DALLAS- Behringer Harvard REIT I Inc., a local based real estate investment trust is now operating under the name TIER REIT Inc. The REIT owns 44 commercial office properties comprising 19.1 million square feet throughout the United States with significant assets in Houston, Austin and Dallas/Fort Worth; Chicago; Philadelphia; Washington, DC; Charlotte, NC and select other markets.
According to a press release, 2008, when Behringer Harvard, the company’s former sponsor, began assembling TIER REIT’s current management team with individuals possessing significant REIT, office and public company experience. In September 2012, the company internalized this management team making TIER REIT a self-managed, independent company, resulting in substantial cost savings. The name TIER was chosen to mirror the acronym REIT
“The internalization was a major milestone for the company, and as part of it, we put significant thought into who we are and how we want to approach our key stakeholders going forward,” says REIT president Scott Fordham.