DALLAS--(BUSINESS WIRE)--
TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate investment trust, announced today that it has completed the sale of Hurstbourne Business Center (Hurstbourne) for $41 million to a third party. Hurstbourne is a 418,000 square foot mixed-use development located in Louisville, Kentucky, and is comprised of Hurstbourne Park and Hurstbourne Place, both office buildings, and Hurstbourne Plaza, a retail center. The net proceeds from the sale will be used to repay near-term expiring mortgage debt.
“The disposition of Hurstbourne is consistent with our plan to sell properties located outside of our target growth markets,” said Scott Fordham, Chief Executive Officer and President of TIER REIT. “We continue to market other remaining properties in our Louisville portfolio and expect to exit the market by the end of next year.”
About TIER REIT, Inc.
TIER REIT, Inc. is a self-managed, Dallas-based real estate investment trust focused on delivering outsized stockholder return through stock price appreciation and dividend growth while offering unparalleled tenant service. TIER REIT’s investment strategy is to acquire, develop and operate a portfolio of best-in-class office properties in select U.S. markets that consistently lead the nation in both population and office-using employment growth. Within these markets, we target TIER1 submarkets, which are primarily urban and amenity-rich locations. For additional information regarding TIER REIT, please visit www.tierreit.com or call 972.483.2400.
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