SOURCE: Franklin Street Properties Corp.

December 01, 2011 11:18 ET

Franklin Street Properties Corp. Achieves LEED® Gold Certification for Existing Buildings: Operations & Maintenance at 1293 Eldridge Parkway in Houston, Texas

WAKEFIELD, MA--(Marketwire - Dec 1, 2011) - Franklin Street Properties Corp. ("FSP", "we", "our" or "its") (NYSE Amex: FSP), an investment firm specializing in real estate, today announced that its office building located at 1293 Eldridge Parkway, Houston, Texas (the "Property") has received LEED Gold Certification by the U.S. Green Building Council ("USGBC") in the Leadership in Energy and Environmental Design ("LEED") for Existing Buildings: Operations & Maintenance ("LEED-EB: O&M").

LEED-EB: O&M is an internationally recognized rating system which provides third party verification on a building's performance in five broad categories: sustainable site maintenance, water efficiency, energy and atmosphere, materials and resources and indoor environmental quality.

The Property is a Class A office building in Houston's Energy Corridor. It is fully leased to CITGO Petroleum Corporation and contains approximately 248,400 rentable square feet.

To earn certification, the Property employed multiple sustainability strategies. Water saving plumbing fixtures reduced potable water usage to below the LEED-EB O&M baseline case. Energy efficiency was increased through the undertaking of an extensive energy audit, as well as the implementation of an ongoing commissioning program. Highly reflective roofing materials reduced the heat island effect, which also contributed to energy conservation. Materials and resources, including durable goods and construction waste, were diverted from landfills through active recycling efforts. A green cleaning program and integrated pest management system reduced chemical use and enhanced indoor air quality.

FSP either directly owns or asset manages numerous properties in the State of Texas that have been recognized for their sustainability and energy efficiency, both through LEED and the EPA's Energy Star label.

Leo H. Daley, Jr. ("Toby"), Vice President of FSP stated, "Franklin Street Properties is pleased to announce that another of its buildings has obtained LEED Gold Certification. We wish to thank CBRE, our property manager, as well as our tenant, CITGO Petroleum Corporation, for their commitment to the LEED process. The team efforts of ownership, building management and the tenant were vital to achieving this highly valued certification."

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. FSP operates in two business segments: real estate operations and investment banking/investment services. The majority of FSP's property portfolio is suburban office buildings, with select investments in certain central business district properties. FSP's subsidiary, FSP Investments LLC (member, FINRA and SIPC), is a real estate investment banking firm and a registered broker/dealer. 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.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.

About CITGO Petroleum Corporation

CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela.

Forward-Looking Statements

Statements made in this press release that state FSP's or management's intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty, including without limitation, economic conditions in the United States, disruptions in the debt markets, economic conditions in the markets in which we own properties, changes in the demand by investors for investment in Sponsored REITs (as defined in our Annual Report on Form 10-K for the year ended December 31, 2010), risks of a lessening of demand for the types of real estate owned by us, changes in government regulations, and expenditures that cannot be anticipated such as utility rate and usage increases, unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the "Risk Factors" set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2010, as the same may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform them to actual results or to changes in our expectations that occur after such date, other than as required by law.

Contact Information

  • Contact:
    Franklin Street Properties Corp.
    Investor Relations
    (877) 686-9496