Company: CIO
Filing Date: 2025-07-24
Form Type: 8-K
Source: 0001193125-25-163765
Chunk: 2

Company: City Office REIT, Inc.
Filing Date: 2025-07-24
Form: 8-K
Item: Item 1.01
Chunk 2
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 the Effective Time.

Upon a termination of the Merger Agreement under specified circumstances set forth therein, the Company will be required to pay Parent a termination fee equal to $16,000,000. The Merger Agreement also provides that upon a termination of the Merger Agreement under certain circumstances set forth in the Merger Agreement, Parent will be required to pay the Company a reverse termination fee equal to $35,000,000. Subject to certain limitations set forth in the Merger Agreement, either party may terminate the Merger Agreement if the Merger is not consummated by on the date that is 180 days following the effective date of the Merger Agreement.

Phoenix Portfolio Sale Transaction

The Company also announced today that on June 18, 2025, CIO 5090, Limited Partnership; CIO Block 23, LLC; CIO Papago Tech Holdings, LLC; CIO San Tan I, Limited Partnership; CIO San Tan II, Limited Partnership; CIO Pima, Limited Partnership; CIO Quad, Limited Partnership; and CIO Camelback, Limited Partnership (collectively, the “ Seller”), each an indirect subsidiary of the Company, entered into an Agreement of Purchase and Sale and Joint Escrow Instructions (as amended, the “ Phoenix Sale Agreement”) with a buyer (the “ Buyer”), pursuant to which the Seller agreed to sell, and the Buyer agreed to purchase, certain land and improvements located at 5090 North 40th Street, Phoenix, Arizona 85018; 101 East Washington Street, Phoenix, Arizona, 85004 (the “ Block 23 Asset”); 1600 and 1700 North Desert Drive, Tempe, Arizona 85034; 3100 and 3200 West Ray Road, Chandler, Arizona 85226; 9000 and 9200 East Pima Center Parkway, Scottsdale, Arizona 85258 (the “ Pima Center Asset”); 6200 - 6390 East Thomas Road, Scottsdale, Arizona 85251; and 6991 East Camelback Road, Scottsdale, Arizona 85251 (collectively, the “ Phoenix Assets”), for an aggregate purchase price of $296 million, subject to customary closing prorations and credits (the “ Phoenix Portfolio Sale Transaction”). On July 23, 2025, the Buyer and the Seller entered into the First Amendment to Agreement of Purchase and Sale and Joint Escrow Instructions (the “ First Amendment”) and, in connection therewith, the Buyer and the