UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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ITEM 2.01. Completion of Acquisition or Disposition of Assets.
On May 27, 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”), closed on the previously announced sale 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”) to One Overton Owner LLC, One Ravinia Owner LLC, and Two Ravinia Owner LLC (together, the “Buyer”), each an affiliate of Crocker Partners LLC, pursuant to a Purchase and Sale Agreement dated March 5, 2021 (as amended, the “Agreement”). There were no material relationships, other than in respect of the Agreement, among the Seller and the Buyer, or any of their respective affiliates. The aggregate gross purchase price for the Properties was $219,500,000. The Registrant expects to record an aggregate gain of approximately $23 million in the second quarter of 2021 in connection with the sale of the Properties.
ITEM 9.01. Financial Statements and Exhibits.
| (b) | Pro forma financial information. |
The pro forma financial information of the Registrant as adjusted to give effect to the sale of the Properties is presented in the unaudited pro forma condensed consolidated financial statements filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
| (d) | Exhibits. |
The following exhibits are filed herewith:
EXHIBIT NO. |
| DESCRIPTION OF EXHIBITS |
99.1 | Unaudited Pro Forma Condensed Consolidated Financial Statements. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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. | ||
By: | /s/ Scott H. Carter | |
Scott H. Carter | ||
Executive Vice President, General Counsel and Secretary | ||
Date: June 2, 2021