A real estate investment trust (REIT),
Franklin Street Properties Corp. (
, recently announced that it has inked a deal with Cassidy Turley
to lease a Class-A office space property, Timberlake Corporate
Center. The financial terms of the agreement were not divulged.
Timberlake Corporate Center is located in the suburban area of
Chesterfield, MO and comprises three buildings at 1350, 1370 and
1390 Timberlake Manor Parkway spanning a total 348,963 square
The property is currently 95% leased and boasts of some world
class tenants like
Reinsurance Group of America Inc. (
Amdocs Ltd. (
Quest Software Inc. (
JPMorgan Chase & Co. (
and others. As per the agreement, Cassidy Turley will manage
Timberlake Corporate Center on behalf of Franklin Street.
Cassidy Turley is a leading commercial real estate services
provider in U.S. which serves corporate, institutional and private
clients by providing various integrated commercial real estate
services. The company has completed 17,000 leases and 1,900 sales
transactions till date and manages over 455 million square feet on
behalf of its client. Cassidy Turley is also active on providing
its clients, access to commercial real estate professionals through
a partnership with GVA.
We believe Franklin Street will benefit from the agreement as it
is likely to increase the company's rental revenue in the coming
quarters. Moreover, looking at the successful track record of
Cassidy Turley, we are hopeful on the long-term prospects of the
Franklin Street recently reported first quarter 2012 funds from
operations (FFO) of 24 cents per share, which beat the Zacks
Consensus Estimate by a penny. The Zacks Consensus Estimates for
2012 and 2013 are pegged at 92 cents and 93 cents, respectively,
representing an annual growth of 6.03% and 0.54%.
Wakefield, Massachusetts-based Franklin Street provides real
estate and investment banking/investment services across United
States. The company's Real Estate Operations segment engages in
leasing, rental operations related to real estate, property
acquisitions, dispositions, etc. As of March 31, 2012, Franklin
Street has a total of 52 owned, investment & managed properties
spanning more than 12 million square feet.
We have a Neutral recommendation on Franklin Street, which
currently has a Zacks #3 Rank, translating into a short-term Hold
rating. However, we have an Outperform recommendation and a Zacks
#1 Rank (short-term Strong Buy rating) for
Winthrop Realty Trust (
, one of the competitors of Franklin Street.
AMDOCS LTD (DOX): Free Stock Analysis Report
FRANKLIN ST PPT (FSP): Free Stock Analysis
WINTHROP REALTY (FUR): Free Stock Analysis
JPMORGAN CHASE (JPM): Free Stock Analysis
QUEST SOFTWARE (QSFT): Free Stock Analysis
REINSURANCE GRP (RGA): Free Stock Analysis
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