SOURCE: Franklin Street Properties Corp.

May 15, 2008 17:10 ET

Franklin Street Properties Corp. Acquires FSP Park Ten Development Corp.

WAKEFIELD, MA--(Marketwire - May 15, 2008) - Franklin Street Properties Corp. ("FSP") (AMEX: FSP), an investment firm specializing in real estate, announced today that it has completed the acquisition of FSP Park Ten Development Corp. for a total purchase price of approximately $35.4 million. FSP Park Ten Development Corp. was originally capitalized through a private placement offering to accredited investors by FSP's subsidiary, FSP Investments LLC. The acquisition was effected by merging a wholly-owned acquisition subsidiary of FSP with and into FSP Park Ten Development Corp. Consummation of the acquisition required the approval of FSP Park Ten Development Corp.'s stockholders. FSP Park Ten Development Corp. was advised in this acquisition by Cohen & Steers Capital Advisors, LLC.

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. FSP owns an unleveraged portfolio of real estate. 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

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