DALLAS--(BUSINESS WIRE)--TIER REIT, Inc. (NYSE: TIER), a Dallas-based real estate investment trust, today announced the sale of Three Parkway, an office building located in Center City Philadelphia with approximately 561,000 square feet. The property was sold on March 1, 2017, to an unrelated third party for $95 million, and marks the Company’s exit from the Philadelphia market.

“As we have announced, we have embarked this year on the recycling phase of our strategic plan,” stated Scott Fordham, President and Chief Executive Officer of TIER REIT. “We intend to utilize the proceeds to repay borrowings outstanding under our credit facility and for strategic reinvestment in our target growth markets.”

About TIER REIT, Inc.

TIER REIT, Inc. is a self-managed, Dallas-based real estate investment trust focused on delivering outsized stockholder return through stock price appreciation and dividend growth while offering unparalleled tenant service. TIER REIT’s investment strategy is to acquire, develop and operate a portfolio of best-in-class office properties in select U.S. markets that consistently lead the nation in both population and office-using employment growth. Within these markets, we target TIER1 submarkets, which are primarily urban and amenity-rich locations. For additional information regarding TIER REIT, please visit www.tierreit.com or call 972.483.2400.