Franklin Street Properties Announces the Selection of its Development Team for the Proposed Redevelopment of the TCF Bank Building Site in Downtown Minneapolis, Minnesota
WAKEFIELD, Mass.--(BUSINESS WIRE)--Franklin Street Properties Corp. (“FSP”) (NYSE MKT: FSP) announced today the selection of its development team to lead the proposed redevelopment of the TCF Bank Building site located at 801 Marquette Avenue in downtown Minneapolis, Minnesota. Ryan Companies US, Inc. will be the development manager and design/builder, Perkins+Will will lead the architectural design work and CBRE Group, Inc. will be the exclusive leasing agent.
“We have a long history of innovation at Perkins+Will. We will draw upon every ounce of that expertise as we work through the process of designing the next great building in the downtown Minneapolis landscape.”
The TCF Bank Building is a four-story office building located in the heart of downtown Minneapolis at the corner of Eighth Street and Marquette Avenue. William Friend, Vice President and Regional Director for FSP, commented: “When we purchased the building in 2010, we saw significant untapped potential on the site. Now, with the improving downtown office market combined with TCF’s decision to relocate to the suburbs when their lease expires at the end of 2015, we believe it is an opportune time for optimizing the potential of the location. We are excited to move forward with this project and believe we have assembled the best team to bring new life to this strategic corner of downtown Minneapolis.”
William Friend also noted that multiple options are being considered for the proposed redevelopment. “The workplace is evolving. It’s exciting to be a part of a team actively seeking to deliver the next step in that evolution,” said Tony Layne, Associate Principal at Perkins+Will. “We have a long history of innovation at Perkins+Will. We will draw upon every ounce of that expertise as we work through the process of designing the next great building in the downtown Minneapolis landscape.”
Mark McCary, Senior Vice President with CBRE Group, Inc., is enthusiastic about the potential for this redevelopment, noting that “the TCF Bank Building, with its tremendous location in the heart of the CBD, offers the ideal opportunity for FSP to explore, evaluate and deliver to the market a unique office environment designed to deliver to the workplace of the future”. Collin Barr, President-NorthCentral Region at Ryan Companies, agrees, “Ryan is very familiar with the TCF Bank Building and the downtown Minneapolis office market. Given our development history in downtown Minneapolis, we know what this project needs to be in order to succeed.”
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on investing in institutional-quality office properties in the U.S. FSP’s strategy is to invest in select urban infill and central business district (CBD) properties, with primary emphasis on our top five markets of Atlanta, Dallas, Denver, Houston, and Minneapolis. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. 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. For more information, visit www.franklinstreetproperties.com.
About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a 3rd generation, family-owned national developer, designer, capital investment consultant, builder, and real estate manager specializing in fully integrated solutions for over 75 years. Key market sectors include: retail, distribution, and health care; and product experience includes work on office, retail, mixed use, hospitality, multi-family housing, industrial, medical office buildings, senior housing, distribution center, public sector, and mission critical facilities. Ryan serves customers throughout the United States with offices in the NorthCentral, Midwest, Great Lakes, SouthEast, SouthCentral, and SouthWest regions. Ryan was named the 2007 National Developer of the Year by the National Association of Office and Industrial Properties (NAIOP). For more information, visit www.ryancompanies.com.
Perkins+Will is an award-winning international design firm. The firm is located in 24 cities across the world, including Minneapolis. Perkins+Will has over 1,600 professionals, ranging from architects, interior designers, urban designers, to landscape architects, consultants, and branded environment experts. With over 1,000 LEED® Accredited Professionals, the firm brings together high design, functional performance, and social responsibility to advance project goals. The firm began operations in 1935 and has created innovative and award-winning designs ever since. For more information, visit www.perkinswill.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 and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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. For more information, visit www.cbre.com.
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, risks of a lessening of demand for the types of real estate owned by us, changes in government regulations and regulatory uncertainty, uncertainty about governmental fiscal policy, geopolitical events 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, 2013, 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.