<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>9
<FILENAME>ex99-11.txt
<TEXT>
                                                                   Exhibit 99.11

                       FSP MONTAGUE BUSINESS CENTER CORP.

                  SUPPLEMENT TO CONSENT SOLICITATION/PROSPECTUS

      This Supplement is to supplement the Consent Solicitation/Prospectus being
furnished to holders of preferred stock in four real estate investment trusts,
FSP Montague Business Center Corp., FSP Addison Circle Corp., FSP Royal Ridge
Corp. and FSP Collins Crossing Corp., each of which is referred to as a target
REIT. The Consent Solicitation/Prospectus and this Supplement thereto are being
furnished in connection with the solicitation of votes to approve an agreement
and plan of merger, dated August 13, 2004, by and among Franklin Street
Properties Corp., referred to as FSP Corp., four wholly-owned acquisition
subsidiaries of FSP Corp., referred to as the acquisition subsidiaries, and the
target REITs. The merger agreement provides for the acquisition of the target
REITs by FSP Corp. by merging each of the four target REITs with and into a
related acquisition subsidiary.

      As the effects of the mergers may differ for stockholders in each of the
target REITs, a supplement similar to this Supplement has been prepared for each
of the target REITs. We are providing you and every stockholder in each of the
other target REITs with all the Supplements prepared for the target REITs.

Risk Factors

      In evaluating the mergers, you should carefully consider the following
factors, which are described in detail in the section of the Consent
Solicitation/Prospectus entitled "Risk Factors," in addition to other matters
set forth in the Consent Solicitation/Prospectus.

Risks Relating to the Mergers

      o     The nature of the target REIT stockholders' investment in their
            respective target REITs will change upon consummation of the
            mergers.

      o     The mergers are expected to reduce the level of dividends paid to
            target REIT stockholders.

      o     Target REIT stockholders will be foregoing the potential
            appreciation in the real property owned by their respective target
            REIT.

      o     The future price of FSP common stock may be lower than the price per
            share negotiated for purposes of the merger consideration.

      o     The mergers will require the target REIT stockholders to forgo
            alternatives to the mergers.

      o     Target REIT stockholders will experience a loss of relative voting
            power.

      o     The target REIT stockholders will experience greater risks relating
            to diversification of portfolios following the mergers.
<PAGE>

      o     The officers and directors of the target REITs have conflicts of
            interest that may have influenced them to support or adopt the
            merger agreement.

      o     The combined company may be liable for contingent or undisclosed
            liabilities of the target REITs.

      o     The shares of FSP common stock received by the target REIT
            stockholders are not tradable on a national stock market or other
            exchange.

      o     The target REIT stockholders may experience dilution of their
            respective holdings in FSP Corp.

      o     A majority vote of the target REIT stockholders of a target REIT
            will bind all the target REIT stockholders of that target REIT.

Real Estate and Business Risks of FSP Corp.

      o     If FSP Corp. is not able to collect sufficient rents from each of
            its owned real properties, FSP Corp. may suffer significant
            operating losses or a reduction in cash available for future
            dividends.

      o     FSP Corp. faces risks in continuing to attract investors for
            sponsored REITs.

      o     If FSP Corp. is unable to fully syndicate a sponsored REIT, it may
            be required to keep a balance outstanding on its line of credit or
            use its cash balance to repay the line of credit, which may reduce
            cash available for distribution to FSP Corp.'s stockholders.

      o     Failure to renew, replace or extend FSP Corp.'s line of credit could
            have a material adverse effect on the cash available for
            distribution to FSP Corp.'s stockholders and would limit FSP Corp.'s
            growth.

      o     FSP Corp. may not be able to find properties that meet its criteria
            for purchase.

      o     FSP Corp. is dependent on key personnel.

      o     FSP Corp.'s level of dividends may fluctuate.

      o     The real properties held by FSP Corp. may significantly decrease in
            value.

      o     FSP Corp. faces risks in owning and operating real property.

      o     FSP Corp. faces risks from tenant defaults or bankruptcies.


