TIER REIT Announces Strategic Acquisition of Legacy District Tower & Sale of Remaining Louisville Portfolio
June 26 2017 - 4:30PM
Business Wire
TIER REIT, Inc. (NYSE: TIER) announced today that it has
acquired 5851 Legacy Circle, a Class A office tower with
approximately 319,000 square feet that is located in the
amenity-rich Legacy Town Center area of Plano, Texas. Built in
2012, the 12-story office building was acquired by TIER for $123.3
million, which includes the assumption of a $66 million mortgage
loan. The building is 100% master leased to Encana Corp. and over
88% subleased to a variety of companies, including LegacyTexas
Bank, U.S. Renal Care and Aimbridge Hospitality. The property is
contiguous to two land parcels that the Company acquired in 2015
that can accommodate two additional office towers with an aggregate
of 570,000 square feet. The project is being rebranded collectively
as Legacy District.
“This acquisition complements our existing development parcels
and enhances our vision for Legacy District, given its strategic
location in the heart of the vibrant live-work-play Legacy
submarket,” stated Scott Fordham, President & Chief Executive
Officer of TIER REIT. “Further, it plants our flag prominently near
the exciting new corporate campuses of Toyota, JP Morgan, Liberty
Mutual and FedEx Office, which combined should bring over 15,000
new office workers to the submarket.”
TIER REIT also announced the sale of the Company’s Louisville
portfolio, which includes the Company’s five remaining Louisville
properties totaling approximately 678,000 square feet, for $71.5
million.
“Our exit from the Louisville market is another important
milestone for TIER REIT,” stated Mr. Fordham, “and our reallocation
of capital from Louisville and into Legacy District is another
example of our strategic recycling efforts.”
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.
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 for which no assurance can be provided.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170626005960/en/
TIER REIT, Inc.Scott McLaughlin, 972-483-2465smclaughlin@tierreit.com
Tier Reit Inc. (NYSE:TIER)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tier Reit Inc. (NYSE:TIER)
Historical Stock Chart
From Apr 2023 to Apr 2024