– CANADA, Vancouver – City Office REIT, Inc. (NYSE: CIO) announced that it has appointed Jeffrey D. Kohn to the Company’s Board of Directors effective immediately. Mr. Kohn is the principal partner and president of MDC Property Services Ltd. and has over 25 years of experience in the real estate industry. MDC and its affiliates manage over $3.0 billion of commercial real estate across North America. Also, Second City has advised the Company that in two separate transactions, Mr. Kohn along with James Balsillie and entities affiliated with him, have purchased an aggregate of 2.5 million shares of Common Stock at $13.00 per share from Second City.
James Farrar, the Company’s Chief Executive Officer, said, “We welcome Jeff as a new director. He has tremendous real estate expertise in many of our target markets and we expect him to make valuable contributions to our Board.”
Mr. Farrar continued, “While Second City was critical to the formation and early growth stage of the Company, the Company believes that this Redemption and distribution is an important step in our future as a public company. We believe that the Redemption and distribution benefits our shareholders by diversifying our shareholder base, and potentially increases shareholder liquidity going forward. We thank Second City and its investors, which include institutions and a number of prominent business people, for supporting the Company in its IPO and formative years, and we welcome these investors as our newest shareholders.”
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 in the Southern and Western United States. City Office currently owns or has an interest in 3.5 million square feet of office properties.
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