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City Office REIT director steps down

Jeffrey Kohn resigned as a director of City Office REIT Inc., effective March 2.

Kohn, in his resignation letter, said that the other directors decided to refrain from nominating him to the board for the 2018-2019 year, due to a sale of real estate investment trust units by an investor that he brought to the company and because he inquired of the CEO if he were to sell any units when would be the appropriate time.

Kohn added that City Office Chairman John McLernon then indicated that Kohn would be considered for nomination if he agreed to a restriction on the sale of his REIT units. "I cannot agree with being singled for such a restriction as I find it totally unacceptable that I be held to a higher standard than any of the other independent directors," Kohn said in the letter.

According to the company, the board disagrees with the views in Kohn's resignation letter. It said the board had not taken any action in response to Kohn's inquiry as to the potential sale of common stock at a future date, nor did it make any decisions regarding its nominations for the election of directors at the meeting.