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City Office closes $49.8M Fla. office portfolio acquisition

City OfficeREIT Inc. wrapped up its $49.8 million of the Research Park Collectionin Orlando, Fla.

The company acquired the portfolio via two joint venturelimited partnerships with RP Portfolio LLC.

Upon closing on the financing for the purchase, City Officewill pick up a 95% stake in the joint ventures and RP Portfolio will acquirethe remaining stake. An affiliated subsidiary of the REIT serves as the generalpartner of the joint ventures.

The portfolio includes five class A, 93%-leased officebuildings with total net rentable area of 272,192 square feet and a 10-acreland parcel inside the Central Florida Research Park. G&I V TechnologyPoint LLC, G&I V University Tech LLC, G&I V Research Commons LLC andG&I V RPP Land LLC were the previous owners.