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.
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.
City Office REIT, Inc. Anthony Maretic +1-604-806-3366 email@example.com
SOURCE City Office REIT, Inc.