Tier REIT, Inc., a non-traded real estate investment trust, has added two new members, Richard I. Gilchrist and Scott W. Fordham, to its board of directors. Based in Dallas, Texas, the company primarily focuses on the property management of commercial real estate located in various markets throughout the United States.
Prior to joining Tier REIT, Inc., Mr. Gilchrist served as the president and co-chief executive officer of property development company, Maguire Properties, Inc. where he oversaw a sizeable amount of growth through acquisitions. He was also previously elected president and chief executive officer of the privately held REIT, Commonwealth Atlantic Properties. Currently, Mr. Gilchrist serves as a director of Ventas, Inc. and Spirit Realty Capital along with being a member of the Whittier College Board of Trustees.
With over 20 years in the real estate business, Mr. Fordham is experienced in corporate finance and accounting practices through several previous positions in the industry. In 2007 he served as senior vice president and chief accounting officer for the self managed REIT, Apartment Investment and Management Company. From May 2004 to December 2006, Mr. Fordham served as chief accounting officer of Brandywine Realty Trust. He received his bachelor of business administration degree in accounting from Baylor University and is a certified public accountant.
“The addition of Richard and Scott will enrich the industry depth of our board, by bringing strong real estate experience and executive leadership as we move forward to meet our long-term goals,” says Chuck Dannis, Chairman of the Board of Tier REIT.
Formerly known as Behringer Harvard REIT I Inc., the investment trust changed its name to Tier REIT Inc. shortly after the company became self managed in 2012.
Tier REIT Inc. has a total of 38 properties amounting to an ownership of 14.4 million square feet. With properties in 20 cities and a lease rate of 85%, the company works to continually expand their operations and increase their focus along their top three U.S. markets; Houston, Philadelphia, and Chicago.