Franklin Street Properties (FSP) Buys Atlanta's Pershing Park Plaza for $45.5M

August 10, 2016 4:10 PM EDT

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Franklin Street Properties Corp. (NYSE: FSP) has acquired Pershing Park Plaza located at 1420 Peachtree Street, NE in Atlanta, Georgia. Pershing Park Plaza is a nine-story Class “A” office building that contains approximately 160,000 rentable square feet and is strategically located in Midtown Atlanta.

The gross purchase price of Pershing Park Plaza was approximately $45.5 million, or approximately $284 per rentable square foot. The Company anticipates planned building capital investments (excluding leasing costs) of approximately $1.8 million. Pershing Park Plaza is currently approximately 97% leased to three tenants, with the largest being the international law firm of Jones Day for approximately 88% of the rentable square footage.

George J. Carter, Chairman and Chief Executive Officer, commented as follows:

“We are pleased to expand our footprint further in Atlanta, with our second investment in the dynamic Midtown submarket. We believe that the acquisition of Pershing Park Plaza will provide additional opportunities for value creation by growing our Midtown presence in Atlanta to over 780,000 rentable square feet, when combined with 999 Peachtree Street. Pershing Park Plaza is a trophy quality office property in a premier location that provides world-class companies with walkable access to many of the finest cultural attractions and amenities that Atlanta has to offer, as well as to MARTA light rail.”

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