What Franklin Street Properties does

Franklin Street Properties Corp. (NYSE: FSP) is a Massachusetts-domiciled real estate investment trust focused exclusively on infill and central business district (CBD) office properties in U.S. Sunbelt and Mountain West markets. Founded in 1997 and headquartered in Wakefield, Massachusetts, the company operates a concentrated portfolio of 14 properties comprising approximately 4.8 million square feet of Class A and Class B office space. It targets corporate office tenants through direct leasing and property management teams at each asset, generating recurring rental income as its primary revenue stream.

The company has been navigating a deteriorating office market environment. Portfolio leased percentage declined from 70.3% to 68.9% over the year ending December 31, 2025, and slipped further to 68.4% in Q1 2026. FY2025 gross revenue was $107.16 million (down from $120.11 million in FY2024, a -10.8% decline), with a full-year GAAP net loss of $45 million and Q1 2026 net loss of $9.5 million. In response, the Board suspended quarterly dividends to preserve approximately $4.1 million in annual cash and engaged BofA Securities and JLL Securities as co-financial advisors in April 2026 to evaluate strategic alternatives including potential sale, merger, joint venture, asset disposition, or recapitalization. The company is concurrently a defendant in litigation related to the Converium Capital cooperation agreement and related board transition involving the appointment of Jennifer Bitterman following Bruce J. Schanzer's resignation.

In February 2026, Franklin Street Properties closed a $320 million secured credit facility with TPG Credit to refinance $248.9 million of outstanding debt and fund up to $45 million of delayed-draw tenant and building improvements. The facility carries a 9.0% initial coupon with a 4.0% exit fee and matures February 2029, reflecting the elevated cost of capital for the company given current operating performance. Leadership comprises George Carter as CEO, Jeffrey B. Carter as President and Chief Investment Officer, John G. Demeritt as EVP, CFO and Treasurer, Eriel Anchondo as COO, and Scott Carter as Executive Vice President. The company does not disclose any proprietary technology, AI/ML capabilities, or differentiated software platforms; its competitive positioning rests on geographic concentration in growth-oriented Sunbelt and Mountain West submarkets and direct tenant relationships.

Name

Franklin Street Properties

Legal name

Franklin Street Properties Corp.

Website

https://fspreit.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Commercial Office Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Lessors of Real Estate (5311), Rental and Leasing Services (532)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial office REIT
• Office property leasing
• Real estate investment trust
• CBD office properties
• Commercial real estate

Headquarters

HQ city

Wakefield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Commercial Office Property Rental: Franklin Street Properties generates revenue through rental income from its portfolio of office properties. As a REIT, it collects recurring rent payments from tenants occupying its approximately 4.8 million square feet of office space across 14 properties in Sunbelt and Mountain West markets. The company has been experiencing leasing challenges with portfolio leased percentage declining from 70.3% to 68.9% year-over-year.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Franklin Street Properties is a publicly traded real estate investment trust (REIT) that owns, manages, and leases a portfolio of 14 infill and central business district (CBD) office properties totaling approximately 4.8 million square feet across U.S. Sunbelt and Mountain West markets. The company generates recurring rental income from corporate tenants occupying its office buildings, with a portfolio leased percentage of 68.4% as of Q1 2026.

Product overview

Franklin Street Properties is a real estate investment trust (REIT) focused on infill and central business district (CBD) office properties in U.S. Sunbelt and Mountain West markets. The company operates a portfolio of 14 properties comprising approximately 4.8 million square feet of office space. The company does not offer distinct named software products or technology platforms; its business model centers on acquiring, developing, and managing commercial office real estate.

Differentiator

Problem solved

Functional benefit

Products and services

• Office Property Leasing

Quantifiable outcome

• Portfolio of 4.8 million square feet across 14 properties
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Hudson Pacific Properties: Hudson Pacific Properties (NYSE: HPP) is an office REIT with premier properties in tech-driven West Coast markets including Los Angeles, San Francisco, and Seattle — directly comparable as a publicly traded office REIT navigating the same remote-work headwinds.
• Paramount Group: Paramount Group (NYSE: PGRE) is a publicly traded office REIT focused on high-quality Class A office properties in central business districts of San Francisco and New York — directly comparable CBD office REIT with similar structural exposure.
• Highwoods Properties: Highwoods Properties (NYSE: HIW) is an office REIT concentrated in the best business districts of Sun Belt markets including Atlanta, Nashville, and Raleigh — directly comparable to Franklin Street Properties' Sunbelt/CBD office strategy with similar tenant profiles and submarket focus.
• Kilroy Realty: Kilroy Realty Corporation (NYSE: KRC) is a West Coast-focused office REIT with premier properties in San Francisco, Los Angeles, San Diego, and Greater Seattle — directly comparable as a publicly traded Class A office REIT with similar tenant leasing dynamics.
• SL Green Realty: SL Green Realty Corp. (NYSE: SLG) is Manhattan's largest office landlord and a publicly traded REIT — directly comparable as an office REIT focused on premier CBD office properties with similar leasing and capital structure dynamics.
• Cousins Properties: Cousins Properties (NYSE: CUZ) is a Sun Belt-focused office REIT operating in high-growth markets like Atlanta, Austin, Charlotte, and Dallas — sharing the same Sunbelt/CBD infill thesis and corporate tenant base as Franklin Street Properties.
• Douglas Emmett: Douglas Emmett (NYSE: DEI) is an office and multifamily REIT concentrated in coastal Los Angeles and Honolulu submarkets — comparable as a publicly traded REIT with similar Class A office exposure and infill/CBD focus.
• Brandywine Realty Trust: Brandywine Realty Trust (NYSE: BDN) operates a portfolio of Class A office and mixed-use properties in Philadelphia, Austin, and other select markets — directly comparable as an office REIT navigating similar sector headwinds.
• Piedmont Office Realty Trust: Piedmont Office Realty Trust (NYSE: PDM) is an office REIT focused on Class A properties in select U.S. markets; comparable in asset class, tenant profile, and investment-vehicle structure to Franklin Street Properties.
• Empire State Realty Trust: Empire State Realty Trust (NYSE: ESRT) is an office and retail REIT concentrated in Manhattan and the greater New York metropolitan area — comparable as a publicly traded office REIT with similar capital structure and tenant leasing dynamics.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Franklin Street Properties