TIER REIT’s Shopping Spree at The Domain
- Aug 10, 2015
TIER REIT has picked up a big chunk of The Domain, a premier mixed-use development in Northwest Austin. In a stroke, the Dallas-based company has expanded its local footprint to 1.1 million square feet of office space and 2.1 million square feet of potential future office development.
“The Domain attracts Austin area residents and workers for its live-work-play attributes. This master planned development has been highly successful and continues to expand with new office space, additional outdoor street-scape retail shopping and multifamily housing,” said Bill Reister, chief investment officer & executive vice president of TIER REIT, in a statement.
The company acquired two Class A office buildings totaling 332,000 square feet, a partnership interest in two additional office properties totaling 337,000 square feet as well as 24 acres for potential development. The price tag has not been disclosed.
“The Domain acquisition fits perfectly into our Austin strategy of owning and developing best-in-class office properties in our targeted Austin submarkets—Southwest, CBD and The Domain. Our Austin portfolio has the potential to grow through development to more than two million square feet over the next several years,” said Scott Fordham, CEO & president of TIER REIT. “The opportunity for creating additional value makes this acquisition very compelling compared to other current investment opportunities.”
Image courtesy of The Domain