Ann Arbor, MI (PRWEB) June 30, 2015
The law firm of Miller Canfield announces that it served as legal advisor to City Office REIT, Inc. on two leasing transactions totaling 325,987 square feet.
The leases are located in Washington Group Plaza in Boise, Idaho and Corporate Parkway in Allentown, Pennsylvania. According to the City Office press release, the leases represent a weighted average increase of approximately 2.3% over the current rental income. They also extend the average remaining lease term of the City Office portfolio from 4.6 years reported on March 31, 2015 to 6.1 years, assuming the leases were in-place at that time.
The Miller Canfield team, led by real estate principal Joseph M. Fazio (Ann Arbor), included John D. Moran (Ann Arbor) and Larry N. Woodard (Chicago).
“We are pleased to continue to work with City Office REIT,” said Fazio. Last year Miller Canfield assisted with its spin-out, “roll-up” and initial public offering.
“The Miller Canfield team has helped us tremendously over the past year and continues to be an invaluable resource for us as we navigate complex transactions across the U.S.,” said Jamie Farrar, CEO of City Office REIT. “Their guidance and attention to every aspect of the transaction was instrumental in the successful closing of both deals.”
Farrar added, “The completion of these two transactions validates this investment philosophy by demonstrating the growing demand for office space in our markets and delivering long-term leases with credit tenants.”
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About City Office REIT, Inc.
City Office REIT is a real estate company focused on owning high-quality office properties in attractive markets primarily in the Southern and Western United States. Including previously announced acquisitions that have not yet closed, City Office REIT will own 2.7 million square feet of office properties. Additional information about City Office REIT is available on the company's website at http://www.cityofficereit.com. The Company intends to elect to be taxed as a real estate investment trust for U.S. federal income tax purposes.
About Miller Canfield
With 250 lawyers practicing in all major areas of law and 16 offices in five countries, Miller Canfield is among the 200 largest law firms in the U.S. Our lawyers are recognized by the most prestigious legal referral guides and organizations around the world, including Chambers USA and the 2015 edition of “Best Law Firms” published by U.S. News & World Report, in which Miller Canfield received national first-tier rankings in Public Finance Law, Labor & Employment Litigation and Labor Law-Management. Miller Canfield was also named by corporate counsel as a "Standout in Complex Labor Litigation" in the BTI Litigation Outlook 2015 report, the second consecutive year. The firm is also recognized for superior client service in the 2015 BTI Client Service A-Team report. Visit http://www.millercanfield.com. Follow us on Twitter, http://www.twitter.com/millercanfield