Franklin Street Properties Corp. Acquires Portfolio of Five Properties

WAKEFIELD, MA -- 05/01/06 -- Franklin Street Properties Corp. ("FSP") (AMEX: FSP) announced today that it has acquired a portfolio of five office properties held by five single-purpose entities (the "Target REITs") totaling approximately 1,115,612 square feet. The value of the portfolio is approximately $235 million. The acquisitions were effected by merging the Target REITs with and into wholly owned subsidiaries of FSP. The Target REITs are FSP Willow Bend Office Center Corp., FSP Innsbrook Corp., FSP 380 Interlocken Corp., FSP Blue Lagoon Drive Corp., and FSP Eldridge Green Corp. The Target REITs were originally capitalized through private placement offerings to accredited investors by FSP's subsidiary, FSP Investments LLC. The properties are located in the greater Dallas, TX; Richmond, VA; Denver, CO; Miami, FL; and Houston, TX, markets, respectively. Consideration for the transaction consisted primarily of shares of FSP common stock. Consummation of the transaction required the affirmative vote of a majority in interest of the stockholders in each of the five Target REITs. FSP was advised in this transaction by A.G. Edwards & Sons, Inc. The Target REITs were advised in this transaction by Cohen & Steers Capital Advisors, LLC. FSP expects to file a Current Report on Form 8-K with the Securities and Exchange Commission that will contain additional information about the transaction on or about May 4, 2006.