TIER REIT Expands Its Austin Portfolio
August 03 2015 - 11:15AM
Business Wire
Adds 669,000 Square Feet of Existing Office
Properties With Additional Development Potential
TIER REIT, Inc. (NYSE: TIER) a Dallas-based real estate
investment trust, announced today the acquisition of various assets
within The Domain, a premier mixed-use development located in
Northwest Austin. The transaction included the acquisition of two
Class A, creative-space office buildings totaling 332,000 square
feet and a partnership interest in two additional Class A office
buildings totaling 337,000 square feet, as well as fee simple
ownership of various land parcels totaling over 24 acres for future
office development.
The Domain is a premier, high-density, mixed-use development
encompassing office, Simon Property Group’s The Domain®, a shopping
center featuring more than 100 upscale and mainstream retail
stores, local retail merchants, entertainment, hospitality and
multifamily properties all situated in a beautiful park-like
setting. The Domain is located at the geographic center of Austin
and provides exceptional access to all areas of the city. The urban
infill development acts as Austin’s ‘second downtown,’ attracting
employers and employees to a vibrant neighborhood.
“The Domain attracts Austin area residents and workers for its
live-work-play attributes. This master planned development has been
highly successful and continues to expand with new office space,
additional outdoor street-scape retail shopping and multifamily
housing. We are very excited about this opportunity to own office
space within The Domain and the opportunity to grow our Austin
presence in this prominent area through future development of the
land parcels,” said Bill Reister, Chief Investment Officer and
Executive Vice President of TIER REIT.
This multi-property acquisition significantly expands the
Company’s Austin portfolio. Combining The Domain assets with the
recently announced investment in a future office development
project in the heart of downtown Austin, and the existing 620,000
square-foot Terrace Office Park in the southwest submarket, the
TIER REIT portfolio now encompasses more than 1.1 million square
feet of existing office space and 2.1 million square feet of
potential future office development.
“The Domain acquisition fits perfectly into our Austin strategy
of owning and developing best-in-class office properties in our
targeted Austin submarkets – Southwest, CBD and The Domain. Our
Austin portfolio has the potential to grow through development to
more than two million square feet over the next several years,”
said Scott Fordham, Chief Executive Officer and President of TIER
REIT. “The opportunity for creating additional value makes this
acquisition very compelling compared to other current investment
opportunities.”
About TIER REIT, Inc.
TIER REIT, Inc. is a self-managed, Dallas, Texas-based real
estate investment trust focused on maximizing total return to
stockholders through the combination of stock appreciation and
income derived from a sustainable distribution. 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 population and office-using
employment growth. For more information on 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/20150803005904/en/
TIER REIT, Inc.Kelly Sargent,
972-483-2460ksargent@tierreit.com
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