Franklin Street Properties Corp. Acquires FSP Park Ten Development Corp.

WAKEFIELD, MA. May 15 - Franklin Street Properties Corp. (AMEX: FSP), an investment firm specializing in real estate, announced that it has completed the acquisition of FSP Park Ten Development Corp. for a total purchase price of approximately $35.4 million. FSP Park Ten Development Corp. was originally capitalized through a private placement offering to accredited investors by FSP's subsidiary, FSP Investments LLC. The acquisition was effected by merging a wholly-owned acquisition subsidiary of FSP with and into FSP Park Ten Development Corp. Consummation of the acquisition required the approval of FSP Park Ten Development Corp.'s stockholders. FSP Park Ten Development Corp. was advised in this acquisition by Cohen & Steers Capital Advisors, LLC.

Source: Reuters