On July 24, 2025, City Office REIT, Inc. (NYSE: CIO) announced it entered into a definitive merger agreement with MCME Carell Holdings, LP and LLC, under which MCME Carell will acquire all outstanding common shares of City Office not already owned by the buyer or affiliates for $7.00 per share in cash. This represents a 26% premium to the last trading day's closing price and a 39% premium to the 90-day volume-weighted average. The total transaction is valued at approximately US$1.1 billion (CAD 1.5 billion), inclusive of debt assumption or repayment, preferred share redemption, and the sale of City Office’s Phoenix portfolio.

Holders of 6.625% Series A Cumulative Preferred Stock will receive $25.00 per share plus accrued and unpaid distributions. The deal, unanimously approved by City Office’s Board of Directors, is expected to close in Q4 2025, subject to shareholder approval and customary conditions, including the completion of the Phoenix asset sale. Upon closing, City Office will become a private entity and its securities will cease trading on the NYSE.

Raymond James & Associates, Inc. and Jones Lang LaSalle Securities, LLC served as exclusive financial advisors to City Office. DLA Piper LLP (US) acted as its special M&A counsel, and Hogan Lovells US LLP as corporate counsel. Eastdil Secured advised the buyer, and Gibson Dunn & Crutcher LLP served as the buyer’s legal counsel.