TIER REIT Announces Lease Renewal at Uptown Charlotte Office Tower

TIER REIT, Inc. (NYSE: TIER) announced today that it has signed a 21-month lease extension with the lead tenant at the Company’s Uptown Charlotte office tower, located at 101 South Tryon Street. The renewal extends a substantial portion of the space currently occupied by the tenant through December 31, 2020, and provides the Company the opportunity to re-lease the remaining space in 2019 at market rates that are currently 45% in excess of the expiring rates. The property today is over 96% leased.

The renewal coincides with the near-term completion of the Company’s $25 million redevelopment of the lobby and retail areas of the property, including approximately 25,000 square feet of signature dining and entertainment options. Eddie V’s, a prime seafood restaurant, and Devon & Blakely, a fine food eatery, are scheduled to open within the next year, joining ESSEX Bar & Bistro, a premium craft cocktail and gastropub, that opened on the building’s main plaza last year.

About TIER REIT, Inc.

TIER REIT, Inc. is a publicly traded (NYSE:TIER), self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S. TIER REIT’s vision is to be the premier owner and operator of best-in-class office properties in TIER1 submarkets, which are primarily higher density and amenity-rich locations within select, high-growth metropolitan areas that offer a walkable experience to various amenities. Our mission is to provide unparalleled, TIER ONE Property Services to our tenants and outsized total return through stock price appreciation and dividend growth to our stockholders.

For additional information regarding TIER REIT, please visit www.tierreit.com or call 972.483.2400.

Forward-Looking Statements

Certain statements made in this press release that are not based on historical information are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements for which no assurance can be provided. TIER REIT undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances, or otherwise. For additional disclosure regarding these and other risks faced by the Company, see the disclosure contained in our public filings with the Securities and Exchange Commission, including, without limitation, our most recent Annual Report on Form 10-K.

Contacts:

TIER REIT, Inc.
Scott McLaughlin, 972-483-2465
smclaughlin@tierreit.com

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