GLENDALE, Calif. -- (Business Wire)
PS Business Parks, Inc. (NYSE:PSB) announced that on November 3, 2014,
it acquired a 246,000 square foot multi-tenant industrial building in
Austin, Texas, for $10.6 million. The building, which is 53.3% occupied,
is contiguous to the Company’s existing 279,000 square foot McNeil
Business Park which is 100% occupied. The addition of this building
increases the Company’s presence in Austin, Texas, to 2.0 million square
feet.
Company Information
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 November 4, 2014, the Company wholly owned
29.1 million rentable square feet with approximately 5,150 customers
located in eight states, concentrated in California (11.5 million sq.
ft.), Texas (5.1 million sq. ft.), Virginia (4.0 million sq. ft.),
Florida (3.9 million sq. ft.), Maryland (2.3 million sq. ft.),
Washington (1.5 million sq. ft.), Arizona (0.7 million sq. ft.) and
Oregon (0.1 million sq. ft.).
Additional information about PS Business Parks, Inc. is available on the
Internet. The Company’s website is www.psbusinessparks.com.
Contacts:
PS Business Parks, Inc.
Edward A. Stokx
(818) 244-8080, Ext.
1649
Source: PS Business Parks, Inc.
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