City Office REIT operates as an internally managed real estate company with an emphasis on acquiring, owning, and operating high-end office properties located throughout the major 18-hour cities of the southern and western United States.
Its management team possesses significant relationships with the relevant local industry and has a demonstrated track record of successfully executing a strategy that enables a competitive advantage for its shareholders.
City Office has either current ownership or a controlling interest in 5.7 million square feet of office properties in the Dallas, Denver, Orlando, Phoenix, Portland, San Diego, Seattle, and Tampa metropolitan areas. They have elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
City Office REIT announced it has completed the acquisition of The Terraces, an office property in a prominent Dallas, Texas submarket, with a gross purchase price of $133.5 million, not including closing costs.
This LEED Gold 173,000 square foot building is the most recent addition to the office market in an exceptional location.
The Terraces is conveniently situated in the much sought-after Preston Center submarket, which is well-known for its easy walkability, high-end retail and fine dining concentrations, as well as its proximity to Dallas’ most exclusive residential neighborhoods.
Chief Executive Officer at City Office REIT, James Farrar, explained, “Expanding in Dallas’ strongest and highest barrier to entry markets has been a priority. The acquisition of The Terraces in Preston Center aligns with our focus on acquiring superior properties with long-term cash flow in the most desirable submarkets. The amenity package, high-end tenant suites, and prime location make The Terraces one of Dallas’ top office properties. The fully leased building provides cash flow stability with future growth in the center of one of Texas’ wealthiest neighborhoods.”
Learn more about City Office REIT here.
