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City Office REIT, Inc. Announces Pricing of Its Initial Public Offering

VANCOUVER, British Columbia, April 14, 2014 /PRNewswire/ -- City Office REIT, Inc. (the "Company"), a real estate company formed to acquire, own and operate high-quality office properties located within its specified target markets, which are located in metropolitan areas in the Southern and Western United States, announced today the pricing of its initial public offering of 5,800,000 shares of its common stock at a public offering price of $12.50 per share for total gross proceeds of $72.5 million.  The Company's common stock is expected to begin trading tomorrow, April 15, 2014, on the New York Stock Exchange under the symbol "CIO."

The offering is expected to close on April 21, 2014, subject to the satisfaction of customary closing conditions.  The Company has granted the underwriters a 30-day option to purchase up to 870,000 additional shares of common stock at the initial public offering price, less underwriting discounts, to cover over-allotments, if any.

The Company intends to use the net proceeds from the offering to acquire interests in the Company's initial properties, to repay certain indebtedness secured by the initial properties and for general working capital purposes, including payment of expenses associated with the Company's formation transactions and refinancings, future acquisitions and creating reserves for capital expenditures, tenant improvements and leasing commissions.

Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and Oppenheimer & Co. Inc. are joint book-running managers for the offering.

The offering of these securities is being made only by means of a prospectus.  Copies of the prospectus can be obtained from Janney Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60 State Street, 35th Floor, Boston, MA 02109, or by email at [email protected], Wunderlich Securities, Inc., Attention: Equity Syndicate, 6000 Poplar Avenue, Suite 150, Memphis, TN 38119, or by email at [email protected], or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563 or email at [email protected].

A registration statement relating to these securities has been filed with and declared effective by the U.S. Securities and Exchange Commission on April 14, 2014.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, or any solicitation of an offer to buy, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.  Upon completion of the offering, the Company will own six office complexes comprised of 16 office buildings with a total of 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.

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.  These forward looking statements include statements with regard to the closing of the Company's offering, the anticipated use of the net proceeds and the exercise of the underwriter's over-allotment option.  No assurance can be given that the offering discussed above will be completed on the terms described, or at all, that the net proceeds of the offering will be used as indicated or that the underwriters' over-allotment option will be exercised.  Completion of the securities offering on the terms described, the application of net proceeds and exercise of the over-allotment option are subject to numerous conditions, many of which are beyond the control of the Company.  Investors should not place undue reliance upon forward looking statements.  For further discussion of the factors that could affect outcomes, please refer to the "Risk Factors" section of the Company's registration statement and preliminary prospectus for the Company's offering.  The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

City Office REIT, Inc.
Anthony Maretic
+1-604-806-3366
[email protected]

SOURCE City Office REIT, Inc.

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