TIER REIT Announces Lease Renewal at Uptown Charlotte Office Tower
July 24 2017 - 4:30PM
Business Wire
$25mm Redevelopment of Lobby & Retail
Areas Nearing Completion
TIER REIT, Inc. (NYSE: TIER) announced today that it has signed
a 21-month lease extension with the lead tenant at the Company’s
Uptown Charlotte office tower, located at 101 South Tryon Street.
The renewal extends a substantial portion of the space currently
occupied by the tenant through December 31, 2020, and provides the
Company the opportunity to re-lease the remaining space in 2019 at
market rates that are currently 45% in excess of the expiring
rates. The property today is over 96% leased.
The renewal coincides with the near-term completion of the
Company’s $25 million redevelopment of the lobby and retail areas
of the property, including approximately 25,000 square feet of
signature dining and entertainment options. Eddie V’s, a prime
seafood restaurant, and Devon & Blakely, a fine food eatery,
are scheduled to open within the next year, joining ESSEX Bar &
Bistro, a premium craft cocktail and gastropub, that opened on the
building’s main plaza last year.
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 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170724006056/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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