                                       -2-
<PAGE>

      o     FSP Corp. may encounter significant delays in reletting vacant
            space, resulting in losses of income.

      o     FSP Corp. faces risks from geographic concentration.

      o     FSP Corp. competes with national, regional and local real estate
            operators and developers, which could adversely affect its cash
            flow.

      o     There is limited potential for an increase in leased space gains in
            FSP Corp.'s properties.

      o     FSP Corp. is subject to possible liability relating to environmental
            matters, and FSP Corp. cannot assure you that it has identified all
            possible liabilities.

      o     FSP Corp. is subject to compliance with the Americans With
            Disabilities Act and fire and safety regulations which could require
            FSP Corp. to make significant capital expenditures.

      o     There are significant conditions to FSP Corp.'s obligation to redeem
            shares of its common stock and any such redemption will result in
            the stockholders tendering shares receiving less than their fair
            market value.

      o     FSP Corp. may lose capital investment or anticipated profits if an
            uninsured event occurs.

      o     Contingent or unknown liabilities acquired in mergers or similar
            transactions could require FSP Corp. to make substantial payments.

      o     FSP Corp. would incur adverse tax consequences if FSP Corp. failed
            to qualify as a REIT.

      o     Provisions in FSP Corp.'s organizational documents may prevent
            changes in control.

      o     The listing of FSP common stock on the American Stock Exchange or
            other national securities exchange and the trading price of FSP
            common stock following such listing are uncertain. The FSP common
            stock could trade at a lower price than anticipated.

Effects of the Mergers

      Pursuant to the merger agreement, FSP Montague Business Center Corp., or
Montague, will merge with and into a wholly-owned subsidiary of FSP Corp. called
Montague Acquisition Corp. and created for the sole purpose of the merger, with
the acquisition subsidiary as the surviving corporation. The preferred
stockholders of Montague will be issued shares of FSP common stock which will be
registered under the Securities Act of 1933, as amended, on a registration
statement on Form S-4 to which this Supplement is an exhibit. As a result of the
mergers, Montague preferred stockholders will exchange their interests in
Montague, a real estate investment trust organized as a Delaware corporation,
for interests in FSP Corp., a real estate investment trust organized as a
Maryland corporation.


                                       -3-
<PAGE>

      There are significant differences between Montague and FSP Corp.,
including the following:

      o     FSP Corp.'s real estate portfolio will be substantially larger and
            more diverse geographically, by property type and by tenant
            business;

      o     FSP Corp.'s business will generate revenues from real estate
            investment banking/brokerage and property management activities and
            from a larger and more diversified real estate portfolio;

      o     The nature of each Montague preferred stockholder's investment will
            change from an interest in a corporation owning a specified property
            for a finite period in which the Montague preferred stockholder will
            receive a distribution upon liquidation based upon the net proceeds
            from the sale of the entity's assets, to an investment in an ongoing
            fully-integrated real estate company, which has a portfolio of
            properties that may be changed from time to time and conducts real
            estate investment banking operations, in which the equity owners are
            expected to recover their investment from the sale of their FSP
            common stock, which is currently illiquid, and not from liquidating
            distributions; and

      o     FSP Corp. will have substantial flexibility to raise equity capital,
            meaning that investors in FSP Corp. may be subject to dilution.

A comparison of the rights of stockholders of the target REITs and FSP Corp. may
be found in the section of the Consent Solicitation/Prospectus entitled
"Comparison of Stockholder Rights." In addition, selected pro forma consolidated
financial data may be found in the section of the Consent
Solicitation/Prospectus entitled "Selected Pro Forma Condensed Consolidated
Financial Data" and selected comparative per share data may be found in the
section of the Consent Solicitation/Prospectus entitled "Comparative Per Share
Data."

Tax Consequences of the Mergers

      The mergers are intended to qualify as reorganizations within the meaning
of Section 368(a) of the Internal Revenue Code of 1986, as amended. If the
mergers qualify as reorganizations, there will be no United States federal
income tax consequences to Montague preferred stockholders as a result of the
mergers. The material United States federal income tax considerations related to
the mergers are described in detail in the section of the Consent
Solicitation/Prospectus entitled "Material United States Federal Income Tax
Considerations."

