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<SEC-DOCUMENT>0001171520-09-000307.txt : 20090429
<SEC-HEADER>0001171520-09-000307.hdr.sgml : 20090429
<ACCEPTANCE-DATETIME>20090429172444
ACCESSION NUMBER:		0001171520-09-000307
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20090429
DATE AS OF CHANGE:		20090429
EFFECTIVENESS DATE:		20090429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN STREET PROPERTIES CORP /MA/
		CENTRAL INDEX KEY:			0001031316
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				042724223
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-158898
		FILM NUMBER:		09780220

	BUSINESS ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880
		BUSINESS PHONE:		7815571300

	MAIL ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN STREET PARTNERS LP
		DATE OF NAME CHANGE:	20010301
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>eps3375.htm
<DESCRIPTION>FRANKLIN STREET PROPERTIES CORP.
<TEXT>
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filed with the Securities and Exchange Commission on April 29, 2009</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 54pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Registration
No. 333-__________</font></div>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C. 20549</font></div>
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S-3</font></div>
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STATEMENT</font></div>
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SECURITIES ACT OF 1933</font></div>
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STREET PROPERTIES CORP.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Edgewater Place, Suite 200</font></div>
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MA 01880</font></div>
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557-1300</font></div>
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Including Zip Code, and Telephone Number, Including Area Code, of Registrant&#8217;s
Principal Executive Offices)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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J. Carter</font></div>
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and Chief Executive Officer</font></div>
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Street Properties Corp.</font></div>
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Edgewater Place, Suite 200</font></div>
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MA 01880</font></div>
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557-1300</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">(Name,
Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent
For Service)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Copies
to:</font></div>
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          <tr>
            <td valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Kenneth
      A. Hoxsie, Esq.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">James
      R. Burke, Esq.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Wilmer
      Cutler Pickering Hale and Dorr LLP</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">60
      State Street</font></div>
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      Massachusetts 02109</font></div>
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      526-6000</font></div>
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      526-5000</font></div>
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proposed sale to public</font>:&#160;&#160;From time to time after this
Registration Statement becomes effective.</font></div>
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</font></div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
the only securities being registered on this Form are being offered pursuant to
dividend or interest reinvestment plans, please check the following box.
[&#160;&#160;]</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box.&#160;[X]<a name="Check2" /></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
this Form is filed to register additional securities for an offering pursuant to
Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act registration statement number of the earlier effective
registration statement for the same
offering.&#160;[&#160;&#160;]&#160;&#160;__________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same
offering.&#160;[&#160;&#160;]&#160;&#160;__________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the
following box.&#160;[X]<a name="Check1" /></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
this Form is a post-effective amendment to a registration statement filed
pursuant to General Instruction I.D. filed to register additional securities
pursuant to Rule&#160;413(b) under the Securities Act, check the following
box.&#160;[&#160;&#160;]&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller
reporting company&#8221; in Rule 12b-2 of the Exchange Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">
    </div>
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
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      <div align="left">
        <div align="justify">
          <div align="justify">
            <div align="justify">
              <div align="left">
                <div align="justify">
                  <div align="left">
                    <div align="justify">
                      <div align="justify">
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      indeterminate number or amount of common stock is being registered as may
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  prices.</font></div>
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      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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      accordance with Rules 456(b) and 457(r) under the Securities Act of 1933,
      the registrant is deferring payment of all registration fees and will pay
      the registration fees subsequently in advance or on a &#8220;pay-as-you-go&#8221;
      basis.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Helvetica, Arial, sans-serif">FRANKLIN
STREET PROPERTIES CORP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Common
Stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Helvetica, Arial, sans-serif">________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
shares of common stock, $0.0001 par value per share, of Franklin Street
Properties Corp., or FSP Corp., covered by this prospectus may be offered and
sold from time to time by FSP Corp. or certain selling stockholders of FSP
Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">This
prospectus describes some of the general terms that may apply to sales of our
common stock. We will describe the specific terms of any sale of our common
stock, including the offering price of the shares, the names of any selling
stockholders and the amounts of any shares of our common stock being offered or
sold hereunder, in a supplement to this prospectus.&#160;&#160;This prospectus
may not be used to offer or sell any shares of our common stock unless
accompanied by a prospectus supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
common stock is listed on the NYSE Amex and trades under the symbol
&#8220;FSP.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
may, and any selling stockholder may, offer and sell shares of our common stock
independently or together to or through one or more underwriters, dealers and
agents, or directly to purchasers, on a continuous or delayed
basis.&#160;&#160;If any underwriters, dealers or agents are involved in the
sale of any shares of our common stock, the applicable prospectus supplement
will set forth any commissions or discounts.&#160;&#160;Unless otherwise set
forth in a prospectus supplement, we will not receive any proceeds from the sale
of shares of our common stock by any selling stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
last sale price of our common stock on the NYSE Amex on April 28, 2009 was
$13.80 per share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Helvetica, Arial, sans-serif">Investing
in these securities involves risks.&#160;&#160;See &#8220;Risk Factors&#8221; on page 2 of
this prospectus, in the documents incorporated by reference herein and in any
prospectus supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Helvetica, Arial, sans-serif">________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the accuracy or
adequacy of this prospectus.&#160;&#160;Any representation to the contrary is a
criminal offense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Helvetica, Arial, sans-serif">________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Prospectus
