City Office REIT
City Office REIT was a publicly traded office REIT (NYSE: CIO) that owned and operated approximately 5.4 million square feet of office properties concentrated in Sun Belt markets across the Southern and Western United States, before being taken private in January 2026 for $1.1 billion.
- Company typePublic
- Founded2013
- HeadquartersVancouver, Canada
- Headcount11–50
- GTM typeB2B
- OfferingServices
What City Office REIT does
City Office REIT was a publicly traded real estate investment trust listed on the New York Stock Exchange (ticker: CIO) that acquired, owned, and operated office properties concentrated in Sun Belt metropolitan areas across the Southern and Western United States. The company managed approximately 5.4 million square feet of office space serving commercial office tenants. Specific assets included a Denver property at 7601 E. Technology Way (a 1997-vintage, 6-story office building on a 10-acre site occupied by Zoom) and the City Center office building at 150 2nd Avenue South in St. Petersburg, co-owned with Feldman Equities and Tower Realty Partners.
The company's revenue model was built on recurring rental income from its office portfolio, with a sales-led go-to-market via NYSE public equity distribution to institutional and retail investors. It paid distributions of $0.10 per common share and $0.414063 per 6.625% Series A Cumulative Redeemable Preferred share in 2025. Beyond its core office landlord business, City Office REIT participated in joint ventures — most prominently the 50-story Waldorf Astoria Residences St. Petersburg project announced April 30, 2025, a JV with Property Markets Group, Feldman Equities, Tower Realty Partners, and Hilton comprising 163 luxury residential units and over 43,000 square feet of amenities — positioning the company in adjacent luxury residential development.
City Office REIT was taken private on January 9, 2026, when MCME Carell — a joint venture between Elliott Investment Management and Morning Calm Management — completed a $1.1 billion acquisition at $7.00 per share, approved by over 98% of voting stockholders. The company had been operating under financial pressure, with negative trailing twelve-month earnings per share of -$3.20 and a market capitalization of approximately $282.14 million at the time of the transaction, well below the deal value. Following the closing, Morning Calm Management assumed direct ownership of the portfolio, including plans to demolish and redevelop the Denver property as a 660-unit apartment project, and the company was delisted from public markets.
City Office REIT firmographics
Firmographics- Name
- City Office REIT
- Legal name
- City Office REIT, Inc.
- Website
- https://cityofficereit.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Acquired
- Headcount range
- 11–50 employees
- Short description
- City Office REIT was a publicly traded office REIT (NYSE: CIO) that owned and operated approximately 5.4 million square feet of office properties concentrated in Sun Belt markets across the Southern and Western United States, before being taken private in January 2026 for $1.1 billion.
- Ownership category
- akta.pro rank
City Office REIT industry classification
Industry- Product category
- Office REIT / Commercial Office Real Estate
- NAICS
- Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)
- SIC
- Real Estate Investment Trusts (6798)
- akta.pro primary industry
- Office Real Estate Asset Management (BPAJAMAG)
Keywords
Where City Office REIT is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
City Office REIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Office Property Rental Income: City Office REIT generated revenue through rental income from its office properties concentrated in Southern and Western US metropolitan areas. The company owned approximately 5.4 million square feet of office space.
Go-to-market motion1 record
Distribution channels1 record
City Office REIT product offering
Product offeringCore offering
City Office REIT acquires, owns, and operates a portfolio of approximately 5.4 million square feet of office properties located primarily in Sun Belt markets across the Southern and Western United States. The company leases office space to corporate, professional services, and government tenants under multi-year lease agreements, generating rental income. Its portfolio includes a joint-venture interest in the Waldorf Astoria Residences St. Petersburg development.
Product overview
City Office REIT was a publicly traded real estate investment trust focused on owning and managing office properties in Sun Belt markets across the Southern and Western United States. The company owned approximately 5.4 million square feet of office space before being acquired and delisted in January 2026. Its primary offering was commercial office property investment and management, with a notable joint venture involvement in the Waldorf Astoria Residences St. Petersburg luxury residential development project.
Differentiator
Problem solved
Functional benefit
Products and services
- Sun Belt Office Property Portfolio Approximately 5.4 million square feet of owned and operated office properties located across Sun Belt metropolitan markets (including Denver and St. Petersburg), leased to corporate, professional services, and government tenants under multi-year leases.
- Waldorf Astoria Residences St. Petersburg (Joint Venture) Joint-venture interest in a branded residential/luxury development project located in St. Petersburg, Florida, conducted in partnership with the Waldorf Astoria brand.
Companies that use City Office REIT
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
City Office REIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
City Office REIT partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Property Markets Group (PMG)coreJoint venture partnership for Waldorf Astoria Residences St. Petersburg, a 50-story mixed-use luxury tower project. The development includes 163 luxury residential units, over 43,000 square feet of amenities, and is being developed by PMG in partnership with Feldman Equities, City Office REIT, and Hilton.
