DALLAS--(BUSINESS WIRE)--TIER REIT, Inc. (NYSE: TIER) announced today it is commencing development of Domain 11, a LEED certified, 16-story office building located within The Domain, one of the nation’s premier live-work-play communities in northwest Austin, Texas. The landmark tower within Austin’s “second downtown” is 98% pre-leased to HomeAway®, the Austin-based world leader in vacation rentals and part of the Expedia, Inc. family of brands. Construction is scheduled to begin shortly, with a late-2018 targeted delivery date. The building will encompass approximately 324,000 square feet.
“Following the success of our Domain 8 development project, which recently delivered at over 98% leased, we are excited to commence development on the first of our wholly-owned land parcels at The Domain,” stated Scott Fordham, President & Chief Executive Officer of TIER REIT, “and are thrilled by the high caliber of tenants we continue to see throughout the project.”
“In addition to breaking ground shortly on Domain 11, we also recently completed pre-development work at Domain 12, a planned 306,000 square foot office tower adjacent to Domain 11, and are seeing solid prospective tenant interest,” continued Mr. Fordham.
“To live, work and play within The Domain is one of most sought-after experiences in the region,” added Mr. Fordham, “and Domain 11 and Domain 12 are designed to further that paradigm perfectly. We look forward to welcoming HomeAway to the newest and largest addition to The Domain’s growing skyline.”
In addition to Domain 11 and a 50% interest in Domain 8, the Company’s holdings at The Domain also include 669,000 square feet of existing, wholly-owned office space that is 100% leased, and 15 acres of wholly-owned land that can accommodate up to an approximate one million square feet of future office space.
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.
HomeAway, based in Austin, Texas, is the world leader in holiday rentals with sites representing more than two million unique places to stay in 190 countries, and is a part of the Expedia family of brands. For more information about HomeAway, please visit www.homeaway.com.
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 development opportunities. 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.