ATLANTA – Hines, the international real estate firm, announced today that it has been retained by Franklin Street Properties Corp. (FSP) to manage 999 Peachtree, a 28-story, 621,000-square-foot office building. The property is 94.6 percent leased and is located in Atlanta’s Midtown submarket at the intersection of 10th and Peachtree streets.
“Hines has enjoyed continuing to expand its relationship with Franklin Street Properties, managing buildings for FSP and its affiliates in Atlanta,, Dallas, Houston and Kansas City. We look forward to achieving our owner’s asset objectives through our property management expertise,” said General Property Manager Lynn Lewis, who will oversee Hines’ onsite management staff.
“Knowing that our buildings, tenants, and, ultimately, shareholders, benefit from the consistently high level of service delivered by the Hines organization, FSP is very pleased to expand its relationship with Hines in Atlanta, in addition to other major U.S. markets,” said Vice President Leo “Toby” Daley, who is responsible for investments in Atlanta and other markets for FSP and its affiliates.
“Many real estate firms consider property management to be a commodity service; however, Hines does not,” said Kurt Hartman, a senior managing director with Hines’ Southeast Region. “We take our property management efforts very seriously and strive to provide a higher of level of service to our clients. As a result, we believe buildings managed by Hines achieve higher occupancy with greater tenant retention and increased value for the owner.”
Franklin Street Properties Corp. (NYSE MKT: FSP) owns and/or asset-manages approximately 1.5 million square feet of Class A office space in Atlanta. Based in Wakefield, Massachusetts, FSP is focused on investing in institutional-quality office properties in the U.S. FSP’s strategy is to invest in select urban infill and central business district properties, with primary emphasis on our top five markets of Atlanta,, Denver, Houston and Minneapolis. 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 its website at www.franklinstreetproperties.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,273 properties representing more than 514 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 406 properties totaling 148.5 million square feet, which includes 78.3 million square feet for third parties. With offices in 113 cities in 18 countries, and controlled assets valued at approximately $24.3 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.