dated April 29, 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">TABLE
OF CONTENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="83%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">ABOUT
      THIS PROSPECTUS</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">1</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">ABOUT
      FRANKLIN STREET PROPERTIES CORP.</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">1</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">RISK
      FACTORS</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">2</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">SPECIAL
      NOTE REGARDING FORWARD-LOOKING INFORMATION</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">2</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">AVAILABLE
      INFORMATION</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">2</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">INCORPORATION
      OF CERTAIN INFORMATION BY REFERENCE</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">3</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">DESCRIPTION
      OF CAPITAL STOCK</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">3</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">USE
      OF PROCEEDS</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">SELLING
      STOCKHOLDERS</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">PLAN
      OF DISTRIBUTION</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">5</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">MATERIAL
      UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">7</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">LEGAL
      MATTERS</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">19</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="83%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">EXPERTS</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="LINE-HEIGHT: 1.5">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">19</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">ABOUT
THIS PROSPECTUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">This
prospectus is part of a &#8220;shelf&#8221; registration statement that we have filed with
the Securities and Exchange Commission, or SEC.&#160;&#160;Under this shelf
registration statement, we or certain selling stockholders may, from time to
time, sell our common stock in one or more offerings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">This
prospectus describes the general manner in which our common stock may be offered
by this prospectus. We will provide a prospectus supplement that will contain
specific information about the terms of an offering. If there is any
inconsistency between the information in this prospectus and the accompanying
prospectus supplement, you should rely on the information in the prospectus
supplement. We may also add, update or change in the prospectus supplement any
of the information contained in this prospectus. This prospectus, together with
applicable prospectus supplements, includes all material information relating to
this offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">This
prospectus does not contain all the information set forth in the registration
statement and the exhibits and schedules to the registration statement, because
some parts have been omitted in accordance with the rules and regulations of the
SEC.&#160;&#160;For further information with respect to us and our common stock
being registered hereby, you should refer to the registration statement and the
exhibits and schedules filed as part of the registration statement. Statements
contained in this prospectus regarding the contents of any agreement, contract
or other document referred to are not necessarily complete; reference is made in
each instance to the copy of the contract or document filed as an exhibit to the
registration statement. Each statement is qualified by reference to the
exhibit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">ABOUT
FRANKLIN STREET PROPERTIES CORP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Franklin Street Properties Corp., or
FSP Corp., is a Maryland corporation that operates in a manner intended to
qualify as a real estate investment trust for federal income tax
purposes.&#160;&#160;We believe we have qualified as a real estate investment
trust, or REIT, for United States federal income tax purposes since January
2002.&#160;&#160;We have been a reporting company under the Securities Exchange
Act of 1934 since 2001, and our common stock began trading on the American Stock
Exchange, or AMEX, on June 2, 2005.&#160;&#160;AMEX was subsequently acquired by
the New York Stock Exchange and is now known as NYSE Amex. We operate in two
business segments and have two principal sources of revenue:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Real
      estate operations, including rental income from real estate leasing,
      interest income from secured loans made for interim acquisitions or other
      purposes and fee income from asset/property
  management.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Investment
      banking/investment services, which generate brokerage commissions, loan
      origination fees, development services and other fees related to the
      organization of single-purpose entities that own real estate and the
      private placement of equity in those entities.&#160;&#160;We refer to
      these entities which are organized as corporations and operated in a
      manner intended to qualify as real estate investment trusts, as Sponsored
      REITs.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
principal executive offices are located at 401 Edgewater Place, Suite 200,
Wakefield, Massachusetts 01880. The telephone number of our principal executive
office is (781) 557-1300. Our website address is <font style="DISPLAY: inline; FONT-STYLE: italic">www.franklinstreetproperties.com</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">For
additional information about FSP Corp. and our business, see &#8220;Available
Information&#8221;, below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
use the terms &#8220;FSP Corp.&#8221;, the &#8220;company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; in this
prospectus to refer to the business of Franklin Street Properties Corp. and its
subsidiaries unless otherwise noted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">RISK
FACTORS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">An
investment in our common stock involves significant risks. You should carefully
consider the risk factors contained in any prospectus supplement and in our
filings with the Securities and Exchange Commission, as well as all of the
information contained in this prospectus, any prospectus supplement and the
documents incorporated by reference in this prospectus, including the risks and
uncertainties described under the heading &#8220;Risk Factors&#8221; included in Part I,
Item 1A of our Annual Report on Form 10-K for the year ended December 31,
2008,&#160;&#160;before you decide to invest in our common stock. The risks and
uncertainties we have described are not the only ones we face. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial
may also affect our operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">SPECIAL
NOTE REGARDING FORWARD-LOOKING INFORMATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">This
prospectus, any prospectus supplement, and the documents incorporated by
reference in this prospectus contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934.&#160;&#160;You can identify these
forward-looking statements by our use of the words &#8220;believes&#8221;, &#8220;anticipates&#8221;,
&#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;may&#8221;, &#8220;will&#8221;, &#8220;intends&#8221;, &#8220;estimates&#8221; and similar
expressions, whether in the negative or affirmative. Although we believe that
these forward-looking statements reasonably reflect our plans, intentions and
expectations, we cannot guarantee that we actually will achieve these plans,
intentions or expectations.&#160;&#160;Our actual results could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements we make.&#160;&#160;Investors are cautioned that our
forward-looking statements involve risks and uncertainty, including without
limitation economic conditions in the United States, disruptions in the debt
market, economic conditions in the markets in which we own properties, changes
