DALLAS--(BUSINESS WIRE)--
TIER REIT, Inc. (NYSE:TIER), with global real estate investment manager Invesco Real Estate and Austin-based Cielo Property Group, announced today that it has signed substantial leases totaling over 90% of the office space at its Third + Shoal development property, an approximate 345,000 square foot office tower currently under construction in the heart of Austin’s “New Downtown.”
Facebook has leased approximately 232,000 square feet at the property, which is anticipated to deliver in third quarter 2018. This joins additional leasing recently completed by two additional tenants, including a Fortune 50 financial institution and a prominent law firm, totaling approximately 76,000 square feet. The building also offers approximately 12,000 square feet of ground-floor retail space.
“Third + Shoal was designed to attract today’s top tenants and their talent, and we’re excited to see this becoming a reality,” stated Scott Fordham, President & Chief Executive Officer of TIER REIT. “We look forward to welcoming these premier tenants, who further enhance Third + Shoal’s prestige,” continued Mr. Fordham.
“This outstanding level of commitment to Third + Shoal validates our investment premise that constructing a best-in-class office tower in this location will similarly attract best-in-class tenants seeking a great environment for their employees and brands to flourish,” added Dave Laner, Senior Director - Asset Management with Invesco Real Estate.
TIER REIT’s active development pipeline, which includes approximately 669,000 square feet at both Third + Shoal and Domain 11, is overall in excess of 93% leased.
For additional information on Third + Shoal, please visit www.thirdandshoal.com.
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.
About Invesco
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.1 billion in real estate assets under management, 462 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc. which is an indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $917.5 billion in assets under management and on-the-ground presence in 29 cities worldwide. Information as of September 30, 2017.
About Cielo Property Group
Cielo Property Group is dedicated to transforming people and places through property development, investment, and management. Founded in 2010 and rooted in Austin, Cielo has acquired or developed more than 1.62 million square feet of commercial real estate assets in Texas. Cielo’s principals, Rob Gandy and Bobby Dillard, have a diverse background. Their grit and fast-paced nature is what investors most appreciate. Collectively, the Cielo leadership team has acquired and operated over 11.7 million square feet of commercial real estate, with a total project value of over $2.0 billion. Cielo is uniquely and squarely focused on partnerships, internally and externally, which result in a win-win. Their dedication to growing and transforming unassuming places into vibrant, uplifting environments is gaining attention throughout the nation.
For more information about Cielo Property Group and our approach to investing and management, please visit us at cielopropertygroup.com.
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.
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