Company: CIO
Filing Date: 2025-08-22
Form Type: PREM14A
Source: 0001193125-25-186443
Chunk: 49

Company: City Office REIT, Inc.
Filing Date: 2025-08-22
Form: PREM14A
Chunk 49
---
 regarding progress with respect to identifying potential Strategic Alternatives and the process of soliciting proposals with respect thereto. The representatives of the
Financial Advisors discussed various Strategic Alternatives available to the Company, including a sale of certain assets, a potential liquidation strategy and a sale of the whole Company, among others. The representatives of the Financial Advisors
noted that they had been in contact with 17 potential counterparties and 12 of the 17 expressed an interest in conducting

32

additional due diligence with respect to a Strategic Alternative. Recognizing the Company’s fall 2025 debt maturities and related liquidity considerations, the Board instructed management
to work to conclude the process by April 2025 and to present the Board with actionable alternatives with respect to one or more Strategic Alternative for consideration, including by reengaging with Morning Calm and other interested parties.

On February 26, 2025, at the direction of the Board, representatives of the Financial Advisors requested that all interested parties present offers for a
Strategic Alternative no later than March 27, 2025.

On April 3, 2025, Southwest Value Partners (“SWVP”) provided the Company with a
proposal to purchase a portfolio of the Company’s Phoenix, AZ properties (the “Phoenix Assets”) for a purchase price of $289.4 million.

On April 10, 2025, the Board held a meeting, which was attended by the Company’s senior management and representatives of the Financial Advisors.
The representatives of the Financial Advisors discussed with the Board the proposals for Strategic Alternatives received, which included written offers from (a) Bidder B’s proposal to acquire two of the Company’s properties known as
Bloc 83 and Terraces for $305 million, (b) SWVP’s proposal to acquire the Phoenix Assets for $291.5 million (an increase from its original proposal), (c) the proposal by “Bidder F” to acquire 11 of the
Company’s properties for $628 million, (d) the proposal by “Bidder G” to acquire eight of the Company’s properties for $450 million, and (e) the proposal by “Bidder H” to acquire an asset for
$92 million. The representatives of the Financial Advisors informed the Board that Morning Calm had indicated it was seeking investment committee approval to make a proposal to the Company but that the representatives of the Financial Advisors
had not received a formal proposal from Morning Calm as of the time of the meeting. The representatives of