Third + Shoal Office Space Over 90% Leased
January 18 2018 - 4:35PM
Business Wire
TIER REIT, Inc. (NYSE:TIER), with global real estate investment
manager Invesco Real Estate and Austin-based Cielo Property Group,
announced today that it has signed substantial leases totaling over
90% of the office space at its Third + Shoal development property,
an approximate 345,000 square foot office tower currently under
construction in the heart of Austin’s “New Downtown.”
Facebook has leased approximately 232,000 square feet at the
property, which is anticipated to deliver in third quarter 2018.
This joins additional leasing recently completed by two additional
tenants, including a Fortune 50 financial institution and a
prominent law firm, totaling approximately 76,000 square feet. The
building also offers approximately 12,000 square feet of
ground-floor retail space.
“Third + Shoal was designed to attract today’s top tenants and
their talent, and we’re excited to see this becoming a reality,”
stated Scott Fordham, President & Chief Executive Officer of
TIER REIT. “We look forward to welcoming these premier tenants, who
further enhance Third + Shoal’s prestige,” continued Mr.
Fordham.
“This outstanding level of commitment to Third + Shoal validates
our investment premise that constructing a best-in-class office
tower in this location will similarly attract best-in-class tenants
seeking a great environment for their employees and brands to
flourish,” added Dave Laner, Senior Director - Asset Management
with Invesco Real Estate.
TIER REIT’s active development pipeline, which includes
approximately 669,000 square feet at both Third + Shoal and Domain
11, is overall in excess of 93% leased.
For additional information on Third + Shoal, please visit
www.thirdandshoal.com.
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 Invesco
Invesco is an independent investment management firm dedicated
to delivering an investment experience that helps people get more
out of life. NYSE: IVZ; www.invesco.com
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate
investment management business with $65.1 billion in real estate
assets under management, 462 employees and 21 regional offices
across the U.S., Europe and Asia. The firm was established in 1983
and has been actively investing in core, value-add and
opportunistic real estate strategies since 1992. Invesco Real
Estate is a business name of Invesco Advisers, Inc. which is an
indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one
of the largest investment management firms in the world with $917.5
billion in assets under management and on-the-ground presence in 29
cities worldwide. Information as of September 30, 2017.
About Cielo Property Group
Cielo Property Group is dedicated to transforming people
and places through property development, investment, and
management. Founded in 2010 and rooted in Austin, Cielo has
acquired or developed more than 1.62 million square feet of
commercial real estate assets in Texas. Cielo’s principals, Rob
Gandy and Bobby Dillard, have a diverse background. Their grit and
fast-paced nature is what investors most appreciate. Collectively,
the Cielo leadership team has acquired and operated over 11.7
million square feet of commercial real estate, with a total project
value of over $2.0 billion. Cielo is uniquely and squarely
focused on partnerships, internally and externally, which result in
a win-win. Their dedication to growing and transforming unassuming
places into vibrant, uplifting environments is gaining
attention throughout the nation.
For more information about Cielo Property Group and our approach
to investing and management, please visit us
at cielopropertygroup.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 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/20180118006405/en/
TIER REIT, Inc.Scott McLaughlin, 972-483-2465smclaughlin@tierreit.com
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