WAKEFIELD, Mass.--(BUSINESS WIRE)--
Franklin Street Properties, Corp. (the “Company”, “FSP”, “our” or
“we”) (NYSE MKT: FSP),a real estate investment trust (REIT),has acquired Two Ravinia Drive in Atlanta, Georgia. Two Ravinia
Drive is a 17-story, Class “A”, approximately 442,130 square foot
multi-tenant office tower with an attached parking garage located in the
Central Perimeter Submarket of Atlanta, Georgia. Two Ravinia Drive is
directly adjacent to the Company’s existing office tower, One Ravinia
Drive. This acquisition increases FSP’s holdings in Atlanta to
approximately 1.8 million square feet and should allow for greater scale
and operating efficiencies between both Ravinia office towers.
The gross purchase price of Two Ravinia Drive was $78 million and the
Company anticipates planned building capital investments (excluding
leasing costs) of approximately $4.8 million to occur over the next
three to four years. Two Ravinia Drive is currently 80.5% leased, with
in-place rents that we believe average approximately 25% below today’s
current market asking rates.
George Carter, President and Chief Executive Officer of FSP, stated, “We
are excited to increase our office property ownership presence in
Atlanta, one of our five core investment markets.Our growing
presence in the Central Perimeter Submarket reflects our commitment to
dense, amenity-rich, infill locations in high growth markets.Two
Ravinia Drive and our already owned and adjacent One Ravinia Drive are
located in a dynamic office environment that is within walking distance
of MARTA’s Dunwoody rail and bus station, as well as an abundance of
hospitality, dining, and retail choices, including the highly regarded
Perimeter Mall.”
The Company funded the acquisition of Two Ravinia Drive with proceeds
from non-core dispositions, and borrowings under its revolving credit
facility. No debt was assumed in connection with this acquisition.
This press release, along with other news about FSP, is available on the
Internet at www.franklinstreetproperties.com.
We routinely post information that may be important to investors in the
Investor Relations section of our website. We encourage investors to
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About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is
focused on investing in institutional-quality office properties in the
U.S. FSP’s strategy is to invest in select urban infill and central
business district (CBD) properties, with primary emphasis on our top
five markets of Atlanta, Dallas, Denver, Houston, and Minneapolis. FSP
seeks value-oriented investments with an eye towards long-term growth
and appreciation, as well as current income. FSP is a Maryland
corporation that operates in a manner intended to qualify as a real
estate investment trust (REIT) for federal income tax purposes. To learn
more about FSP please visit our website at www.franklinstreetproperties.com.
Forward-Looking Statements
Statements made in this press release that state FSP’s or management’s
intentions, beliefs, expectations, or predictions for the future may be
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. This press release may also contain
forward-looking statements based on current judgments and current
knowledge of management, which are subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those indicated in such forward-looking statements. Accordingly, readers
are cautioned not to place undue reliance on forward-looking statements.
Investors are cautioned that our forward-looking statements involve
risks and uncertainty, including without limitation, economic conditions
in the United States, disruptions in the debt markets, economic
conditions in the markets in which we own properties, risks of a
lessening of demand for the types of real estate owned by us, changes in
government regulations and regulatory uncertainty, uncertainty about
governmental fiscal policy, geopolitical events and expenditures that
cannot be anticipated such as utility rate and usage increases,
unanticipated repairs, additional staffing, insurance increases and real
estate tax valuation reassessments. See the “Risk Factors” set forth in
Part I, Item 1A of our Annual Report on Form 10-K for the year ended
December 31, 2014, as the same may be updated from time to time in
subsequent filings with the United States Securities and Exchange
Commission. Although we believe the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements. We will not
update any of the forward-looking statements after the date of this
press release to conform them to actual results or to changes in our
expectations that occur after such date, other than as required by law.
For Franklin Street Properties Corp.
John Demeritt, 877-686-9496
Source: Franklin Street Properties Corp.