Franklin Street Properties Corp. (FSP)

[Enterprising Investor]

Completion of Acquisition or Disposition of Assets (12/06/23)

On December 6, 2023, FSP Blue Lagoon Drive LLC (the “Seller”), a wholly-owned subsidiary of Franklin Street Properties Corp. (the “Registrant”), closed on the sale of the office building located at 5505 Blue Lagoon Drive, Miami, Florida containing approximately 213,182 square feet (the “Property”) to LEN Blue Lagoon, LLC (as successor-in-interest to Lennar Homes, LLC, the “Buyer”), pursuant to a Purchase and Sale Agreement dated July 26, 2023 (the “Agreement”). Lennar Homes, LLC is a tenant at the Property pursuant to that certain Office Lease Agreement with the Seller dated September 13, 2019, as amended pursuant to a First Amendment to Office Lease Agreement dated January 29, 2021 (as amended, the “Lease”). There were no material relationships, other than in respect of the Agreement and the Lease, among the Seller and the Buyer, or any of their respective affiliates. The gross purchase price for the Property was $68,000,000. The Registrant intends to use the proceeds from the sale of the Property primarily for the repayment of debt.

Unaudited Pro Forma Condensed Consolidated Financial Statements

https://www.sec.gov/Archives/edgar/data/1031316/000155837023019623/fsp-20231206xex99d1.htm