- HiltoncoreHilton-branded luxury residential development for Waldorf Astoria Residences St. Petersburg. Hilton will manage services for residents, marking the third partnership between PMG and Hilton following similar projects in Miami and Denver Cherry Creek. The project introduces the Waldorf Astoria brand to Florida's West Coast.
- Feldman EquitiescoreSt. Petersburg-based developer and joint venture partner for the Waldorf Astoria Residences project. Feldman Equities, along with City Office REIT and Tower Realty Partners, owned the City Center office building at 150 2nd Avenue South which served as the development site.
- Tower Realty PartnerscoreJoint venture partner for the Waldorf Astoria Residences St. Petersburg development. Tower Realty Partners, along with Feldman Equities and City Office REIT, owned the City Center office building that served as the site for the mixed-use tower project.
Scale indicators6 records
Recent moves6 records
Expansion highlights4 records
City Office REIT competitors and assessment
Company assessmentDirect peers
- Douglas Emmett: Douglas Emmett (NYSE: DEI) is an office and multifamily REIT that, while West Coast focused, is directly comparable in product type (office), investor base, and capital structure profile to City Office REIT.
- Empire State Realty Trust: Empire State Realty Trust (NYSE: ESRT) is a publicly traded office REIT with a similar small-mid-cap profile to City Office REIT, offering direct comparability on public-market valuation discounts and office sector exposure.
- Kilroy Realty: Kilroy Realty (NYSE: KRC) is a West Coast office REIT with a similar size and product focus to City Office REIT, making it a directly comparable peer for office leasing fundamentals and capital structure benchmarking.
- Hudson Pacific Properties: Hudson Pacific Properties (NYSE: HPP) is a smaller office REIT that has faced similar valuation headwinds and operational pressures, making it a directly comparable peer for understanding Sun Belt/West Coast office dynamics and discount-to-NAV themes.
- Paramount Group: Paramount Group (NYSE: PGRE) is a small-cap office REIT that has similarly traded at a discount to NAV, making it a directly comparable peer for understanding City Office REIT's pre-acquisition valuation dynamics and office sector exposure.
- Piedmont Office Realty Trust: Piedmont Office Realty Trust (NYSE: PDM) is a smaller office REIT that pursued strategic alternatives and ultimately agreed to a take-private transaction, closely mirroring City Office REIT's MCME Carell acquisition and small-cap office REIT profile.
- Highwoods Properties: Highwoods Properties (NYSE: HIW) is one of the largest publicly traded office REITs focused on Sun Belt business districts, with a portfolio directly comparable to City Office REIT's Sun Belt office strategy and tenant profile.
- Cousins Properties: Cousins Properties (NYSE: CUZ) is a Sun Belt-focused office REIT with a portfolio concentrated in Atlanta, Austin, Charlotte, Dallas, and other markets overlapping City Office REIT's geographic footprint, making it a directly comparable public peer.
- Equity Commonwealth: Equity Commonwealth (NYSE: EQC) is a small office REIT that pursued strategic alternatives and asset sales, providing a directly comparable case study for the NAV realization and activist-driven value capture strategy now being applied to City Office REIT.
- Brandywine Realty Trust: Brandywine Realty Trust (NYSE: BDN) is a small-cap office REIT with mixed-use development exposure (similar to City Office REIT's Waldorf Astoria JV) and a comparable investor profile, making it a directly comparable peer.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
City Office REIT social profiles
Digital presenceCity Office REIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
City Office REIT leadership team
Management profileNumber of profiles
Profiles4 records
City Office REIT funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
City Office REIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about City Office REIT
What does City Office REIT do?
City Office REIT acquires, owns, and operates a portfolio of approximately 5.4 million square feet of office properties located primarily in Sun Belt markets across the Southern and Western United States. The company leases office space to corporate, professional services, and government tenants under multi-year lease agreements, generating rental income. Its portfolio includes a joint-venture interest in the Waldorf Astoria Residences St. Petersburg development.
Is City Office REIT a public or private company?
City Office REIT is a public company. It is classified as private equity controlled and is currently acquired.
When was City Office REIT founded?
City Office REIT was founded in 2013. It employs 11 to 50 people.
Where is City Office REIT based?
City Office REIT is headquartered in Vancouver, Canada, in the North America region.
How does City Office REIT make money?
One revenue line is on record: office Property Rental Income.
Who are City Office REIT's main competitors?
Direct peers on record are Douglas Emmett, Empire State Realty Trust, Kilroy Realty, Hudson Pacific Properties, Paramount Group, Piedmont Office Realty Trust, Highwoods Properties, Cousins Properties, Equity Commonwealth and Brandywine Realty Trust.
Does City Office REIT have an API?
No public API is recorded for City Office REIT.
What industry is City Office REIT in?
City Office REIT's product category is Office REIT / Commercial Office Real Estate. Its primary akta.pro industry code is BPAJAMAG, Office Real Estate Asset Management. Its NAICS code is 531120 and its SIC code is 6798.