TIER REIT, Inc. (TIER), with global real estate investment manager Invesco Real Estate and Austin-based Cielo Property Group, announced today it has completed the sale of Third + Shoal, a newly-developed, 100% leased, Class AA office tower in Austin’s CBD.
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“We believe the sale represents a new precedent of demand for top quality office properties in Austin,” stated Scott Fordham, Chief Executive Officer of TIER REIT. “We are proud of the mark we have left on the Austin skyline and pleased with the strong value creation we delivered to our stockholders.”
The sellers were represented in the transaction by HFF.
About TIER REIT, Inc.
TIER REIT, Inc. is a publicly traded (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.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $68.9 billion in real estate assets under management, 508 employees and 21 regional offices across the U.S., Europe and Asia (as of 03/31/19). Invesco Real Estate 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., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. 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 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.