in the demand by investors for investment in sponsored REITs, risks of a
lessening of demand for the types of real estate owned by us, changes in
government regulations, and expenditures that cannot be anticipated such as
utility rate and usage increases, unanticipated repairs, additional staffing,
insurance increases and real estate tax valuation reassessments.&#160;&#160;We
cannot guarantee that we actually will achieve the plans, intentions or
expectations disclosed in our forward-looking statements and, accordingly, you
should not place undue reliance on our forward-looking statements. There are a
number of important factors that could cause actual results or events to differ
materially from the forward-looking statements that we make, including the
factors included in the documents we incorporate by reference in this
prospectus. You should read these factors and the other cautionary statements
made in the documents we incorporate by reference as being applicable to all
related forward-looking statements wherever they appear in this prospectus, any
prospectus supplement and any document incorporated by reference. We caution you
that we do not undertake any obligation to update forward-looking statements we
make.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">AVAILABLE
INFORMATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
file annual, quarterly and current reports, proxy statements and other reports
with the SEC. You may inspect a copy of the registration statement and all other
reports that we file with the SEC without charge at the SEC&#8217;s principal office
in Washington, D.C. Copies of all or any part of the registration statement may
be obtained after payment of fees prescribed by the SEC from the SEC&#8217;s Public
Reference Room at the SEC&#8217;s principal office, 100 F Street, N.E., Washington,
D.C. 20549.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">You
may obtain information regarding the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that
contains reports, proxy and information statements and other information
regarding registrants that file electronically with the SEC at <font style="DISPLAY: inline; FONT-STYLE: italic">www.sec.gov</font>.&#160;&#160;In
addition, you may obtain copies of our SEC filings on our website at <font style="DISPLAY: inline; FONT-STYLE: italic">www.franklinstreetproperties.com.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
are incorporating by reference certain documents we file with the SEC, which
means that we can disclose important information to you by referring you to
those documents. The information in the documents incorporated by reference is
considered to be part of this prospectus. Information in documents that we file
with the SEC after the date of this prospectus will automatically update and
supersede information in this prospectus. We incorporate by reference the
documents listed below and any future filings we may make with the SEC under
Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 prior
to the termination of the sale of all the shares covered by this
prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td style="WIDTH: 36pt">
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      </font></div>
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            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
      Annual Report on Form 10-K for the fiscal year ended December 31, 2008,
      filed with the SEC on February 23,
2009;</font></div>
            </td>
          </tr>
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    </div>
    <div>
      <div align="center">
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              <td style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 18pt">

                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font>&#160;</div>
              </td>
              <td>

                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt"><br></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica">Our
      Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, filed
      with the SEC on April 28, 2009;</font>&#160;</div>
              </td>
            </tr>
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              <td style="WIDTH: 36pt">
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      </font></div>
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              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Our
      Current Report on Form 8-K, dated January 13, 2009 and filed with the SEC
      on January 20, 2009;</font></div>
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            </tr>
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    </div>
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          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
      description of our common stock contained in our Form 8-A, filed with the
      SEC on April 5, 2005; and</font></div>
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          </tr>
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    </div>
    <div>
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            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
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            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">All
      of our filings pursuant to the Securities Exchange Act of 1934 on or after
      the date of the initial filing of the registration statement of which this
      prospectus is a part and prior to the termination of this
      offering.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">A
statement contained in a document incorporated by reference in this prospectus
shall be deemed to be modified or superseded for purposes of this prospectus to
the extent that a statement contained in this prospectus, any prospectus
supplement or in any other subsequently filed document which is also
incorporated in this prospectus modifies or replaces such statement. Any
statements so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">You
may request, orally or in writing, a free copy of any of the documents
incorporated by reference in this prospectus by writing or telephoning us at the
following address:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Franklin
Street Properties Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">401
Edgewater Place, Suite 200</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Wakefield,
MA 01880</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">(781)
557-1300</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Attention:
Investor Relations</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">DESCRIPTION
OF CAPITAL STOCK</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
authorized capital stock consists of 180,000,000 shares of common stock, par
value $0.0001 per share, and 20,000,000 shares of preferred stock, par value
$0.0001 per share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Each
outstanding share of our common stock entitles the holder thereof to one vote on
all matters submitted to a vote of stockholders. There is no cumulative voting
in the election of directors. Holders of shares of our common stock have no
conversion, sinking fund or preemptive rights to subscribe for any securities of
the Registrant. Shares of our common stock have equal dividend, distribution,
liquidation and other rights and have no preference or exchange
rights.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Currently,
no shares of our preferred stock are issued or outstanding. Our Board of
Directors may authorize from time to time, without further action by our
stockholders, the issuance of shares of preferred stock in one or more
separately designated classes. The Board may set the preferences, conversion or
other rights, voting powers, restrictions, limitations as to dividends or other
distributions, qualifications and terms and conditions of redemption of the
shares of each class of our preferred stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">In
order for us to maintain our qualification as a REIT, among other things, not
more than 50% in value of our outstanding shares of common stock may be owned,
directly or indirectly, by five or fewer individuals. Our Articles of
Incorporation provide that holders of our common stock and preferred stock,
collectively, cannot beneficially or constructively own more than 9.8% of the
number of shares or value of our outstanding equity securities and that no
stockholder will be able to transfer or acquire shares that would result in our
outstanding equity shares being beneficially owned by fewer than 100 persons.
