TIER REIT Acquires Partnership Interest in 291K-SF Domain 8
Days after unloading the 574,944-square-foot Loop Central in Houston, TIER REIT bought a remaining partnership interest in Domain 8, a 291,000-square-foot office building at the mixed-use Domain in Austin. TIER REIT was co-developer and 50% owner of Domain 8, which delivered in Q2 2017. The building at 11601 Alterra Pkwy. is 100% leased, mainly to Amazon and Facebook. The Dallas-headquartered TIER REIT co-owned the asset with Austin-based Endeavor Real Estate Group.
The transaction value was not disclosed, with Domain 8 assessed at $134.2 million.
On a pro forma basis, the Austin market will represent approximately 45% of TIER REIT’s total net operating income. Meanwhile, the Houston market will make up less than 20% of the REIT’s total net operating income. “Our office ownership at The Domain now totals approximately 1.2 million square feet, representing over 75% of the competitive office space in this premier micro-market,” said Scott Fordham with TIER REIT.
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