City Office REIT announces the acquisition of Dallas
VANCOUVER, December 9, 2021 / PRNewswire / – City Office REIT, Inc. (NYSE: CIO) (“City Office” or the “Company”) today announced that it has completed the acquisition of The Terraces, a premier office building in a leading submarket of Dallas, Texas, for a gross purchase price of $ 133.5 million, excluding closing costs.
The 173,000 square foot LEED Gold property is the newest office building in an exceptional location. The Terraces is located in the popular Preston Center submarket, known for its ease of walking, concentration of high-end retail and fine dining, and proximity to Dallas’ most prestigious residential areas. The building was delivered in 2017 with a full range of amenities including a state-of-the-art fitness center, rooftop terrace, barista, full-service convenience store, and conference room. The property’s multi-level building structure creates several outdoor terraces for the exclusive use of tenants. The terraces are 99% leased to a diverse clientele, with a weighted average lease term remaining of approximately 8 years.
“Develop in Dallas’ the strongest and highest barrier to entry into the markets has been a priority ”, commented James farar, Chief Executive Officer of the Company. “The acquisition of The Terraces at Preston Center aligns with our goal of acquiring top quality properties with long term cash flow in the most sought after submarkets. Dallas’ the best office buildings. The fully leased building provides stable cash flow with future growth at the center of one of the Texas’ wealthier neighborhoods. “
A detailed presentation of the transaction is available in the Investor Relations section of the Company’s website at www.cioreit.com.
About City Office REIT, Inc.
City Office REIT is an in-house managed real estate company focused on acquiring, owning and operating high quality office buildings located in major cities of 6pm South and Western United States. City Office currently owns or has a controlling interest in 5.7 million square feet of office buildings. The Company has elected to be taxed as a real estate investment trust for US federal income tax purposes.
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 as modified. Certain statements contained in this press release, including those which express a belief, expectation or intention, as well as those which are not statements of historical fact, are forward-looking statements within the meaning of federal securities laws and , as such, are based on the Company’s current beliefs about the outcome and timing of future events. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “approximately”, “anticipate”, “assume”, “believe”, “budget”, “consider”, “continue”, “may”, ” could “,” estimate, “” expect “,” future “,” hypothetical “,” intend “,” may “,” prospect “,” plan “,” potential “,” foresee “,” 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 do not constitute guarantees of results future 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 conditions and timing of future acquisition activities or of assignment, if any. Significant differences in actual results include, among others, changes in the expected liquidity position of the Company, uncertainty regarding acquisitions, disposals or our operations, and risk factors set out in the annual report of the Company. Company on form 10-K for the year ended December 31, 2020 and subsequent filings with the United States Securities and Exchange Commission (the “SEC”). The forward-looking statements presented in this press release are based on management’s beliefs and assumptions made by management and on information currently available to it. The forward-looking statements contained in this press release are based on historical performance and current plans, estimates and expectations of management 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 we 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 press releases. press releases and documents filed 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 “Risk Factors” and in our subsequent reports filed with the SEC, many of which are beyond our control. If one or more of these risks or uncertainties materialize, or if any of our assumptions prove to be incorrect, our actual results could differ in material respects from what we may express or imply by these forward-looking statements. We caution you not to place undue reliance on our forward-looking statements. Any forward-looking statements made by us in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to vary may occur from time to time, and we cannot predict all of them. The Company does not guarantee that the assumptions underlying these forward-looking statements contained in this press release are free from errors. We assume 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.
City Office REIT, Inc.
Antoine Marétique, CFO
investor [email protected]
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SOURCE City Office REIT, Inc.