Franklin Street Properties Corp. Announces Lease Extension with CITGO Petroleum Corporation

Franklin Street Properties Corp. (FSP, its, our or we) (NYSE American: FSP), a real estate investment trust (REIT), announced today that it entered into a lease amendment with existing tenant CITGO Petroleum Corporation at its Eldridge Green property in Houston, Texas.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, March 1, 2021
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Tags: 
REIT, Finance, Professional services, Commercial Building & Real Estate, Construction & Property, Real estate investment trust
Geotags: 
United States, Texas, Massachusetts, HOUSTON, WAKEFIELD, FRANKLIN, MARYLAND
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FRANKLIN STREET PROPERTIES CORP.
Summary
Key Points: 
  • Franklin Street Properties Corp. (FSP, its, our or we) (NYSE American: FSP), a real estate investment trust (REIT), announced today that it entered into a lease amendment with existing tenant CITGO Petroleum Corporation at its Eldridge Green property in Houston, Texas.
  • The amendment extends the primary term of CITGOs approximately 250,000 square foot headquarters lease by approximately 11 years, from February 28, 2022 to March 31, 2033.
  • George J. Carter, Chairman and Chief Executive Officer of FSP, commented as follows:
    About Franklin Street Properties Corp.
    Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets.
  • FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes.


Franklin Street Properties Corp. (“FSP”, “its”, “our” or “we”) (NYSE American: FSP), a real estate investment trust (REIT), announced today that it entered into a lease amendment with existing tenant CITGO Petroleum Corporation at its Eldridge Green property in Houston, Texas. The amendment extends the primary term of CITGO’s approximately 250,000 square foot headquarters lease by approximately 11 years, from February 28, 2022 to March 31, 2033.

George J. Carter, Chairman and Chief Executive Officer of FSP, commented as follows:

“We greatly value and are pleased to continue our long-standing relationship with CITGO Petroleum Corporation.”

About Franklin Street Properties Corp.

Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website at www.fspreit.com.

Forward-Looking Statements

Statements made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned that our forward-looking statements involve risks and uncertainty. See the “Risk Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020, as the same may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

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