Baird served as an active bookrunner on this offering
AboutFranklin Street Properties Corp. (“Franklin Street Properties” or the “Company”) (NYSE: FSP) recently completed a follow-on offering of 6,125,000 shares, including 918,750 shares purchased by the underwriters pursuant to the exercise in full of the underwriters’ option to purchase additional shares, at a price of $12.35 per share, generating gross proceeds of approximately $87.0 million. The Company intends to use the net proceeds from this offering to repay amounts borrowed under the Company’s senior unsecured revolving credit facility in anticipation of funding the acquisition of Pershing Park Plaza in Atlanta, Georgia, to fund the redevelopment of 801 Marquette in Minneapolis, Minnesota, pay down amounts outstanding under the senior unsecured revolving credit facility and for general corporate purposes.
Franklin Street Properties is focused on investing in institutional-quality office properties in the United States. The Company’s strategy is to invest in select urban infill and central business district (CBD) properties, with a primary emphasis on their top five markets of Atlanta, Dallas, Denver, Houston and Minneapolis. The Company’s wholly-owned portfolio of 35 properties is comprised of 9.5 million square feet and was approximately 90.1% leased, as of June 30, 2016. Franklin Street Properties seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. The Company is headquartered in Wakefield, Massachusetts.
For additional information about this transaction, please contact:
- August 2016
- Franklin Street Properties Corporation
- Real Estate
- Target Location
- North America