VANCOUVER, May 9, 2014 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO), a real estate company focused on the
acquisition, ownership and management of high-quality office
properties in targeted markets across the
United States, announced today that in connection with its
initial public offering, the underwriters have exercised their
overallotment option to purchase an additional 782,150 shares of
its common stock at the initial public offering price of
$12.50 per share, less underwriting
discounts.
As previously disclosed, net proceeds from this offering will be
used to redeem a portion of the common stock of City Office REIT,
Inc. and common units of City Office REIT Operating Partnership,
L.P. issued to certain Second City entities in the formation
transactions. Certain members of our management and our board
of directors have beneficial ownership interests in those entities
and after giving effect to this transaction, our management, our
board of directors and their families will own approximately 18.3%
of City Office REIT on a fully diluted basis.
Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and
Oppenheimer & Co. Inc. were joint book-running managers for the
offering.
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company formed to
acquire, own and operate high-quality office properties located
within our specified target markets, which are located in
metropolitan areas in the Southern and Western United States.
The Company owns six office complexes comprised of 16 office
buildings with approximately 1.85 million square feet of net
rentable area in the metropolitan areas of Boise (ID), Denver (CO), Portland (OR), Tampa (FL), Allentown (PA) and Orlando (FL). The Company intends to elect to
be taxed as a real estate investment trust (REIT) for U.S. federal
income tax purposes.
Contact
City Office REIT, Inc.
Anthony Maretic
+1-604-806-3366
investorrelations@cityofficereit.com
SOURCE City Office REIT, Inc.