City Office REIT, Inc. (CIO) entered a merger agreement on July 24, 2025, to be taken private by MCME Carell Holdings in a deal valued at $1.1 billion.
Under the terms of the agreement, MCME Carell will acquire all of the issued and outstanding shares of City Office for $7 per share of common stock in cash, representing a premium of 25.90% from the stock’s last close.
Also, the holders of the City’s 6.625% Series A Cumulative Preferred Stock will receive cash equal to $25 per share.
City Office REIT is an internally managed real estate investment trust that acquires, owns, and operates high-quality office properties in 18-hour cities across the Southern and Western United States, with a portfolio totaling over 5 million square feet of net rentable area.
MCME Carell is an affiliate of Elliott Investment Management, a multi‑strategy investment manager overseeing about $73 billion in assets, and Morning Calm Management, a firm specializing in special‑situation investing and commercial real‑estate credit, owning about 10 million square feet of property and managing diverse real‑estate strategies.
The deal is expected to close in the fourth quarter of 2025.
City Office REIT received financial advice from Raymond James & Associates and Jones Lang LaSalle Securities, with legal counsel provided by DLA Piper LLP (US) and Hogan Lovells US. MCME Carell was advised financially by Eastdil Secured and represented legally by Gibson, Dunn & Crutcher.
MCME Carell is buying City Office REIT at about 6.04 times its funds from operations.
For more extensive details on this M&A transaction, please visit our Deal Metrics page here:
Deal Metrics for the acquisition of City Office REIT, Inc. (CIO) by MCME Carell Holdings
Each merger or acquisition’s Deal Metrics page includes:
Disclaimer: Before buying or selling any securities referenced in this article, conduct your own due diligence. The content or data provided in this article does not guarantee completeness or accuracy.
Editor’s Note: Baranjot Kaur contributed to this article