Austin: 330,000 SF in The Domain sold

AUSTIN – Dallas-based Tier REIT has acquired 332,000 sf in two Class A office properties at The Domain and a partnership interest in two additional offices totaling 337,000 sf.

Dallas-based Tier REIT is moving quickly to put its stamp on the Austin commercial real estate scene. It is also partnering with Cielo Property Group on an office tower that will be constructed at the site of the Austin Music Hall downtown.

Also, as part of the acquisition, Tier REIT has acquired about 27 acres of land in an area that is a hotbed of development — everything from corporate headquarters to hotels to apartments.

"Our Austin portfolio has the potential to grow through development to more than 2 million sf over the next several years," said Scott Fordham, CEO and president of Tier REIT.

TIER, meanwhile, also owns the Terrace Office Park, about 620,000 sf of office space overlooking the Barton Creek greenbelt southwest of downtown.

More background information? See From melodies to offices: Austin Music Hall to be demolished.

Click Austin NewsTalk and Austin Market Research.