{"id":1004783485,"date":"2026-01-12T03:01:37","date_gmt":"2026-01-12T11:01:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004783485"},"modified":"2026-01-12T07:51:23","modified_gmt":"2026-01-12T15:51:23","slug":"mcme-carell-buys-city-office-reit-for-1b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/","title":{"rendered":"MCME Carell Buys City Office REIT for $1B"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a32e30038a37&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"900\" data-attachment-id=\"1004732393\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nuveen-sells-miami-trophy-tower-for-443m\/701-brickell-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"701-Brickell-JLL\" data-image-description=\"&lt;p&gt;Property at 701 Brickell, Miami.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The newly-sold tower (pictured in the center) rises inside Miami&#8217;s financial district.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg\" alt=\"Aerial shot of Miami's financial district, dubbed Brickell.\" class=\"wp-image-1004732393\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">In October 2024, Elliott Investment Management and Morning Calm Management paid $443 million for 701 Brickell, a Miami office building.<em> Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>MCME Carell, a joint venture between Elliott Investment Management LP and Morning Calm Management, has purchased City Office REIT. The partnership acquired the investment trust for $7 per share of common stock.<\/p>\n\n\n\n<p>The transaction was valued at approximately $1.1 billion when it was initially announced, including the assumption or repayment of debt, the redemption of the company\u2019s issued and outstanding preferred stock and the sale of its Phoenix portfolio.<\/p>\n\n\n\n<p>More than 98 percent of voting stockholders supported the acquisition, City Office REIT CEO James Farrar said in prepared remarks.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-industry-trends\/\">2026 Office Outlook: Discipline Takes Center Stage<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The transaction valued the company at a 26 percent premium to City Office\u2019s NYSE closing share price on the last trading day prior to the deal\u2019s July announcement, and a 39 percent premium to the stock\u2019s 90-day volume weighted average share price.<\/p>\n\n\n\n<p>City Office REIT mainly focused on acquiring, owning and operating office properties in Sun Belt markets. The trust owned or controlled interest in 5.4 million square feet of office space.<\/p>\n\n\n\n<p>Raymond James &amp; Associates and JLL Securities acted as City Office&#8217;s exclusive financial advisors. DLA Piper LLP served as its special M&amp;A legal counsel and Hogan Lovells US served as corporate legal counsel. Eastdil Secured acted as the buyer&#8217;s financial advisor, while Gibson Dunn &amp; Crutcher served as its legal counsel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mcme-carell-s-previous-office-expansion\">MCME Carell\u2019s previous office expansion<\/h2>\n\n\n\n<p>As of June, Elliott Investment managed about $76.1 billion in assets. Morning Calm Management owned approximately 11 million square feet of commercial space on behalf of institutional and private capital investors.<\/p>\n\n\n\n<p>In October 2024, the duo formed a joint venture for the <a href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-sells-miami-trophy-tower-for-443m\/\">acquisition of 701 Brickell<\/a>, a 685,279-square-foot office tower in Miami. Nuveen Real Estate sold the asset for $443 million in an all-cash deal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The trust traded for $7 per share of common stock.<\/p>\n","protected":false},"author":3355,"featured_media":1004732393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,23891,21742,21747],"tags":[33789,33026,33101,52443,32796,33697],"class_list":["post-1004783485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-national","category-latest","category-office","tag-city-office-reit","tag-dla-piper","tag-eastdil-secured","tag-gibson-dunn-crutcher-llp","tag-jll","tag-morning-calm-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MCME Carell Buys City Office REIT for $1B - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Elliott Investment Management and Morning Calm Management acquired City Office REIT for $7 per share of common stock or about $1.1 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCME Carell Buys City Office REIT for $1B\" \/>\n<meta property=\"og:description\" content=\"Elliott Investment Management and Morning Calm Management acquired City Office REIT for $7 per share of common stock or about $1.1 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-12T11:01:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-12T15:51:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/\",\"name\":\"MCME Carell Buys City Office REIT for $1B - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg\",\"datePublished\":\"2026-01-12T11:01:37+00:00\",\"dateModified\":\"2026-01-12T15:51:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Elliott Investment Management and Morning Calm Management acquired City Office REIT for $7 per share of common stock or about $1.1 billion.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg\",\"width\":1200,\"height\":900,\"caption\":\"The newly-sold tower (pictured in the center) rises inside Miami's financial district.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MCME Carell Buys City Office REIT for $1B\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\",\"name\":\"Vicentiu Fusea\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g\",\"caption\":\"Vicentiu Fusea\"},\"description\":\"Vicentiu Fusea is an associate editor with Commercial Property Executive and Multi-Housing News. He has joined the CPE-MHN team in 2023. Vicentiu writes stories mainly focusing on the student housing, office and MOB markets. You can reach out to him at vicentiu.fusea@cpe-mhn.com.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/vicentiu-fusea\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"MCME Carell Buys City Office REIT for $1B - Commercial Property Executive","description":"Elliott Investment Management and Morning Calm Management acquired City Office REIT for $7 per share of common stock or about $1.1 billion.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/","og_locale":"en_US","og_type":"article","og_title":"MCME Carell Buys City Office REIT for $1B","og_description":"Elliott Investment Management and Morning Calm Management acquired City Office REIT for $7 per share of common stock or about $1.1 billion.","og_url":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2026-01-12T11:01:37+00:00","article_modified_time":"2026-01-12T15:51:23+00:00","og_image":[{"width":1200,"height":900,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg","type":"image\/jpeg"}],"author":"Vicentiu Fusea","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/","url":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/","name":"MCME Carell Buys City Office REIT for $1B - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg","datePublished":"2026-01-12T11:01:37+00:00","dateModified":"2026-01-12T15:51:23+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412"},"description":"Elliott Investment Management and Morning Calm Management acquired City Office REIT for $7 per share of common stock or about $1.1 billion.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg","width":1200,"height":900,"caption":"The newly-sold tower (pictured in the center) rises inside Miami's financial district."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/mcme-carell-buys-city-office-reit-for-1b\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"MCME Carell Buys City Office REIT for $1B"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412","name":"Vicentiu Fusea","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ccbed048a87c0b87e81af2c30e2684f6fa8c0d2e617f452b15c76e47efd445f8?s=96&d=mm&r=g","caption":"Vicentiu Fusea"},"description":"Vicentiu Fusea is an associate editor with Commercial Property Executive and Multi-Housing News. He has joined the CPE-MHN team in 2023. Vicentiu writes stories mainly focusing on the student housing, office and MOB markets. You can reach out to him at vicentiu.fusea@cpe-mhn.com.","url":"https:\/\/www.commercialsearch.com\/news\/author\/vicentiu-fusea\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/701-Brickell-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004783485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004783485"}],"version-history":[{"count":7,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004783485\/revisions"}],"predecessor-version":[{"id":1004783573,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004783485\/revisions\/1004783573"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004732393"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004783485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004783485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004783485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}