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TIER REIT's foreclosed Ohio office tower sold to PE firm

Private equity firm ValStone Partners took ownership of TIER REIT Inc.'s Fifth Third Center office property at 21 E. State St. in Columbus, Ohio, the Columbus Business First reported.

The publication noted that a ValStone director confirmed the transaction, whereby the firm acquired the loan on the roughly 331,000-square-foot tower. The loan had a balance of almost $46.9 million, the publication added, citing data firm Trepp LLC.

Wells Fargo filed a foreclosure on the office real estate investment trust over a loan default on the troubled property, which went into receivership in 2015. Building occupancy has reportedly dropped to 58% from 75% since the foreclosure filing.

Although it continues to occupy 118,200 square feet of space at the building, Fifth Third Bank could reduce its lease in November, the publication noted, citing Trepp data.