WAKEFIELD, Mass.–Franklin Street Properties Corp. (the “Company”, “FSP”, “our” or “we”) (NYSE MKT: FSP), a real estate investment trust (REIT), announced today the sale of an approximately 145,951 square foot suburban office property known as “Montague Business Center.” Gross proceeds from the sale were $30.25 million. The Company expects to recognize an approximately $12 million gain on sale from Montague Business Center in fourth quarter 2015.
George J. Carter, President and Chief Executive Officer of FSP, commented, “The sale of Montague Business Center continues FSP’s ongoing strategy of selling non-core assets, when pricing is appropriate. Montague Business Center is located in San Jose, California, which is a non-core market to FSP, and as a single-story, suburban, flex-office building, the property no longer fits our current investment profile. FSP intends to reinvest into larger, urban in-fill and/or CBD office assets within its core markets over time.”
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.