Franklin Street Properties Corp. Announces Acquisition of Two Ravinia Drive in Atlanta, Georgia.
09 April 2015 - 6:02AM
Business Wire
Franklin Street Properties, Corp. (the “Company”, “FSP”,
“our” or “we”) (NYSE MKT: FSP), a real estate investment trust
(REIT), has acquired Two Ravinia Drive in Atlanta, Georgia. Two
Ravinia Drive is a 17-story, Class “A”, approximately 442,130
square foot multi-tenant office tower with an attached parking
garage located in the Central Perimeter Submarket of Atlanta,
Georgia. Two Ravinia Drive is directly adjacent to the Company’s
existing office tower, One Ravinia Drive. This acquisition
increases FSP’s holdings in Atlanta to approximately 1.8 million
square feet and should allow for greater scale and operating
efficiencies between both Ravinia office towers.
The gross purchase price of Two Ravinia Drive was $78 million
and the Company anticipates planned building capital investments
(excluding leasing costs) of approximately $4.8 million to occur
over the next three to four years. Two Ravinia Drive is currently
80.5% leased, with in-place rents that we believe average
approximately 25% below today’s current market asking rates.
George Carter, President and Chief Executive Officer of FSP,
stated, “We are excited to increase our office property ownership
presence in Atlanta, one of our five core investment markets. Our
growing presence in the Central Perimeter Submarket reflects our
commitment to dense, amenity-rich, infill locations in high growth
markets. Two Ravinia Drive and our already owned and adjacent One
Ravinia Drive are located in a dynamic office environment that is
within walking distance of MARTA’s Dunwoody rail and bus station,
as well as an abundance of hospitality, dining, and retail choices,
including the highly regarded Perimeter Mall.”
The Company funded the acquisition of Two Ravinia Drive with
proceeds from non-core dispositions, and borrowings under its
revolving credit facility. No debt was assumed in connection with
this acquisition.
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, 2014, 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.
For Franklin Street Properties Corp.John Demeritt,
877-686-9496
Franklin Street Properties (AMEX:FSP)
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