Our Articles of Incorporation also provide that on an annual basis we will use
our best efforts to redeem any shares of our common stock from holders who
desire to sell them. The purchase price paid by us will be 90% of the fair
market value of the shares purchased, as determined by our Board of Directors in
its sole and absolute discretion after consultation with an adviser selected by
our Board. We have no obligation to redeem shares of our common stock during any
period that our common stock is listed for trading on a national securities
exchange.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
above is a summary and does not purport to be complete and is qualified by our
Articles of Incorporation, which were filed as an exhibit to our Form 8-A, filed
with the SEC on April 5, 2005, and our Bylaws, which were filed as an exhibit to
our Current Report on Form 8-K, filed with the SEC on May 15, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">USE
OF PROCEEDS </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
anticipate that we will use the net proceeds from the sale of our common stock
by us for general corporate purposes, which may include the repayment of debt,
the financing of potential acquisitions, the provision of lines of credit and
other loans to our sponsored entities, the funding of capital improvements on
our portfolio companies&#8217; properties, the funding of working capital and other
purposes described in any prospectus supplement. Unless otherwise set forth in a
prospectus supplement, to the extent any shares of our common stock registered
under this registration statement are for the account of selling stockholders,
we will not receive any of the proceeds of the sale of such shares by such
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">SELLING
STOCKHOLDERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
may register shares of our common stock covered by this prospectus for re-offers
and resales by any selling stockholders to be named in a prospectus
supplement.&#160;&#160;Because we are a well-known seasoned issuer, as defined
in Rule 405 of the Securities Act of 1933, we may add secondary sales of shares
of our common stock by any selling stockholders by filing a prospectus
supplement with the SEC.&#160;&#160;We may register these shares to permit
selling stockholders to resell their shares when they deem
appropriate.&#160;&#160;A selling stockholder may resell all, a portion or none
of its shares at any time and from time to time.&#160;&#160;Selling stockholders
may also sell, transfer or otherwise dispose of some or all of their shares of
our common stock in transactions exempt from the registration requirements of
the Securities Act.&#160;&#160;We do not know when or in what amounts the
selling stockholders may offer shares for sale under this prospectus and any
prospectus supplement.&#160;&#160;We may pay all expenses incurred with respect
to the registration of the shares of our common stock owned by the selling
stockholders, other than underwriting fees, discounts or commissions, which will
be borne by the selling stockholders.&#160;&#160;A prospectus supplement for any
selling stockholders will name the selling stockholder, the amount of shares to
be registered and sold and any other terms of the shares of our common stock
being sold by such selling stockholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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      <div id="HDR">
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">PLAN
OF DISTRIBUTION </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
may sell shares of our common stock, and any selling stockholder may sell shares
of our common stock, in any one or more of the following ways from time to
time:&#160;&#160;(1) through agents; (2) to or through underwriters; (3) through
brokers or dealers; (4) directly by us or any selling stockholders to
purchasers, including through a specific bidding, auction or other process; (5)
by an over-the-counter distribution; or (6) through a combination of any of
these methods of sale.&#160;&#160;To the extent required, this prospectus may be
amended or supplemented from time to time to describe a specific plan of
distribution.&#160;&#160;The applicable prospectus supplement will contain the
terms of the transaction, name or names of any underwriters, dealers, agents and
the respective amounts of our common stock underwritten or purchased by them,
the initial public offering price of our common stock, and the applicable
agent&#8217;s commission, dealer&#8217;s purchase price or underwriter&#8217;s
discount.&#160;&#160;Any selling stockholders, dealers and agents participating
in the distribution of our common stock may be deemed to be underwriters, and
compensation received by them on resale of our common stock may be deemed to be
underwriting discounts and commissions. Additionally, because selling
stockholders may be deemed to be &#8220;underwriters&#8221; within the meaning of Section
2(11) of the Securities Act of 1933, selling stockholders may be subject to the
prospectus delivery requirements of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Any
initial offering price, dealer purchase price, discount or commission may be
changed from time to time.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Shares
of our common stock may be distributed from time to time in one or more
transactions, at negotiated prices, at a fixed or fixed prices (that may be
subject to change), at market prices prevailing at the time of sale, at various
prices determined at the time of sale or at prices related to prevailing market
prices.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Offers
to purchase shares of our common stock may be solicited directly by us or any
selling stockholder or by agents designated by us from time to time. Any such
agent may be deemed to be an underwriter, as that term is defined in the
Securities Act, of the shares of our common stock so offered and
sold.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
underwriters are utilized in the sale of any shares of our common stock in
respect of which this prospectus is being delivered, such shares of our common
stock will be acquired by the underwriters for their own account and may be
resold from time to time in one or more transactions, including negotiated
transactions, at fixed public offering prices or at varying prices determined by
the underwriters at the time of sale. Shares of our common stock may be offered
to the public either through underwriting syndicates represented by managing
underwriters or directly by one or more underwriters. If any underwriter or
underwriters are utilized in the sale of shares of our common stock, unless
otherwise indicated in the applicable prospectus supplement, the obligations of
the underwriters are subject to certain conditions precedent and that the
underwriters will be obligated to purchase all such shares of our common stock
if any are purchased.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
a dealer is utilized in the sale of shares of our common stock in respect of
which this prospectus is delivered, we may sell such shares of our common stock,
and any selling stockholder may sell shares of our common stock, to the dealer,
as principal. The dealer may then resell such shares of our common stock to the
public at varying prices to be determined by such dealer at the time of resale.
