:30PM
Business Wire
TIER REIT, Inc. (NYSE: TIER) announced today that it has exited
the Washington, D.C. market, with the sale of two properties in
which the Company owned a 10% interest. 1325 G Street and 1341 G
Street, the latter also known as the Colorado Building, total
approximately 435,000 square feet, and were sold to a third party
for a combined contract sales price of $259.0 million. The Company
previously sold a 90% interest in the properties in June 2015.
TIER REIT has exited four non-target markets year to date, and
currently operates in eight markets across the U.S. The Company
remains primarily focused on its target growth markets of Austin,
Dallas, Houston, Charlotte, Nashville, Atlanta and Denver.
About TIER REIT, Inc.
TIER REIT, Inc. is a publicly traded (NYSE:TIER), self-managed,
Dallas-based real estate investment trust focused on owning
quality, well-managed commercial office properties in dynamic
markets throughout the U.S. TIER REIT’s vision is to be the premier
owner and operator of best-in-class office properties in TIER1
submarkets, which are primarily higher density and amenity-rich
locations within select, high-growth metropolitan areas that offer
a walkable experience to various amenities. Our mission is to
provide unparalleled, TIER ONE Property Services to our tenants and
outsized total return through stock price appreciation and dividend
growth to our stockholders.
For additional information regarding TIER REIT, please visit
www.tierreit.com or call 972.483.2400.
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version on businesswire.com: http://www.businesswire.com/news/home/20170427006201/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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