WAKEFIELD, Mass.--(BUSINESS WIRE)--Franklin Street Properties Corp. (the “Company”, “FSP”, “we” or “our”) (NYSE American: FSP), a real estate investment trust (REIT), announced that it has finalized lease renewals with The Vail Corporation (“Vail”) at 390 Interlocken in Broomfield, Colorado, and with the Internal Revenue Service (the “IRS”) at 1999 Broadway in Denver, Colorado.
The lease renewal with Vail allows the Company to both retain and expand the tenant into approximately 164,636 square feet at 390 Interlocken in Broomfield, Colorado, through March 2030. Vail has been an important tenant at 390 Interlocken since 2006, when it moved its corporate headquarters to the property.
The lease renewal with the IRS allows the Company to retain the tenant in approximately 153,565 square feet at 1999 Broadway in Denver, Colorado, through May 2020. The IRS has been an important tenant at 1999 Broadway since its relocation to the property in 2008.
These lease renewals translate into a combined total of approximately 318,201 square feet.
George J. Carter, Chairman and Chief Executive Officer, commented as follows:
“We greatly value our relationships with both Vail and the IRS, and are pleased to continue our association with them. With these lease renewals, we believe that we have addressed the lease expirations of two of our largest tenants, at attractive terms, and strengthened our portfolio.”
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 five core 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. To learn more about FSP please visit our website at www.fspreit.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. 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, 2017, 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.