Franklin Street Properties Explores Possible Sale of Company

Franklin Street Properties Corp. (FSP) said Wednesday that its board of directors has initiated a review of strategic alternatives to maximize shareholder value. Options under consideration include a sale of the Wakefield, MA-based office REIT, a sale of assets or a refinancing of existing indebtedness, among others.

“The board of directors is committed to maximizing value for all our shareholders,” said George J. Carter, chairman and CEO. “We believe that FSP’s share price does not adequately reflect the underlying value of our real estate, and, accordingly, we have undertaken this strategic review process to explore opportunities to eliminate this disconnect.”

FSP has engaged BofA Securities as its financial advisor in connection with the review. The REIT said that no assurances can be given regarding the outcome or timetable for completing the strategic review process and that it won’t comment further regarding the process until it has been completed.

Pictured: FSP’s 121 S. 8th St. in Minneapolis.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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