Franklin Street Takes Portfolio

Currently held by separate Franklin Street-sponsored REITs, they were acquired by merging five REITS into wholly owned subsidiaries of FSP. The five REITs were identified as FSP Willow Bend Office Center Corp., FSP Innsbrook Corp., FSP 380 Interlocken Corp., FSP Blue Lagoon Drive Corp. and FSP Eldridge Green Corp. The transaction required a majority vote by stockholders in each of the REITs. Company officials did not return calls for comment placed to the firm by GlobeSt.com.

According to the firm's website, among FSP's latest acquisitions are a 212,619-sf office at 5505 Blue Lagoon Dr. in Miami; a 297,789-sf building known as Innsbrook on Cox Road in Glen Allen, VA; and a 240,184-sf property at 380 Interlocken Crescent Blvd. in Broomfield, CO. The other two properties are Willow Bend Office Center, a 116,603-sf office center at 2740 N. Dallas Parkway in Plano, TX and Eldridge Green, which contains 248,299 sf, at 1293 Eldridge Parkway in Houston.

Consideration for the transaction consisted primarily of shares of FSP common stock, which were valued at $21 per share on Monday. Franklin Street Properties' portfolio consists primarily of office buildings located in suburban markets throughout the country. In Massachusetts, the REIT owns the North Andover Office Park, a 91,956-sf building at 451 Andover St., a 188,000-sf property known as One Technology Dr. in Peabody and a 104,711-sf office at 10 Lyberty Way in Westford. It also has holdings in 14 other states.