DALLAS--(BUSINESS WIRE)--TIER REIT, Inc. (NYSE: TIER) announced today that it has completed the sale of 500 East Pratt, a 280,000 square foot property located in Baltimore, Maryland, for $60 million. The sale marks the Company’s anticipated exit from the Baltimore market, and reduces the number of markets in which the Company operates to six, including five of the Company's target growth markets of Austin, Dallas, Houston, Charlotte and Nashville.
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.