Fairness of the Mergers

      The Board of Directors of Montague believes that the terms of the merger
agreement, when considered as a whole, are fair to the Montague preferred
stockholders and the merger consideration offered in exchange for the preferred
stock of Montague constitutes fair consideration for the interests of the
Montague preferred stockholders. The following provides a summary of the factors
upon which the Montague board based its conclusions as to the fairness of the
mergers and the merger consideration to the Montague preferred stockholders.
Such factors are described in detail in the section of the Consent
Solicitation/Prospectus entitled "Fairness of the Mergers." The Montague board


                                       -4-
<PAGE>

did not find it practicable to, and did not attempt to, quantify or otherwise
assign relative weight to these factors in reaching their respective
determination.

      o     The Montague board compared the potential benefits and detriments of
            the mergers with the potential benefits and detriments of several
            alternatives to the mergers, including continuation of Montague,
            liquidation of Montague and support of secondary markets for the
            Montague stock. Because the appraisal with respect to the property
            held by Montague includes a valuation based on the discounted cash
            flow of that property's income stream, the Montague board believed
            that the appraised value of the property represented the accurate
            value of Montague on a going concern basis. Moreover, although the
            Montague board did not conduct a formal liquidation analysis, the
            liquidation value of Montague would be based in large part on the
            fair market value of Montague's net assets, which the Montague board
            believed was also reflected in the appraisal. The Montague board
            also believed that there was a significant risk that no secondary
            market would develop for stock in Montague if the board pursued the
            establishment of such a market. Based on these comparisons, the
            Montague board believes the mergers are more attractive than other
            alternatives.

      o     The special committee of the Montague board, consisting of Messrs.
            R. Scott MacPhee and William W. Gribbell, each a member of the
            Montague board and an executive vice president of FSP Corp., engaged
            A.G. Edwards & Sons, Inc. to deliver a fairness opinion to the
            Montague board. On August 11, 2004, A.G. Edwards delivered a written
            opinion to the Montague board to the effect that the merger
            consideration was fair, from a financial point of view, to the
            Montague preferred stockholders. The fairness opinion is attached to
            the Consent Solicitation/Prospectus as Appendix C.

      o     The Montague board determined after consultation with A.G. Edwards,
            the financial advisor to Montague and its board, that the value of
            the FSP common stock to be distributed as merger consideration to
            the Montague preferred stockholders represented greater value than,
            or a premium above, the sum of the value of the real estate (as
            determined by an appraisal) and cash held by Montague.

      o     Each target board obtained independent third-party appraisals of the
            real property owned by it, and the Montague board considered these
            appraisals in negotiating the merger consideration.

      o     The Montague board considered historical financial information
            concerning the real estate properties owned by FSP Corp. and the
            target REITs and the amount of cash held by FSP Corp. and each of
            the target REITs.


                                       -5-
<PAGE>

      o     Montague will have the right to declare dividends consistent with
            past practice in respect of the quarters or partial quarters
            preceding the effective date of the mergers. The combined company
            will have the obligation to pay any such dividends that have been
            declared but not paid as of the effective date.

      o     Certain merger expenses are considered individual expenses to be
            paid by the party incurring the expenses. The costs of A.G.
            Edwards's engagement and the fees of the target REITs' outside
            counsel and accountants will be apportioned among the target REITs
            based on the relative net proceeds of the original syndication of
            each target REIT's stockholders, and each appraisal will be paid by
            the target REIT owning the property that is the subject of the
            appraisal. All other expenses, including consulting, legal,
            accounting and administrative, will be paid by FSP Corp.

      o     The members of the target boards have conflicts of interest in
            connection with the mergers. Each target board established a special
            committee consisting of Messrs. MacPhee and Gribbell, the only
            members of the target boards who are not also members of the FSP
            board. Messrs. MacPhee and Gribbell serve as executive vice
            presidents of FSP Corp. The special committees engaged A.G. Edwards
            to advise them in evaluating and negotiating the terms of the
            mergers, including the merger consideration, and to deliver a
            fairness opinion to each target board. No fees or other compensation
            will be payable to the members of the target boards (or the special
            committees) or to FSP Corp. or its affiliates in connection with the
            mergers.

