City Office REIT, Inc. announced on August 15, 2025, that it has completed the first closing in the sale of its Phoenix portfolio. This initial closing generated gross sale proceeds of $266 million.
The sale encompasses six of the company's seven properties located in Phoenix. The remaining Pima Center property is still under contract for a gross sales price of $30 million and is expected to close at a later date, pending certain ground lease approvals.
The completion of this first closing of the Phoenix portfolio satisfies a critical closing condition outlined in the merger agreement, dated July 23, 2025, between City Office REIT and MCME Carell Holdings, LP and MCME Carell Merger Sub, LLC.
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