franklin street properties c (FSP) Snapshot

Franklin Street Properties Corp. announced its acquisition of a 43-story, multi-tenant office building containing approximately 680,277 rentable square feet of space and a 9-story parking garage located in the central business district of Denver, Colorado for a purchase price of $183,000,000. The office building is located at 1999 Broadway and the parking garage is located at 2099 Welton Street. Completed in 1986, the office building is approximately 96% leased.

Franklin Street Properties Corp. (AMEX:FSP) intends to pursue acquisitions. The company has closed underwritten public offering of 17.25 million shares to raise approximately $231.3 million in net proceeds. The company intends to use the proceeds to fund a portion of its acquisition of 999 Peachtree and 1999 Broadway. In the event that either or both acquisitions are not completed, the Company intends to use the net proceeds to repay amounts outstanding from time to time under its revolving credit facility and or for general corporate purposes, including funding future acquisitions and investments.

Franklin Street Properties Corp. (AMEX:FSP) is looking for acquisition opportunities. Franklin has filed a Follow-on Equity Offering to raise net proceeds of 15 million shares at $0.0001 par value per share. Franklin intends to use the net proceeds to repay amounts outstanding from time to time under Franklin senior unsecured revolving credit facility and/or for general corporate purposes, including funding future acquisitions and investments.