UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On March 5, 2021, FSP One Ravinia Drive LLC, FSP Two Ravinia Drive LLC and FSP One Overton Park LLC (together, the “Seller”), each a wholly-owned subsidiary of Franklin Street Properties Corp. (the “Registrant”), entered into a purchase and sale agreement (the “Agreement”) relating to the sale of real property with CP Acquisition III LLC, an affiliate of Crocker Partners LLC (the “Buyer”). There are no material relationships, other than in respect of the Agreement, among the Seller, the Registrant or any of the Registrant’s affiliates and the Buyer or any of its affiliates.
The Seller’s real property consists of office buildings located at One Ravinia Drive NE, Dunwoody, Georgia, Two Ravinia Drive NE, Dunwoody, Georgia, and 3625 Cumberland Boulevard SE, Atlanta, Georgia (collectively, the “Properties”). The purchase price for the Properties is $219,500,000. The Agreement includes customary representations, warranties, covenants, conditions and termination rights for transactions of this type, including a due diligence inspection period for the Buyer though April 8, 2021. Assuming that the Buyer completes a satisfactory due diligence inspection of the Properties and certain other conditions are satisfied, the closing of the sale of the Properties is expected to take place on or about May 10, 2021; provided, however, that the Seller and the Buyer each have a one-time right to extend the closing date by up to thirty (30) days by providing notice to the other party at least three (3) business days prior to the then scheduled closing date.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FRANKLIN STREET PROPERTIES CORP. | ||
Date: March 8, 2021 | By: | /s/ George J. Carter |
George J. Carter | ||
Chief Executive Officer | ||
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