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TIER REIT sells stake in Philadelphia's Wanamaker Building for $114 million

 

Dallas-based TIER REIT sold an interest in Philadelphia's Wanamaker Building, a 1.4 million-square-foot in the Center City neighborhood. TIER has owned a non-controlling interest in the entity that indirectly owns the property since 2007, and sold a majority of this interest for approximately $114 million, including assumption of debt, to an unrelated third party.

 

“Utilizing proceeds from the sale of our interest in the Wanamaker Building to reduce leverage, we have now substantially completed the strengthening phase of our strategic plan," stated Scott Fordham, President and Chief Executive Officer of TIER REIT.

 

TIER REIT, Inc. is a self-managed, Dallas-based real estate investment trust.

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