TIER REIT strikes deal to sell Loop Central office campus

TIER REIT is under contract to sell Loop Central, a three-building office complex near U.S. 59 and the West Loop. The sale is expected to close in the first quarter.
TIER REIT is under contract to sell Loop Central, a three-building office complex near U.S. 59 and the West Loop. The sale is expected to close in the first quarter.

Dallas-based TIER REIT has reached a deal to sell its Loop Central office complex near the Loop 610 and Westpark.

The three-building campus, totaling 575,000 square feet in the 4800 block of Loop Central Drive, is under contract, the company said in an earnings report last week. The sale is expected to close by the end of the quarter.

The name of the buyer and sales price were not disclosed.

TIER REIT, which exited five markets in 2017, was under contract to sell 500 East Pratt in Baltimore, Loop Central in Houston, and Centreport Office Center in Fort Worth for a combined $145 million, the report said.

The company subsequently announced the sale of the Baltimore building sold for $60 million.

RELATED: Real estate briefs

"Exiting Baltimore and downsizing our Houston and Fort Worth portfolios will further our continued efforts to sharpen our geographic footprint and improve the overall quality of our portfolio," president and CEO Scott W. Fordham said in the report.

The Loop Central buildings were constructed in the early 1980s and have since been renovated.

None of the TIER REIT's other Houston properties are currently on the market, senior vice president Scott McLaughlin said in an email Friday.

TIER REIT also owns office buildings in BriarLake Plaza in Westchase and Eldridge Place in the Energy Corridor. The company continued to abate rents it its buildings in Eldridge Place in the fourth quarter because the "properties had not been restored to pre-loss condition following Hurricane Harvey."