Miller Canfield Advises City Office REIT on Leasing Transactions Totaling 325,987 Square Feet
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.”