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 Pershing Park Plaza located at 1420 Peachtree Street,
NE in Atlanta, Georgia. Pershing Park Plaza is a nine-story Class “A”
office building that contains approximately 160,000 rentable square feet
and is strategically located in Midtown Atlanta.
The gross purchase price of Pershing Park Plaza was approximately $45.5
million, or approximately $284 per rentable square foot. The Company
anticipates planned building capital investments (excluding leasing
costs) of approximately $1.8 million. Pershing Park Plaza is currently
approximately 97% leased to three tenants, with the largest being the
international law firm of Jones Day for approximately 88% of the
rentable square footage.
George J. Carter, Chairman and Chief Executive Officer, commented as
follows:
“We are pleased to expand our footprint further in Atlanta, with our
second investment in the dynamic Midtown submarket. We believe that the
acquisition of Pershing Park Plaza will provide additional opportunities
for value creation by growing our Midtown presence in Atlanta to over
780,000 rentable square feet, when combined with 999 Peachtree Street.
Pershing Park Plaza is a trophy quality office property in a premier
location that provides world-class companies with walkable access to
many of the finest cultural attractions and amenities that Atlanta has
to offer, as well as to MARTA light rail.”
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
consult that section of our website regularly for important information
about us and, if they are interested in automatically receiving news and
information as soon as it is posted, to sign up for E-mail Alerts.
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, 2015, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160810005804/en/
For Franklin Street Properties Corp.
Georgia Touma, 877-686-9496
Investor
Relations
Source: Franklin Street Properties Corp.