SOURCE: Franklin Street Properties Corp.

November 17, 2006 08:00 ET

Franklin Street Properties Corp. Announces Sale of Herndon, Fairfax County, Virginia, Property

WAKEFIELD, MA -- (MARKET WIRE) -- November 17, 2006 -- Franklin Street Properties Corp. (AMEX: FSP), a real estate investment trust, announced today the sale of an office property located at 2251 Corporate Park Drive, Herndon, Fairfax County, Virginia (the "Property"). Gross proceeds from the sale of the Property were approximately $59 million and resulted in a net gain of approximately $28 million. Franklin Street Properties Corp. is currently reviewing several potential replacement properties and expects to redeploy substantially all of the proceeds from the sale of the property to the acquisition of one or more replacement properties.

About Franklin Street Properties Corp.

Franklin Street Properties Corp. ("FSP") is a real estate investment trust based in Wakefield, Massachusetts, focused on achieving current income and long-term growth through investments in commercial properties. FSP operates in two business segments: real estate operations and investment banking/investment services. FSP owns an unleveraged portfolio of real estate. The majority of FSP's property portfolio is suburban office buildings. FSP's subsidiary, FSP Investments LLC (member, NASD and SIPC), is a real estate investment banking firm and a registered broker/dealer. To learn more about FSP please visit our website at www.franklinstreetproperties.com

Contact Information

  • Contact:
    Donna Brownell
    877-686-9496

    Franklin Street Properties Corp.
    401 Edgewater Place Suite 200
    Wakefield, Massachusetts 01880-6210
    (781) 557-1300
    www.franklinstreetproperties.com