Company Website:
http://www.franklinstreetproperties.com
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.
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.
About Perkins+Will
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.
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, 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.
Contacts:
Investor Relations
Franklin Street Properties Corp.
John
Demeritt, 877-686-9496
Source: Franklin Street Properties Corp.
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