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SOURCE City Office REIT, Inc.
VANCOUVER, May 9, 2014 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO), a real estate company focused on the acquisition, ownership and management of high-quality office properties in targeted markets across the United States, announced today that in connection with its initial public offering, the underwriters have exercised their overallotment option to purchase an additional 782,150 shares of its common stock at the initial public offering price of $12.50 per share, less underwriting discounts.
As previously disclosed, net proceeds from this offering will be used to redeem a portion of the common stock of City Office REIT, Inc. and common units of City Office REIT Operating Partnership, L.P. issued to certain Second City entities in the formation transactions. Certain members of our management and our board of directors have beneficial ownership interests in those entities and after giving effect to this transaction, our management, our board of directors and their families will own approximately 18.3% of City Office REIT on a fully diluted basis.
Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and Oppenheimer & Co. Inc. were joint book-running managers for the offering.
About City Office REIT, Inc.
City Office REIT, Inc. is a real estate company formed to acquire, own and operate high-quality office properties located within our specified target markets, which are located in metropolitan areas in the Southern and Western United States. The Company owns six office complexes comprised of 16 office buildings with approximately 1.85 million square feet of net rentable area in the metropolitan areas of Boise (ID), Denver (CO), Portland (OR), Tampa (FL), Allentown (PA) and Orlando (FL). The Company intends to elect to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
City Office REIT, Inc.
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