Transactions through brokers or dealers may include block trades in which
brokers or dealers will attempt to sell shares as agent but may position and
resell as principal to facilitate the transaction or in crosses, in which the
same broker or dealer acts as agent on both sides of the trade. Any such dealer
may be deemed to be an underwriter, as such term is defined in the Securities
Act, of the shares of our common stock so offered and sold. In addition, any
selling stockholder may sell shares of our common stock in ordinary brokerage
transactions or in transactions in which a broker solicits
purchases.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Offers
to purchase shares of our common stock may be solicited directly by us or any
selling stockholder and the sale thereof may be made by us or any selling
stockholder directly to institutional investors or others, who may be deemed to
be underwriters within the meaning of the Securities Act with respect to any
resale thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Any
selling stockholders may also resell all or a portion of their shares of our
common stock in transactions exempt from the registration requirements of the
Securities Act in reliance upon Rule 144 under the Securities Act provided they
meet the criteria and conform to the requirements of that rule, Section 4(1) of
the Securities Act or other applicable exemptions, regardless of whether the
shares of our common stock are covered by the registration statement of which
this prospectus forms a part.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
so indicated in the applicable prospectus supplement, we or any selling
stockholder may authorize agents and underwriters to solicit offers by certain
institutions to purchase shares of our common stock from us or any selling
stockholder at the public offering price set forth in the applicable prospectus
supplement pursuant to delayed delivery contracts providing for payment and
delivery on the date or dates stated in the applicable prospectus supplement.
Such delayed delivery contracts will be subject only to those conditions set
forth in the applicable prospectus supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">&#160;Agents,
underwriters and dealers may be entitled under relevant agreements with us or
any selling stockholder to indemnification by us against certain liabilities,
including liabilities under the Securities Act, or to contribution with respect
to payments which such agents, underwriters and dealers may be required to make
in respect thereof. The terms and conditions of any indemnification or
contribution will be described in the applicable prospectus supplement. We may
pay all expenses incurred with respect to the registration of the shares of our
common stock owned by any selling stockholders, other than underwriting fees,
discounts or commissions, which will be borne by the selling
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
or any selling stockholder may enter into derivative, sale or forward sale
transactions with third parties, or sell securities not covered by this
prospectus to third parties in privately negotiated transactions. If the
applicable prospectus supplement indicates, in connection with those
transactions, that third parties may sell shares of our common stock covered by
this prospectus and the applicable prospectus supplement, including in short
sale transactions and by issuing securities not covered by this prospectus but
convertible into or exchangeable for or represents beneficial interests in such
shares of our common stock, or the return of which is derived in whole or in
part from the value of such shares of our common stock. If so, the third party
may use securities received under those sale, forward sale or derivative
arrangements or shares of our common stock pledged by us or any selling
stockholder or borrowed from us, any selling stockholder or others to settle
those sales or to close out any related open borrowings of stock, and may use
shares of our common stock received from us or any selling stockholder in
settlement of those transactions to close out any related open borrowings of
stock. The third party in such sale transactions will be an underwriter and will
be identified in the applicable prospectus supplement (or a post-effective
amendment).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Additionally,
any selling stockholder may engage in hedging transactions with broker-dealers
in connection with distributions of shares or otherwise. In those transactions,
broker-dealers may engage in short sales of shares in the course of hedging the
positions they assume with such selling stockholder.&#160;&#160;Any selling
stockholder also may sell shares short and redeliver shares to close out such
short positions.&#160;&#160;Any selling stockholder may also enter into option
or other transactions with broker-dealers which require the delivery of shares
to the broker-dealer.&#160;&#160;The broker-dealer may then resell or otherwise
transfer such shares pursuant to this prospectus.&#160;&#160;Any selling
stockholder also may loan or pledge shares, and the borrower or pledgee may sell
or otherwise transfer the shares so loaned or pledged pursuant to this
prospectus.&#160;&#160;Such borrower or pledgee also may transfer those shares
to investors in our common stock or the selling stockholder&#8217;s shares of our
common stock or in connection with the offering of other shares of our common
stock not covered by this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Underwriters,
broker-dealers or agents may receive compensation in the form of commissions,
discounts or concessions from us or any selling
stockholder.&#160;&#160;Underwriters, broker-dealers or agents may also receive
compensation from the purchasers of shares for whom they act as agents or to
whom they sell as principals, or both.&#160;&#160;Compensation as to a
particular underwriter, broker-dealer or agent might be in excess of customary
commissions and will be in amounts to be negotiated in connection with
transactions involving shares.&#160;&#160;In effecting sales, broker-dealers
engaged by us or any selling stockholder may arrange for other broker-dealers to
participate in the resales.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Agents,
underwriters and dealers may engage in transactions with, or perform services
for us or any selling stockholder and our respective subsidiaries in the
ordinary course of business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Any
underwriter may engage in overallotment, stabilizing transactions, short
covering transactions and penalty bids in accordance with Regulation M under the
Securities Exchange Act of 1934. Overallotment involves sales in excess of the
offering size, which create a short position. Stabilizing transactions permit
bids to purchase the underlying shares of our common stock so long as the
stabilizing bids do not exceed a specified maximum. Short covering transactions
involve purchases of the shares of our common stock in the open market after the
distribution is completed to cover short positions. Penalty bids permit the
underwriters to reclaim a selling concession from a dealer when the shares of
our common stock originally sold by the dealer are purchased in a covering
transaction to cover short positions. Those activities may cause the price of
the shares of our common stock to be higher than it would otherwise be. If
commenced, the underwriters may discontinue any of the activities at any time.
