TIER REIT Announces Sale of Three Parkway
March 02 2017 - 7:00AM
Business Wire
TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate
investment trust, today announced the sale of Three Parkway, an
office building located in Center City Philadelphia with
approximately 561,000 square feet. The property was sold on March
1, 2017, to an unrelated third party for $95 million, and marks the
Company’s exit from the Philadelphia market.
“As we have announced, we have embarked this year on the
recycling phase of our strategic plan,” stated Scott Fordham,
President and Chief Executive Officer of TIER REIT. “We intend to
utilize the proceeds to repay borrowings outstanding under our
credit facility and for strategic reinvestment in our target growth
markets.”
About TIER REIT, Inc.
TIER REIT, Inc. is a self-managed, Dallas-based real estate
investment trust focused on delivering outsized stockholder return
through stock price appreciation and dividend growth while offering
unparalleled tenant service. 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 both population and office-using employment growth. Within these
markets, we target TIER1 submarkets, which are primarily urban and
amenity-rich locations. 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
the use of proceeds from this disposition. 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 (SEC), 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/20170302005319/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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