PS Business Parks, Inc. Acquires a 246,000 Square Foot Multi-Tenant Industrial Building in Austin, Texas
November 04 2014 - 5:07PM
Business Wire
PS Business Parks, Inc. (NYSE:PSB) announced that on November 3,
2014, it acquired a 246,000 square foot multi-tenant industrial
building in Austin, Texas, for $10.6 million. The building, which
is 53.3% occupied, is contiguous to the Company’s existing 279,000
square foot McNeil Business Park which is 100% occupied. The
addition of this building increases the Company’s presence in
Austin, Texas, to 2.0 million square feet.
Company Information
PS Business Parks, Inc., a member of the S&P SmallCap 600,
is a self-advised and self-managed real estate investment trust
(“REIT”) that acquires, develops, owns and operates commercial
properties, primarily multi-tenant flex, office and industrial
space. The Company defines “flex” space as buildings that are
configured with a combination of office and warehouse space and can
be designed to fit a number of uses (including office, assembly,
showroom, laboratory, light manufacturing and warehouse space). As
of November 4, 2014, the Company wholly owned 29.1 million
rentable square feet with approximately 5,150 customers located in
eight states, concentrated in California (11.5 million sq. ft.),
Texas (5.1 million sq. ft.), Virginia (4.0 million sq. ft.),
Florida (3.9 million sq. ft.), Maryland (2.3 million sq. ft.),
Washington (1.5 million sq. ft.), Arizona (0.7 million sq. ft.) and
Oregon (0.1 million sq. ft.).
Additional information about PS Business Parks, Inc. is
available on the Internet. The Company’s website is
www.psbusinessparks.com.
PS Business Parks, Inc.Edward A. Stokx(818) 244-8080, Ext.
1649
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