An underwriter may carry out these transactions on the NYSE Amex, in the
over-the-counter market or otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
place and time of delivery for shares of our common stock will be set forth in
the accompanying prospectus supplement for such shares of our common
stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
following is a general summary of the material United States federal income tax
considerations associated with the ownership and disposition of our common
stock.&#160;&#160;The following summary is not exhaustive of all possible tax
considerations.&#160;&#160;Moreover, the summary contained herein does not
address all aspects of taxation that may be relevant to particular stockholders
in light of their personal tax circumstances, or to certain types of
stockholders subject to special treatment under federal income tax laws,
including insurance companies, tax-exempt organizations (except to the extent
discussed below under the heading &#8220;Taxation of Tax-Exempt Stockholders&#8221;),
financial institutions, broker-dealers, and foreign corporations and persons who
are not subject to United States taxation on their worldwide income (except to
the extent discussed below under the heading &#8220;Taxation of Non-U.S.
Stockholders&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
have elected to be taxed as a real estate investment trust under the Internal
Revenue Code of 1986, as amended, which we refer to as the tax
code.&#160;&#160;Generally, a company that meets the eligibility requirements
for treatment as a real estate investment trust and that elects to be so treated
is not subject to federal income tax on the income it distributes to its
stockholders.&#160;&#160;We believe that we are organized and have operated in a
manner so as to meet these eligibility requirements; however, there can be no
assurance that we have qualified or will remain qualified as a
REIT.&#160;&#160;Our counsel, Wilmer Cutler Pickering Hale and Dorr LLP, has
rendered its opinion, based upon various assumptions specified therein and upon
our representations, that we have been organized and operated in conformity with
the requirements for qualification as a real estate investment trust for each
taxable year beginning with our taxable year ending December 31, 2002 and that
our current organization and method of operation will enable us to continue to
meet the requirements for qualification and taxation as a real estate investment
trust.&#160;&#160;Qualification as a REIT, however, depends upon our ability to
meet, through actual annual (or in some cases quarterly) operating results,
requirements (discussed in greater detail below) relating to, among other
things, the sources of our income, the nature of our assets, the level of our
distributions and the diversity of our share ownership. Wilmer Cutler Pickering
Hale and Dorr LLP has not reviewed and will not review these results on an
independent or ongoing basis. Given the complex nature of the REIT qualification
requirements, the ongoing importance of factual determinations and the
possibility of future changes in our circumstances, there can be no assurance
that our actual operating results will satisfy the requirements for taxation as
a REIT under the tax code for any particular taxable year.</font></div>
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
statements in this summary are, and the opinion of Wilmer Cutler Pickering Hale
and Dorr LLP is, based on the provisions of the tax code, applicable United
States Treasury regulations promulgated thereunder, and judicial and
administrative decisions and rulings all as in effect on the date
rendered.&#160;&#160;Neither the statements below nor the opinion is binding on
the Internal Revenue Service or the courts, and there can be no assurance that
the Internal Revenue Service or the courts will not take a contrary
view.&#160;&#160;No ruling from the Internal Revenue Service has been or will be
sought.&#160;&#160;Future legislative, judicial or administrative changes or
interpretations could alter or modify the statements and conclusions set forth
herein, possibly adversely.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">EACH
STOCKHOLDER IS URGED TO CONSULT HIS, HER, OR ITS OWN TAX ADVISOR REGARDING THE
SPECIFIC TAX CONSEQUENCES TO THE STOCKHOLDER OF THE OWNERSHIP AND DISPOSITION OF
STOCK IN AN ENTITY ELECTING TO BE TAXED AS A REAL ESTATE INVESTMENT TRUST,
INCLUDING FEDERAL, STATE, LOCAL, FOREIGN AND OTHER TAX CONSEQUENCES, AS WELL AS
POTENTIAL CHANGES IN THE APPLICABLE TAX LAWS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Tax
Consequences of REIT Election</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Introduction</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;We have elected
under Section 856 of the tax code to be taxed as a REIT.&#160;&#160;Subject to
the risks described above, we intend to continue to be taxed as a
REIT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Taxation
of FSP Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">General.</font>&#160;&#160;If
we continue to qualify as a REIT, we generally will not be subject to federal
corporate income taxes on our net income to the extent that the income is
currently distributed to our stockholders.&#160;&#160;The benefit of this tax
treatment is that it substantially eliminates the &#8220;double taxation&#8221; resulting
from the taxation at both the corporate and stockholder levels that generally
results from owning stock in a corporation.&#160;&#160;Accordingly, our income
generally will be subject to taxation solely at the stockholder level upon a
distribution by us.&#160;&#160;We will, however, be required to pay certain
federal income taxes, including in the following circumstances:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
      will be subject to federal income tax at regular corporate rates on
      taxable income, including net capital gain, that we do not distribute to
      stockholders during, or within a specified time period after, the calendar
      year in which such income is
earned.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
      will be subject to the &#8220;alternative minimum tax&#8221; with respect to our
      undistributed alternative minimum taxable
  income.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
      will be subject to a 100% tax on net income from certain sales or other
      dispositions of property that we hold primarily for sale to customers in
      the ordinary course of business, also known as &#8220;prohibited
      transactions&#8221;.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
      we fail to satisfy the 75% gross income test or the 95% gross income test,
      both described below, but nevertheless qualify as a real estate investment
