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.
