City Office REIT Sells Expansive Idaho Property for $86.5M

Law360 (March 9, 2018, 9:09 PM EST) -- City Office REIT Inc. has sold Washington Group Plaza, a 557,510-square-foot office property in Boise, Idaho, for $86.5 million as part of a reverse like-kind exchange, the Vancouver, Canada-based company said Friday.

City Office claims in a company statement that it will use $32.1 million of the proceeds to repay mortgage debt. The rest will be used for general working capital purposes.

"The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014," City Office COO and President Greg Tylee said in a statement. "Since that time, we...

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