SOURCE: Franklin Street Properties Corp.

September 23, 2009 13:36 ET

Franklin Street Properties Corp. Announces the Closing of Its Public Offering of Common Stock

WAKEFIELD, MA--(Marketwire - September 23, 2009) - Franklin Street Properties Corp. ("FSP," "it" or "our") (NYSE Amex: FSP), an investment firm specializing in real estate, today announced that it closed its previously announced common stock offering of 9,200,000 shares at a public offering price of $13.00 per share, including 1,200,000 shares issued and sold upon the full exercise of the underwriters' over-allotment option. Robert W. Baird & Co. Incorporated acted as sole book-running manager for the offering.

The offering resulted in net proceeds to FSP of approximately $116,012,000, after deducting underwriting discounts and commission and before payment of estimated offering expenses. All of the shares of common stock were issued by FSP and were issued under our currently effective shelf registration statement filed with the United States Securities and Exchange Commission (the "SEC").

This press release is not an offer to sell, nor a solicitation of an offer to buy securities. The offering was made solely by means of a prospectus. A final prospectus supplement and accompanying base prospectus related to the offering has been filed with the SEC and is available at the SEC's website at www.sec.gov. A copy of the prospectus relating to these securities may be obtained, when available, from Robert W. Baird & Co. Incorporated, Attn: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, or by calling (414) 765-3632.

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.

Contact Information

  • Contact:
    John Demeritt
    877-686-9496