REIT, Inc. (NYSE: TIER), with global real estate investment manager
Invesco Real Estate and Austin-based Cielo Property Group, announced
today it has completed the sale of Third + Shoal, a newly-developed,
100% leased, Class AA office tower in Austin’s CBD.
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"We believe the sale represents a new precedent of demand for top
quality office properties in Austin,” stated Scott Fordham, Chief
Executive Officer of TIER REIT. "We are proud of the mark we have left
on the Austin skyline and pleased with the strong value creation we
delivered to our stockholders.”
The sellers were represented in the transaction by HFF.
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.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment
management business with $68.9 billion in real estate assets under
management, 508 employees and 21 regional offices across the U.S.,
Europe and Asia (as of 03/31/19). Invesco Real Estate 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., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd.
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 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
For more information about Cielo Property Group and our approach to
investing and management, please visit us at cielopropertygroup.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190611005893/en/