      trust, we will be subject to a 100% tax on an amount equal to (i) the
      gross income attributable to the greater of the amount by which we fail
      the 75% or 95% gross income test multiplied by (ii) a fraction intended to
      reflect our profitability.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
      we fail to satisfy the asset test (other than certain <font style="DISPLAY: inline; FONT-STYLE: italic">de minimus </font>failures),
      described below, then we must dispose of the non-qualifying assets and we
      will be subject to a tax equal to the greater of $50,000 and the highest
      corporate tax rate multiplied by the income generated by the
      non-qualifying assets for the period beginning with the first date of the
      failure and ending on the date that we disposed of the
      securities.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
      we fail to distribute during the calendar year at least the sum of (i) 85%
      of our real estate investment trust ordinary income for such year, (ii)
      95% of our real estate investment trust capital gain net income for such
      year, and (iii) any undistributed taxable income from prior periods, we
      will pay a 4% excise tax on the excess of such required distribution over
      the amount actually distributed to our
  stockholders.</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
      may elect to retain and pay income tax on some or all of our long-term
      capital gain, as described below.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
      may be subject to a 100% excise tax on transactions with any of our
      taxable REIT subsidiaries that are not conducted on an arm&#8217;s-length
      basis.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
      we fail to satisfy one or more of certain other requirements for real
      estate investment trust qualification for reasonable cause and not due to
      willful neglect, then in order to avoid disqualification as a real estate
      investment trust, we would be required to pay a penalty of $50,000 for
      each such failure.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Requirements
for Qualification as a Real Estate Investment Trust</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Introduction.</font>
In order to qualify as a real estate investment trust for federal income tax
purposes a REIT must elect (or have elected, and have not revoked its election)
to be treated as a REIT and must satisfy certain statutory tests relating to,
among other things, (i) the sources of its income, (ii) the nature of its
assets, (iii) the amount of its distributions, and (iv) the ownership of its
stock.&#160;&#160;We have elected to be treated as a REIT and have endeavored,
and we will continue to endeavor, to satisfy the tests for REIT
qualification.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">A
real estate investment trust may own a &#8220;qualified REIT subsidiary.&#8221;&#160;&#160;A
qualified REIT subsidiary is a corporation, all of the capital stock of which is
owned by a real estate investment trust, and for which subsidiary no election
has been made to treat it as a &#8220;taxable REIT subsidiary&#8221; (as discussed
below).&#160;&#160;A corporation that is a qualified REIT subsidiary is not
treated as a corporation separate from its parent REIT for federal income tax
purposes.&#160;&#160;All assets, liabilities, and items of income, deduction,
and credit of a qualified REIT subsidiary are treated as the assets,
liabilities, and items of income, deduction and credit of the parent
REIT.&#160;&#160;Thus, in applying the requirements described herein, any
qualified REIT subsidiary of ours will be ignored, and all assets, liabilities
and items of income, deduction and credit of such subsidiary will be treated as
our assets, liabilities, and items of income deduction and credit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">In
the event that we become a partner in a partnership, for purposes of determining
our qualification as a REIT under the tax code, we will be deemed to own a
proportionate share (based upon our share of the capital of the partnership) of
the assets of the partnership and will be deemed to be entitled to the income of
the partnership attributable to such share.&#160;&#160;In addition, the assets
and income of the partnership so attributed to us will retain their same
character as in the hands of the partnership.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">A
real estate investment trust may own up to 100% of the stock of one or more
taxable REIT subsidiaries.&#160;&#160;A taxable REIT subsidiary may earn income
that would not be qualifying income, as described below, if earned directly by
the parent real estate investment trust.&#160;&#160;Both the subsidiary and the
parent real estate investment trust must jointly elect to treat the subsidiary
as a taxable REIT subsidiary.&#160;&#160;Overall, not more than 25% (20% for
taxable years beginning on or before July 30, 2008) of the value of a REIT&#8217;s
assets may consist of securities of one or more taxable REIT
subsidiaries.&#160;&#160;A taxable REIT subsidiary will pay tax at regular
corporate rates on any income that it earns.&#160;&#160;There is a 100% excise
tax imposed on certain transactions involving a taxable REIT subsidiary and its
parent real estate investment trust that are not conducted on an arm&#8217;s-length
basis.&#160;&#160;An election has been made to treat FSP Investments LLC, a
wholly owned subsidiary of ours, as a taxable REIT subsidiary.&#160;&#160;FSP
Investments LLC pays corporate income tax on its taxable income and its
after-tax net income will be available for distribution to us, generally as a
dividend.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Income
Test</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">s &#8211;
General.</font>&#160;&#160;We must satisfy annually two tests regarding the
sources of our gross income in order to maintain our real estate investment
trust status.&#160;&#160;First, at least 75% of our gross income, excluding
gross income from certain &#8220;dealer&#8221; sales and certain foreign currency exchange
gains, for each taxable year generally must consist of defined types of income
that we derive, directly or indirectly, from investments relating to real
property or mortgages on real property or temporary investment income, also
known as the &#8220;75% gross income test&#8221;.&#160;&#160;Qualifying income for purposes
of the 75% gross income test generally includes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">&#8220;rents
      from real property&#8221; (as described
below);</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">interest
