Franklin Street Hunting for More ATL Properties
Franklin Street Properties is still on the hunt for more office in Atlanta. That came to light during the firm's Q2 analyst conference call with CEO George Carter, who said, “Potential target acquisition opportunities are primarily being pursued in our five core markets of Atlanta, Dallas, Denver, Houston and Minneapolis.” Most recently, Franklin Street purchased the 442k SF Two Ravinia Drive for $78M, where it already owned the sister Three Ravinia Drive. At 80% leased, George described Two Ravinia as a “value-add opportunity” for Franklin Street. “We believe selective acquisitions, such as Two Ravinia located in the Central Perimeter submarket of Atlanta, could provide shareholders with better risk/reward adjusted returns over an extended slow growth period in the US business cycle,” he says.
