REAL ESTATE INVESTMENT

City Office REIT Announces Raleigh Acquisition

City Office REIT | January 03, 2022

City_Office_REIT
City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") announced today that it has closed the acquisition of Bloc 83, a premier two-building office complex located in Raleigh, North Carolina, for a gross purchase price of $330.0 million exclusive of closing costs.

The 494,000 square foot, newly built Class A complex possesses a prime location, market-leading features and strong tenancy.  Bloc 83 is situated in the Glenwood South submarket, a preeminent live-work-play district of downtown Raleigh.  Glenwood South has attracted a population of young professionals relocating from larger metro areas and is the epicenter of Raleigh's dining, shopping and entertainment district.

Bloc 83 features best-in-class, modern tenant buildouts, common areas and amenities.  Highlights of the property include state-of-the-art fitness centers, a rooftop sky lounge, a yoga studio, various retail amenities and expansive lounges.  The first building was delivered in 2019 and is currently 93% leased with a weighted average lease term remaining of approximately 10.3 years.  The second building was delivered in 2021 and is in its initial lease-up phase at approximately 67% leased as of closing.

Adding Raleigh to our footprint of high growth markets in the south and west strategically enhances our portfolio, Raleigh's highly educated workforce has been a driver for growth in the STEM and life science industries.  The region's tier one research universities, high quality of life and diverse economy positions it favorably over the long term."

James Farrar, the Company's Chief Executive Officer.

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 18-hour cities in the Southern and Western United States. City Office currently owns or has a controlling interest in 6.2 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.

Spotlight

We’ve all seen the headlines about inflation, recession, and labor shortages. But we wanted to dive deeper into the top trends, challenges, and opportunities for the year ahead. That’s why we surveyed nearly 5,000 property management employees for the 2023 AppFolio Property Manager Benchmark Report to hear their thoughts on property management in the year ahead.

To get a closer look at the findings and get his expert insights on what's in store for property management this year, we welcomed Dror Poleg, Economic Historian, speaker, and author of the book, Rethinking Real Estate: A Roadmap to Technology’s Impact on the World’s Largest Asset Class, to The Top Floor podcast.


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The REMM Group Real Estate Management Company of Orange County is National Top 10 Best Places to Work Multifamily®

The REMM Group | December 21, 2022

For the third year in a row The REMM Group has won a top 10 nationwide ranking on the Best Places to Work Multifamily® list. The REMM Group was awarded the honor at the Multifamily Innovation® Summit Scottsdale, AZ. Winners are selected after rigorous research and interviews conducted by Multifamily Leadership. The multifamily industry contributes $3.4 trillion dollars to the economy annually, supporting more than 17.5 million jobs. Talent recruitment for those jobs is competitive. The Best Places to Work Multifamily ranking helps job seekers choose companies that prioritize employee satisfaction. The REMM Group is a 3rd party management company, providing full service multifamily and commercial management for real estate owners in Southern California. "We are honored that Multifamily Leadership ranked us in the top ten Best Places to Work Multifamily Nationally for the third year in a row. Great people make all the difference in property management. Building a team of engaged, caring and skilled employees takes more than just providing a good paycheck. The in-depth interviews and research done as part of this award process helps us evaluate our culture, innovations, and policies to make sure they are hitting the mark with our team members." -Sara D'Elia, CEO of The REMM Group The REMM Group's Vice President of Marketing and Technology, Windell Mollenido, added, The REMM Group is on The Best Places to Work Multifamily list year after year because we constantly look for ways to improve. The reports show us what support our team members find most relevant and where we might need to make changes. In our constantly evolving industry, we need to stay vigilant to what matters today for our employees, this data helps us do that. Our vibrant and supportive culture allows us to recruit the best talent, Those caring team members make sure the residents and owners of the communities we manage are happy and thriving. That simple formula is a key to our success,said D'Elia. The REMM Group has over 5,000 apartments under management. They are an IREM Accredited Real Estate Management Organization (AMO) providing lease-up and property management for multifamily, mixed-use, office, industrial, retail, and BTR properties in Southern California.

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Spotlight

We’ve all seen the headlines about inflation, recession, and labor shortages. But we wanted to dive deeper into the top trends, challenges, and opportunities for the year ahead. That’s why we surveyed nearly 5,000 property management employees for the 2023 AppFolio Property Manager Benchmark Report to hear their thoughts on property management in the year ahead.

To get a closer look at the findings and get his expert insights on what's in store for property management this year, we welcomed Dror Poleg, Economic Historian, speaker, and author of the book, Rethinking Real Estate: A Roadmap to Technology’s Impact on the World’s Largest Asset Class, to The Top Floor podcast.

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