VANCOUVER, Dec. 18,
2024 /PRNewswire/ -- City Office REIT, Inc.
(NYSE: CIO) ("City Office," "CIO" or the "Company") announced today
that it has signed a 60,000 square foot lease with an existing
tenant at its premier Terraces property located in Dallas, Texas.
The lease extends the tenant's existing 44,000 square foot space
until 2036 and expands the tenant's space by 16,000 square
feet. Including the expansion space, which is expected to
commence in early 2026, the property is now 95% leased.
In addition, with the recent commencement of a 29,000 square
foot tenant at Bloc 83 in Raleigh, North
Carolina, the office component of Bloc 83 has achieved a 98%
occupancy.
James Farrar, the Company's Chief
Executive Officer stated, "Leasing activity for premier properties
and locations continues to strengthen across the country. We
are pleased with our success in driving value through impactful
leasing transactions."
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company
focused on acquiring, owning and operating office properties
located predominantly in Sun Belt markets. City Office currently
owns or has a controlling interest in 5.6 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 both historical and "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 "approximately,"
"anticipate," "assume," "believe," "budget," "contemplate,"
"continue," "could," "estimate," "expect," "future," "intend,"
"may," "outlook," "plan," "potential," "predict," "project,"
"seek," "should," "target," "will" 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. Factors that
could cause actual results to differ materially include, among
other things, changes to CIO's expected liquidity position and the
risk factors set forth in CIO's Annual Report on Form 10-K for the
year ended December 31, 2023 and
subsequent filings with the 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.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.
