TIER REIT, Inc. (TIER), a Dallas-based real estate investment trust, today announced the sale of Eisenhower I, a 130,000 square foot office building located in Tampa’s Westshore business district. The property was sold today to an unrelated third party for $31.4 million, with an incentive to earn up to an additional $3.0 million subject to certain future events.
“Consistent with our strategic plan, this is the Company’s third exit from a non-target market this year, resulting in gross aggregate disposition proceeds of approximately $300 million following our announced sales of Buena Vista Plaza, Wanamaker, and Three Parkway earlier this year,” stated Scott Fordham, President and Chief Executive Officer of TIER REIT. “The Company continues to pursue opportunities to recycle this capital into prudent acquisitions and strategic development within 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.
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, including, without limitation, our most recent Annual Report on Form 10-K.