City Office REIT Announces Lease Transaction
14 Dicembre 2020 - 10:10PM
Business Wire
City Office REIT, Inc. (NYSE: CIO) (“City Office” or the
“Company”) announced today that it has completed a ten-year lease
renewal at its 163,336 square foot Lake Vista property in Dallas,
Texas.
The tenant occupies 100% of the Lake Vista property and its
lease was extended by ten years and three months to April 30, 2032.
The starting triple net rental rate on February 1, 2022 will be
$17.50 per square foot (the “Renewal Rate”) with $0.50 per square
foot annual increases thereafter. The Renewal Rate represents a
6.1% increase over the current triple net rental rate. As part of
the lease renewal, the Company granted the tenant an option to
purchase the property, which may be exercised at any time prior to
July 31, 2022. The costs of the transaction include three months of
rent abatement at the beginning of the extension term and
approximately $5.5 million in leasing commissions and tenant
improvement allowance.
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company
focused on acquiring, owning and operating high-quality office
properties located in leading 18-hour cities in the Southern and
Western United States. City Office currently owns or has a
controlling interest in 5.8 million square feet of office
properties. The Company has elected to be taxed as a real estate
investment trust for U.S. federal income tax purposes.
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management's current expectations, assumptions
and beliefs. Forward-looking statements can often be identified by
words such as "anticipate", "expect," "intend," "may" and similar
expressions, and variations or negatives of these words. They are
not guarantees of future results and are subject to risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed in any forward-looking
statement, including with respect to future leasing or renewal
activity, tenant occupancy levels, potential lease terminations,
whether the Company may realize the benefits, if any, of our
contractual relationships with tenants or third parties, the terms
on which we may acquire or dispose of property in the future, if at
all, and future cap rates. Factors that could cause actual results
to differ materially include, among other things, the timing and
amount of repurchases of CIO's common stock, if any, changes to
CIO's expected liquidity position, the possibility that the
repurchase program may be suspended or discontinued at any time and
the risk factors set forth in CIO's Annual Report on Form 10-K for
the year ended December 31, 2019 and subsequent filings with the
United States Securities and Exchange Commission. The statements
made herein speak only as of the date of this press release and
except as required by law, CIO does not undertake any obligation to
publicly update or revise any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20201214005789/en/
City Office REIT, Inc. Anthony Maretic, CFO +1-604-806-3366
investorrelations@cityofficereit.com
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