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TIER REIT sells $114M stake in Philly property, off-loads $52.5M Calif. asset

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TIER REIT sells $114M stake in Philly property, off-loads $52.5M Calif. asset

TIER REIT Inc. said it sold a majority interest in an entity that indirectly owns the Wanamaker Building in Philadelphia's Center City for approximately $114 million to an unnamed third party.

Reporting on the sale, The Philadelphia Inquirer identified the buyer as Rubenstein Partners, citing a source with knowledge of the transaction.

The 1.4 million-square-foot property has a Macy's department store and office space. The publication noted that the company is also seeking a buyer for the Three Parkway office building, its last property in the city.

The company also said in a separate release that it sold the approximately 115,000-square-foot Buena Vista Plaza office building in the media business district of Burbank, Calif., to an unrelated third party for $52.5 million.

TIER REIT President and CEO Scott Fordham said in a statement: "The sale of Buena Vista Plaza continues the company's efforts to exit properties located in nontarget markets and begins the recycling phase of our strategic plan."