VANCOUVER, Dec. 31, 2021 /PRNewswire/ -- City Office REIT,
Inc. (NYSE: CIO) ("City Office" or the "Company") announced today
that it has closed the acquisition of Bloc 83, a premier
two-building office complex located in Raleigh, North Carolina, for a gross purchase
price of $330.0 million exclusive of
closing costs.
The 494,000 square foot, newly built Class A complex possesses a
prime location, market-leading features and strong tenancy.
Bloc 83 is situated in the Glenwood South submarket, a preeminent
live-work-play district of downtown Raleigh. Glenwood South
has attracted a population of young professionals relocating from
larger metro areas and is the epicenter of Raleigh's dining, shopping and entertainment
district.
Bloc 83 features best-in-class, modern tenant buildouts, common
areas and amenities. Highlights of the property include
state-of-the-art fitness centers, a rooftop sky lounge, a yoga
studio, various retail amenities and expansive lounges. The
first building was delivered in 2019 and is currently 93% leased
with a weighted average lease term remaining of approximately 10.3
years. The second building was delivered in 2021 and is in
its initial lease-up phase at approximately 67% leased as of
closing.
"Adding Raleigh to our footprint of high growth markets in the
south and west strategically enhances our portfolio," commented
James Farrar, the Company's Chief
Executive Officer. "Raleigh's highly educated workforce has been a
driver for growth in the STEM and life science industries.
The region's tier one research universities, high quality of life
and diverse economy positions it favorably over the long
term."
"The acquisition of Bloc 83 gives City Office immediate scale in
one of the best locations in Raleigh. It is a spectacular
asset that will be in high demand by office users both today and in
the future."
A detailed presentation regarding the transaction can be found
on the Investor Relations section of the Company's website at
www.cioreit.com.
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 6.2 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 certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Certain statements contained in this press release, including those
that express a belief, expectation or intention, as well as those
that are not statements of historical fact, are forward-looking
statements within the meaning of the federal securities laws and as
such are based upon the Company's current beliefs as to the outcome
and timing of future events. Forward-looking statements are
generally identifiable by use of forward-looking terminology such
as "approximately," "anticipate," "assume," "believe," "budget,"
"contemplate," "continue," "could," "estimate," "expect," "future,"
"hypothetical," "intend," "may," "outlook," "plan," "potential,"
"predict," "project," "seek," "should," "target," "will" or other
similar words or expressions. There can be no assurance that actual
forward-looking statements will be those anticipated by the
Company. 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 the terms and
timing of future acquisition or disposition activity, if any.
Factors that could cause actual results to differ materially
include, among other things, changes to the Company's expected
liquidity position, uncertainty regarding acquisitions,
dispositions or our operations, and the risk factors set forth in
the Company's Annual Report on Form 10-K for the year ended
December 31, 2020 and subsequent
filings with the United States Securities and Exchange Commission
(the "SEC"). Forward-looking statements presented in this press
release are based on management's beliefs and assumptions made by,
and information currently available to, management. The
forward-looking statements contained in this press release are
based on historical performance and management's current plans,
estimates and expectations in light of information currently
available to us and are subject to uncertainty and changes in
circumstances. There can be no assurance that future developments
affecting us will be those that we have anticipated. Actual results
may differ materially from these expectations due to the factors,
risks and uncertainties described above, changes in global,
regional or local political, economic, business, competitive,
market, regulatory and other factors described in our news releases
and filings with the SEC, including but not limited to those
described in our Annual Report on Form 10-K for the year ended
December 31, 2020 under the heading
"Risk Factors" and in our subsequent reports filed with the SEC,
many of which are beyond our control. Should one or more of these
risks or uncertainties materialize, or should any of our
assumptions prove to be incorrect, our actual results may vary in
material respects from what we may have expressed or implied by
these forward-looking statements. We caution that you should not
place undue reliance on any of our forward-looking statements. Any
forward-looking statement made by us in this press release speaks
only as of the date of this press release. Factors or events that
could cause our actual results to differ may emerge from time to
time, and it is not possible for us to predict all of them. The
Company does not guarantee that the assumptions underlying such
forward-looking statements contained in this press release are free
from errors. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
applicable securities laws.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cioreit.com
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SOURCE City Office REIT, Inc.