TIER REIT Inc., a Dallas-based real estate investment trust that specializes in owning and operating best-in-class office properties in select US markets, has sold Eldridge Place, an 824,000-square-foot office campus in Houston, Texas.
In addition to the contract sales price of $78.4 million, the company expects to receive additional insurance proceeds related to the loss, damage, and destruction suffered because of Hurricane Harvey and its aftermath, including a claim for the loss in value attributable to the storm. However, the ultimate timing and amounts to be collected for the remaining claims are currently undetermined.
Scott Fordham, Chief Executive Officer of TIER REIT, stated, “The disposition of Eldridge Place enables us to move forward by significantly reducing our Houston presence and reallocating the capital in more accretive ways, including our build-to-core development program at The Domain in Austin, Texas.”
TIER REIT, Inc. is a publicly traded, self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S.