TIER REIT earned $95 million from its sale of the
20-story Three Parkway office building at Cherry Street and Benjamin
Franklin Parkway, the Dallas-based real estate investment company said
Thursday.
MRP Realty Group of Washington, owner of the Bourse and
other Philadelphia properties, said Wednesday that it had acquired the office tower, with plans for
renovations to the building's lobby and common areas, and the addition of
a tenant lounge, a fitness center, and outdoor retail spaces.
Three Parkway was TIER REIT's last remaining Philadelphia
property after selling its stake in the Wanamaker
building at 13th and Market Streets in January.
Proceeds from the Three Parkway sale, which closed
Wednesday, will be used "to repay borrowings outstanding under our credit
facility and for strategic reinvestment in our target growth markets,"
TIER REIT said in a news release.
Source: Philly.com
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