Franklin Street Properties Corp. Announces Leasing Updates

Rhea-AI Summary

Franklin Street Properties Corp. (FSP) announced leasing updates at its Timberlake Corporate Center in Chesterfield, Missouri, and Meadow Point in Chantilly, Virginia. Centene Management Company has extended and expanded its lease by approximately 100,000 rentable square feet, bringing the property to 100% leased until June 30, 2030. Booz Allen Hamilton also expanded its lease at Meadow Point by approximately 29,000 rentable square feet, now at 91.1% leased, expiring on July 31, 2027. These developments enhance FSP's portfolio stability and long-term growth potential.

Positive

• Centene Management Company expanded its lease by 100,000 rentable square feet, achieving 100% occupancy at Timberlake Corporate Center.
• Booz Allen Hamilton expanded its lease by 29,000 rentable square feet, increasing occupancy at Meadow Point to 91.1%.
• Both leases indicate strong tenant retention and stability in the portfolio.

Negative

• None.

Franklin Street Properties Corp. (the “Company”, “FSP”, “its”, “our” or “we”) (NYSE American: FSP), a real estate investment trust (REIT), announced today leasing updates, effective in the fourth quarter of 2020, at its Timberlake Corporate Center property in Chesterfield, Missouri and at its Meadow Point property in Chantilly, Virginia.

Timberlake Corporate Center, Chesterfield, Missouri

Existing tenant Centene Management Company entered into an amendment to its lease to extend and expand its leased square footage by approximately 100,000 rentable square feet, from approximately 217,000 rentable square feet to approximately 317,000 rentable square feet. The term was extended by 84-months, with the term of the lease now expiring on June 30, 2030.

Meadow Point, Chantilly, Virginia

Existing tenant Booz Allen Hamilton entered into an amendment to its lease to extend and expand its leased square footage by approximately 29,000 rentable square feet, from approximately 34,000 rentable square feet to approximately 63,000 rentable square feet. The term of the expansion is 67-months, with the term of the lease now expiring on July 31, 2027.

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

“These expansions bring Timberlake Corporate Center to 100% leased and Meadow Point to 91.1% leased. We greatly value and are pleased to continue our long-standing relationships with Centene and Booz Allen Hamilton.”

About Franklin Street Properties Corp.

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. 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.

Forward-Looking Statements

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, 2019, 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.

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FAQ

What are the recent leasing updates from Franklin Street Properties Corp. (FSP)?

FSP announced lease expansions at Timberlake Corporate Center by Centene Management Company and at Meadow Point by Booz Allen Hamilton.

What is the current occupancy rate at Timberlake Corporate Center and Meadow Point?

Timberlake Corporate Center is now 100% leased, while Meadow Point is at 91.1% leased.

When do the new lease terms expire for FSP properties?

The lease for Timberlake Corporate Center expires on June 30, 2030, and the lease for Meadow Point expires on July 31, 2027.