Determination and Allocation of Merger Consideration

      The merger consideration was determined through negotiations between the
special committees of the target boards and FSP Corp. Each special committee
relied on advice from its financial advisor, A.G. Edwards, in its negotiations
with FSP Corp. In agreeing to the fairness of the $17.70 per share negotiated
price, each target board reviewed the analyses presented by A.G. Edwards,
financial advisor to the special committees, the target boards and the target
REITs, to estimate the value of FSP common stock. In agreeing to the merger
consideration for each target REIT, each special committee also considered the
independent third party appraisals of the target REIT properties, assets and
liabilities of their respective target REITs and FSP Corp., the expected cash
available for distribution of their respective target REITs, the multiples of
cash available for distribution commonly used in valuing REITs and the limited
liquidity of FSP common stock. Each special committee was also made aware that
FSP Corp. intends to file an application to list the FSP common stock on the
American Stock Exchange. There can be no assurance that FSP Corp. will file such
application, or, in the event it does, that the American Stock Exchange will
approve the application or that a meaningful trading market will develop for the
FSP common stock. In concluding that the merger consideration is fair, the
Montague board relied in part on the recommendation of its special committee,
the fairness opinion delivered by A.G. Edwards for Montague and the appraisal it
received for the property held by Montague.

      In allocating the approximately $192,841,463 of merger consideration among
the target REITs, FSP Corp.'s management considered the appraised values of each
target REIT, the cash flow projected for each target REIT, the adjusted cash
reserves held by each target REIT, and the current market conditions for real
estate acquisitions in the various locations of the target REITs. The special
committees, management of FSP Corp., and A.G. Edwards held a telephonic meeting
on July 29, 2004 to discuss the allocation of the merger consideration,
including the allocation of the premiums to be paid by FSP Corp. for each target
REIT. During that call, after reaffirming with all the parties that the stock
price of $17.70 per share of FSP common stock was the negotiated price per share
to be paid as merger consideration, FSP Corp. stated that it was willing to make


                                       -6-
<PAGE>

an offer to each of the target REITs based, in part, on FSP Corp.'s specific
knowledge of the target REITs' properties which it had gained from the operation
of such properties by FSP Property Management, a wholly owned subsidiary of the
FSP Corp., prior to and following the syndication of the target REITs. FSP Corp.
then suggested a separate value for each target REIT based on its knowledge of
the real properties held by each target REIT, including among other things, the
tenants, the operating costs, current market conditions, FSP Corp.'s view of
future market rents, the likelihood of lease renewals, the costs of turnover,
and FSP Corp.'s experience with acquisitions for similar properties in the same
or similar markets. FSP Corp. noted that Montague's property is leased to a
single tenant through December 31, 2006 at a rate that is currently
significantly above market. FSP Corp. further noted that the appraised value of
Montague's real estate was $20,000,000. Montague's special committee noted that
Montague's stockholders were receiving significant current cash yields as a
result of the above-mentioned lease and that, in the absence of a significant
premium to appraised value, those stockholders might not be inclined to approve
a merger. These negotiations resulted in merger consideration for Montague that
produced a premium, based on the value of $17.70 per share of FSP common stock,
to the sum of the appraised value of real estate and adjusted cash reserves of
51.6%, which exceeds the premiums negotiated with FSP Addison Circle Corp., FSP
Collins Crossing Corp. and FSP Royal Ridge Corp.

      As a result of these negotiations, the merger agreement provides for the
Montague preferred stockholders to receive merger consideration valued at
$33,400,000. A summary of certain information considered in the determination of
the value of Montague by the Montague special committee and board for purposes
of the merger consideration follows:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
<S>                                                                    <C>
Appraised value of real estate held by Montague                        $20,000,000
-----------------------------------------------------------------------------------
Dollar amount of any mortgages or liabilities to which appraised real  None
estate held by Montague is subject
-----------------------------------------------------------------------------------
Cash held by Montague as of September 30, 2004                         $3,633,097
-----------------------------------------------------------------------------------
Other assets held by Montague                                          None
-----------------------------------------------------------------------------------
Other liabilities of Montague                                          None
-----------------------------------------------------------------------------------
Value assigned to Montague                                             $33,400,000
-----------------------------------------------------------------------------------
Value assigned to Montague per share of preferred stock of
Montague, of which there are 334 outstanding                           $100,000
-----------------------------------------------------------------------------------
Shares of common stock of FSP Corp. to be issued as merger
consideration to Montague preferred stockholders                       1,887,007
-----------------------------------------------------------------------------------
Percentage of FSP Corp., post-mergers, which the shares of common
stock of FSP Corp. issued as merger consideration represent            3.12%
-----------------------------------------------------------------------------------
Value assigned to the holdings of FSP Corp. in Montague                None
-----------------------------------------------------------------------------------
</TABLE>


