VANCOUVER, Feb. 1, 2016 /PRNewswire/ -- City Office
REIT, Inc. (NYSE: CIO) ("City Office" or the "Company"), announced
today that it has completed the closing under the previously
announced agreements to internalize the Company's management as
described in the Company's November 2,
2015 press release.
Pursuant to the closing under the agreements, City Office
acquired its former external advisor, City Office Real Estate
Management Inc., in exchange for an aggregate of 297,321 shares of
City Office common stock.
In addition to entering into employment agreements with its
Chief Executive Officer, Jamie
Farrar, its President and Chief Operating Officer,
Greg Tylee, and its Chief Financial
Officer, Secretary and Treasurer, Tony
Maretic, the Company has hired approximately eleven other
employees who previously worked for the former external
advisor.
The Company has posted a presentation providing specific details
on the internalization under the Investor Relations section of its
website at www.cityofficereit.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 markets primarily in the Southern and
Western United States. City Office currently owns or has an
interest in 3.3 million square feet of office properties.
Additional information about City Office is available on the
Company's website at www.cityofficereit.com. 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 "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. All statements that are not statements of
historical facts are, or may be deemed to be, forward looking
statements. Forward looking statements reflect our current
expectations concerning future results, objectives, plans and
goals, and involve known and unknown risks, uncertainties and other
factors that are difficult to predict and which may cause future
results, performance or achievements to differ. These
statements include, but are not limited to, those pertaining to the
Company's expectations regarding growth, future reductions in
expenses and future management. These risks, uncertainties
and other factors include factors described in our news releases
and filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K for the year ended December 31, 2014, which has been filed with the
Securities and Exchange Commission. Readers of this press
release are cautioned to consider these risks and uncertainties and
not to place undue reliance on any forward-looking
statements. The Company does not undertake any obligation to
update any forward-looking statement, whether written or oral,
relating to matters discussed in this press release, except as may
be required by applicable securities laws.
Contact
City Office REIT, Inc.
Anthony Maretic
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.