Franklin Street has been maintained a steady presence in the Washington area since 2001. Last year it acquired two buildings in Sterling, VA for $18.5 million. The ten-year old office/flex buildings total 135,000 square feet and were fully leased at the time of acquisition.
In 2008, it also sold a local holding: a 158,016-square-foot office in Herndon, VA to Brandywine Realty Trust, for $59 million, or $373 per square feet. The building, located at 2251 Corporate Park Dr. in Woodland Park, was 100% leased to Scitor Corp. and Juniper Networks, at the time.
However, despite such selective sell-offs it appears as though Franklin is in acquisition mode--albeit a cautious one, according to comments made by CEO George Carter during the company's earning call in February. He noted the company purchased three properties in 2008--one, in Houston that it developed, for $35 million; the remaining two were the Sterling buildings.
"We know these markets," he said. "We have contacts in these markets, an inside view of, in our opinion, what is real value and what is not. And we would anticipate continuing to acquire, in '09, properties that we believe are good near-term and long-term values in markets that we are already in."
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