Texas-based investor TIER earned $95M from Three Parkway tower's sale

The Three Parkway office tower at Cherry Street and the Benjamin Franklin Parkway

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; it sold 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.

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