DALLAS--(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.
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.