Franklin Street Properties Corp. Announces Acquisition of Pershing Park Plaza in Midtown Atlanta
August 10 2016 - 11:35AM
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160810005804/en/
For Franklin Street Properties Corp.Georgia Touma,
877-686-9496Investor Relations
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