TIER REIT Announces Commencement of Domain 11 Development
June 23 2017 - 7:00AM
Business Wire
Project is 98% Pre-Leased to
HomeAway
TIER REIT, Inc. (NYSE: TIER) announced today it is commencing
development of Domain 11, a LEED certified, 16-story office
building located within The Domain, one of the nation’s premier
live-work-play communities in northwest Austin, Texas. The landmark
tower within Austin’s “second downtown” is 98% pre-leased to
HomeAway®, the Austin-based world leader in vacation rentals and
part of the Expedia, Inc. family of brands. Construction is
scheduled to begin shortly, with a late-2018 targeted delivery
date. The building will encompass approximately 324,000 square
feet.
“Following the success of our Domain 8 development project,
which recently delivered at over 98% leased, we are excited to
commence development on the first of our wholly-owned land parcels
at The Domain,” stated Scott Fordham, President & Chief
Executive Officer of TIER REIT, “and are thrilled by the high
caliber of tenants we continue to see throughout the project.”
“In addition to breaking ground shortly on Domain 11, we also
recently completed pre-development work at Domain 12, a planned
306,000 square foot office tower adjacent to Domain 11, and are
seeing solid prospective tenant interest,” continued Mr.
Fordham.
“To live, work and play within The Domain is one of most
sought-after experiences in the region,” added Mr. Fordham, “and
Domain 11 and Domain 12 are designed to further that paradigm
perfectly. We look forward to welcoming HomeAway to the newest and
largest addition to The Domain’s growing skyline.”
In addition to Domain 11 and a 50% interest in Domain 8, the
Company’s holdings at The Domain also include 669,000 square feet
of existing, wholly-owned office space that is 100% leased, and 15
acres of wholly-owned land that can accommodate up to an
approximate one million square feet of future office space.
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.
About HomeAway
HomeAway, based in Austin, Texas, is the world leader in holiday
rentals with sites representing more than two million unique places
to stay in 190 countries, and is a part of the Expedia family of
brands. For more information about HomeAway, please visit
www.homeaway.com.
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/20170623005062/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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