Franklin Street Properties Corp. has sold its only property in Durham, N.C., for $89.7 million, or approximately $346 per square foot.
The property is located at 4820 Emperor Blvd. and consists of an approximately 259,531-square-foot office building that is 100 percent leased to a tenant in the life sciences industry.
“Emperor Boulevard was FSP’s only property within the Raleigh-Durham marketplace, and its disposition reflects our strategy to sell assets when we believe that their respective value proposition and resulting pricing have been maximized for our shareholders,” said George Carter, chairman and CEO of FSP. “At this time, we believe that the best use for the net proceeds from the sale of the property is debt reduction. However, we will continue to evaluate potential future alternative avenues for redeployment, which could include new property investments.”
