WAKEFIELD, MA -- (Marketwire) -- 11/01/12 -- Franklin Street Properties Corp. ("FSP," "its," "our," "us" or "we") (NYSE MKT: FSP), an investment firm specializing in real estate, announced today its acquisition of an office property in the Westchase Submarket of Houston, Texas for a purchase price of $154,750,000. The office property is located at 10370 and 10350 Richmond Avenue, Houston, Texas and consists of two, 14-story, multi-tenant office buildings containing an aggregate of approximately 629,022 rentable square feet of space and a parking garage located on approximately 6.5 acres of land. Completed in 1983 and 2008, respectively, the buildings are approximately 95% leased.
This acquisition brings our total portfolio of directly-owned properties to 38 containing an aggregate of approximately 8,068,217 rentable square feet.
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 achieving current income and long-term growth through investments in commercial properties. The majority of FSP's property portfolio is suburban office buildings, with select investments in certain central business district properties. 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
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