DALLAS--(BUSINESS WIRE)--TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate investment trust that specializes in owning and operating best-in-class office properties in select U.S. markets, today announced it has completed a lease with a Fortune 100 company for the entirety of its Domain 12 development project. Domain 12 is a 320,000 square foot office tower currently under construction within The Domain in Austin, Texas, and is expected to deliver in fourth quarter 2019.
Additionally, the Company announced today that it expects to commence construction on Domain 10, a 300,000 square foot office tower, in October 2018.
Scott Fordham, Chief Executive Officer, commented, “We are pleased to have such strong tenant demand within The Domain. In addition to fully leasing our Domain 12 development project more than a year in advance of its anticipated completion, we believe we are well positioned to commence development of Domain 10 next month with letters of intent exceeding 350,000 square feet.”
Mr. Fordham continued, “Looking beyond Domain 10, we are fully designed and entitled at Domain 9, a 330,000 square foot prospective development that can accommodate additional office demand within The Domain.”
“We are poised to capitalize on these value-creating development opportunities as a result of approximately $130 million in gross proceeds raised in 2018 through the Company's at-the-market equity offering program, and planned property dispositions,” added Mr. Fordham.
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.
Forward-Looking Statements
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 for which no assurance can be provided. 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.
