GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced that effective today it has
acquired three multi-tenant flex buildings in Austin, Texas, aggregating
226,000 square feet for $14.9 million. The buildings, which are adjacent
to parks owned by the Company, are currently 86.1% leased with an
average customer size of 21,600 square feet. PS Business Parks’
portfolio in Austin now totals 1.7 million square feet of multi-tenant
flex space comprised of nine separate business parks. Prior to this
acquisition, the Company’s portfolio in Austin was 95.8% leased.
PS Business Parks, Inc., a member of the S&P SmallCap 600, is a
self-advised and self-managed real estate investment trust (“REIT”) that
acquires, develops, owns and operates commercial properties, primarily
multi-tenant flex, office and industrial space. The Company defines
“flex” space as buildings that are configured with a combination of
office and warehouse space and can be designed to fit a number of uses
(including office, assembly, showroom, laboratory, light manufacturing
and warehouse space). As of December 19, 2012, the Company wholly owned
28.3 million rentable square feet with approximately 4,600 customers
located in eight states, concentrated in California (11.1 million sq.
ft.), Virginia (4.2 million sq. ft.), Florida (3.7 million sq. ft.),
Texas (3.5 million sq. ft.), Maryland (2.3 million sq. ft.), Washington
(1.5 million sq. ft.), Oregon (1.3 million sq. ft.) and Arizona (0.7
million sq. ft.).
Additional information about PS Business Parks, Inc. is available on the
Internet. The Company’s website is www.psbusinessparks.com.
PS Business Parks, Inc.
Edward A. Stokx
(818) 244-8080, Ext.
Source: PS Business Parks, Inc.
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