DALLAS--(BUSINESS WIRE)--TIER REIT, Inc. (NYSE: TIER) announced today that it has exited the Washington, D.C. market, with the sale of two properties in which the Company owned a 10% interest. 1325 G Street and 1341 G Street, the latter also known as the Colorado Building, total approximately 435,000 square feet, and were sold to a third party for a combined contract sales price of $259.0 million. The Company previously sold a 90% interest in the properties in June 2015.
TIER REIT has exited four non-target markets year to date, and currently operates in eight markets across the U.S. The Company remains primarily focused on its target growth markets of Austin, Dallas, Houston, Charlotte, Nashville, Atlanta and Denver.
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.