HOUSTON – February 8, 2013 – (RealEstateRama) — Hines, the international real estate firm, announced today that it has been retained by Franklin Street Properties Corp. (and its affiliates, collectively “FSP”), an investment firm specializing in real estate, to manage a three-building office portfolio in the West Houston Energy Corridor.
Energy Tower I, located at 11700 Katy Freeway, is a 326,000-square-foot, 14-story building.
Phase I of The Offices at Park 10, located at 16285 Park Ten Place, is a 157,000-square-foot, six-story building.
Phase II of The Offices at Park 10, located at 16290 Katy Freeway, is a 157,000-square-foot, six-story building.
The multi-tenant portfolio is fully leased, with Technip USA Holdings, Inc. and Murphy Exploration and Production Company occupying substantial portions of Energy Tower I and the Offices at Park 10, respectively.
“Hines has enjoyed its relationship with Franklin Street Properties, managing buildings for FSP in Atlanta, Chicago, Dallas and Kansas City. Following our firm’s recent success with FSP at Phoenix Tower in Houston, we look forward to achieving our owner’s asset objectives through Hines’ property management expertise,” said General Property Manager Don Emerson, who will oversee Hines’ onsite management staff at each property.
“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 extend its relationship with Hines in Houston, in addition to other major U.S. markets,” said Vice President Leo “Toby” Daley, who is responsible for investments in Houston and other markets for FSP.
“Many real estate firms consider property management to be a commodity service, however Hines does not,” said Senior Managing Director and CEO of the firm’s Southwest Region Mark Cover. “We take our property management efforts very seriously, and provide a higher level of service for our clients. As a result, we believe buildings managed by Hines achieve higher occupancy with greater tenant retention and increased value for the building owner.”
Franklin Street Properties Corp. (“FSP Corp.”) (NYSE MKT: FSP) and its affiliates own and operate approximately 1.5 million square feet of Class A office space in greater Houston. FSP Corp., based in Wakefield, Massachusetts, is focused on achieving current income and long-term growth through investments in commercial properties. The majority of FSP Corp.’s property portfolio is suburban office buildings, with select investments in certain central business district properties. FSP Corp. 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 Corp. 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 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Across the globe, Hines manages a total of 137 million square feet for itself and third-party owners. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 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.
George C. Lancaster
Senior Vice President, Corporate Communications
(713) 966-7886 fax
Director, Corporate Communications
(713) 966-7886 fax