City Office REIT (CIO) acquires Raleigh complex for $330 million.

City Office REIT, Inc. (CIO) announced today that it has acquired a two-building complex located in Raleigh, North Carolina, for $330 million.  The complex - known as Bloc 83 - is a 494,000 square foot Class A property located in the Glenwood South submarket.  The buildings were constructed in 2019 and 2021 and are said to feature best-in-class amenities, common areas, and tenant buildouts.

"Adding Raleigh to our footprint of high growth markets in the south and west strategically enhances our portfolio," commented James Farrar, the Company's Chief Executive Officer.  "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. The acquisition of Bloc 83 gives City Office immediate scale in one of the best locations in Raleigh.  It is a spectacular asset that will be in high demand by office users both today and in the future."

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.