TIER REIT Announces Sale of Loop Central & Acquisition of Remaining Interest in Domain 8
April 02 2018 - 4:30PM
Business Wire
TIER REIT, Inc. (NYSE: TIER) announced today that it has sold
Loop Central, a 575,000-square-foot office building in Houston,
Texas. The sale follows the dispositions of 500 East Pratt and
Centreport Office Center earlier this year, which together with
Loop Central were previously announced as under contract for
sale.
TIER REIT also announced that it has acquired the remaining
partnership interest in Domain 8, a 291,000-square-foot office
building located at The Domain in Austin, Texas. TIER REIT was the
co-developer and 50% owner of Domain 8, which delivered in the
second quarter of 2017 fully leased primarily to Amazon and
Facebook.
On a pro forma basis, including the stabilized delivery of
Domain 8, Domain 11 and Third + Shoal, the Austin market will
represent approximately 45% of the Company’s total net operating
income while the Houston market will decrease to less than 20% of
total net operating income.
“With these strategic transactions, we are not only refining our
presence in Houston but further increasing our control of the
office space at The Domain,” stated Scott Fordham, Chief Executive
Officer of TIER REIT. “Our office ownership at The Domain now
totals approximately 1.2 million square feet, representing over 75%
of the competitive office space in this premier micro-market.”
“We also continue to grow organically within The Domain,”
continued Mr. Fordham, “including the upcoming delivery of our
324,000-square-foot Domain 11 development project at the end of
this year. In addition, our Domain 9, Domain 10 and Domain 12
proposed developments are fully designed and permitted, which would
add another 900,000 square feet to Austin’s ‘second downtown.’”
“Tenant demand throughout the project remains strong with no
competitive projects planned at The Domain,” added Mr. Fordham. “As
a result, we anticipate commencing construction on at least one
additional new building at The Domain this 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: https://www.businesswire.com/news/home/20180402005673/en/
TIER REIT, Inc.Scott McLaughlin,
972-483-2465smclaughlin@tierreit.com
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