WAKEFIELD, Mass.--(BUSINESS WIRE)--Franklin Street Properties Corp. (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.