                                       -7-
<PAGE>

The calculation of the 51.6% premium to be paid to Montague preferred
stockholders was made as follows:

--------------------------------------------------------------------------------
Appraised value of real estate held by Montague                      $20,000,000
--------------------------------------------------------------------------------
Adjusted cash reserves (1)                                           $2,034,787
--------------------------------------------------------------------------------
Value assigned to Montague                                           $33,400,000
--------------------------------------------------------------------------------
Premium                                                              51.6%
--------------------------------------------------------------------------------
Premium over gross proceeds of Montague at syndication               0%
--------------------------------------------------------------------------------

(1) The adjusted cash reserves are lower than the actual cash reserves held by
Montague because the adjusted cash reserves take into account estimated
expenditures that are expected to be made by Montague prior to the consummation
of the mergers. These expenditures include Montague's proportional share of the
anticipated costs of the contemplated transactions relating to legal fees and
financial advisory fees, the expenses payable by Montague for its appraisal and
certain anticipated additional expenditures related specifically to the
operations of Montague.

Compensation Paid by Montague to FSP Corp. and Its Affiliates

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<S>                                                                      <C>
Compensation paid and cash distributions made from January 1, 2004 to    $34,026
September 30, 2004
-------------------------------------------------------------------------------------
Compensation paid and cash distributions made from January 1, 2003 to    $45,000
December 31, 2003
-------------------------------------------------------------------------------------
Compensation paid and cash distributions made from January 1, 2002 to    $5,023,680
December 31, 2002
-------------------------------------------------------------------------------------
Compensation paid and cash distributions made from January 1, 2001 to    N/A*
December 31, 2001
-------------------------------------------------------------------------------------
</TABLE>

*N/A indicates a time period prior to the syndication of Montague.

      The compensation, including fees, paid to FSP Corp. and its affiliates
consists primarily of payments made in connection with the original syndication
of interests in Montague, and thereafter of asset management fees. If the
mergers had been reflected prior to such period, Montague would have been a
wholly-owned subsidiary of FSP Corp. and no compensation would have been paid.
The executive officers of FSP Corp. receive compensation from FSP Corp. as set
forth in the section of the Consent Solicitation/Prospectus entitled "Management
- Management Compensation."


                                       -8-
<PAGE>

Cash Distributions Made to Montague Preferred Stockholders

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<S>                                                                      <C>
Cash distributions made from January 1, 2004 to September 30, 2004       $2,953,061
-------------------------------------------------------------------------------------
Cash distributions made from January 1, 2003 to December 31, 2003        $3,713,746
-------------------------------------------------------------------------------------
Cash distributions made from January 1, 2002 to December 31, 2002        $287,490
-------------------------------------------------------------------------------------
Cash distributions made from January 1, 2001 to December 31, 2001        N/A*
-------------------------------------------------------------------------------------
Cash distributions made from January 1, 2000 to December 31, 2000        N/A*
-------------------------------------------------------------------------------------
Cash distributions made from January 1, 1999 to December 31, 1999        N/A*
-------------------------------------------------------------------------------------
</TABLE>

*N/A indicates a time period prior to the syndication of Montague.

      You should note that, for the period beginning October 1, 2003 and ending
September 30, 2004, quarterly, non-special cash distributions for each share of
Montague preferred stock totaled $11,705. For that same period, FSP Corp. paid
quarterly, non-special dividends totaling $1.24 per share of FSP common stock.
Each share of Montague preferred stock will receive 5,649.72 shares of FSP
common stock upon consummation of the merger. Thus, on a pro forma basis, you
would have received quarterly, non-special dividends totaling $7,005.65 for the
same period if you had held the number of shares of FSP common stock which you
will receive in exchange for one share of Montague preferred stock, or
approximately 60% of the aggregate amount of quarterly, non-special cash
distributions you did receive as a Montague stockholder.

      Selected financial information concerning Montague may be found in the
section of the Consent Solicitation/Prospectus entitled "Selected Financial
Information of Montague" Selected pro forma consolidated financial data may be
found in the section of the Consent Solicitation/Prospectus entitled "Selected
Pro Forma Consensed Consolidated Financial Data." Such information should be
read in conjunction with the financial statements of FSP Corp. and the target
REITs and related notes thereto included elsewhere in the Consent Solicitation/
Prospectus or incorporated therein by reference.


                                       -9-


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