      from debt secured by mortgages on real property or on interests in real
      property;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">dividends
      or other distributions on, and gain from the sale of, shares in other real
      estate investment trusts;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">gain
      from the sale or other disposition of real property or mortgages on real
      property;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">amounts
      (other than amounts the determination of which depends in whole or in part
      on the income or profits of any person) received as consideration for
      entering into agreements to make loans secured by mortgages on real
      property or on interests in real property or agreements to purchase or
      lease real property; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">certain
      investment income attributable to temporary investment of capital that we
      raise.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Second,
at least 95% of our gross income, excluding gross income from certain &#8220;dealer&#8221;
sales and certain foreign currency exchange gains, for each taxable year
generally must consist of income that is qualifying income for purposes of the
75% gross income test, as well as dividends, other types of interest, and gain
from the sale or disposition of stock or securities, also known as the &#8220;95%
gross income test.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Income
Tests</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; Rents from Real
Property</font>.&#160;&#160;Rent that we receive from real property that we own
and lease to tenants will qualify as &#8220;rents from real property&#8221; if the following
conditions are satisfied:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">First,
      the rent must not be based, in whole or in part, on the income or profits
      of any person.&#160;&#160;An amount will not fail to qualify as rent from
      real property solely by reason of its being based on a fixed percentage
      (or percentages) of sales or
receipts.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Second,
      neither we nor any direct or indirect owner of 10% or more of our stock
      may own, actually or constructively, 10% (by vote or value) or more of the
      tenant from which we collect the
rent.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Third,
      all of the rent received under a lease will not qualify as rents from real
      property unless the rent attributable to the personal property leased in
      connection with the real property constitutes no more than 15% of the
      total rent received under the
lease.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Finally,
      we generally must not operate or manage our real property or furnish or
      render services to our tenants, other than through an &#8220;independent
      contractor&#8221; who is adequately compensated and from whom we do not derive
      revenue.&#160;&#160;We may provide services directly, however, if the
      services are &#8220;usually or customarily rendered&#8221; in connection with the
      rental of space for occupancy only and are not otherwise considered
      rendered &#8220;primarily for the occupant&#8217;s convenience.&#8221;&#160;&#160;In
      addition, we may render, other than through an independent contractor, a
      de minimis amount of &#8220;non-customary&#8221; services to the tenants of a property
      as long as our income from such services does not exceed 1% of our gross
      income from the property.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Although
no assurances can be given that either of the gross income tests will be
satisfied in any given year, we anticipate that our operations will allow us to
meet both the 75% gross income test and the 95% gross income
test.&#160;&#160;Such belief is premised in large part on our expectation that
substantially all of the amounts that we receive with respect to our properties
will qualify as &#8220;rents from real property.&#8221;&#160;&#160;Stockholders should be
aware, however, that there are a variety of circumstances, as described above,
in which rent received from a tenant will not be treated as rents from real
property.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Income Tests &#8211;
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Failure to Satisfy Gross
Income Tests.</font>&#160;&#160;If we fail to satisfy either or both of the 75%
or 95% gross income tests for taxable years beginning before October&#160;22,
2004, we could nevertheless qualify as a real estate investment trust for that
year if we are eligible for relief under certain provisions of the federal
income tax laws.&#160;&#160;Those relief provisions generally will be available
if:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
      failure to meet the gross income test was due to reasonable cause and not
      due to willful neglect;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
      attach a schedule of the sources of our income to our federal income tax
      return; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Any
      incorrect information on the schedule is not due to fraud with intent to
      evade tax.</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
we fail to satisfy either or both of the 75% or 95% gross income tests for any
taxable year beginning after October 22, 2004, the relief provisions generally
will be available if:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Following
      our identification of the failure to meet the gross income test for any
      taxable year, a description of each item of our gross income included in
      the 75% and 95% gross income tests is set forth in a schedule for such
      taxable year filed in accordance with regulations to be prescribed by the
      Treasury Secretary; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
      failure to meet the gross income test was due to reasonable cause and not
      due to willful neglect.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">It
is not possible to state whether we would be entitled to the benefit of the
above relief provisions in a particular circumstance that might arise in the
future.&#160;&#160;Furthermore, as discussed above under &#8220;Taxation of FSP Corp.
&#8211; <font style="DISPLAY: inline; FONT-STYLE: italic">General</font>,&#8221; even if the
relief provisions apply, we would incur a 100% tax on the gross income
attributable to the greater of the amounts by which we fail the 75% and 95%
gross income tests, multiplied by a fraction that reflects our
profitability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Asset
Tests.</font>&#160;&#160;We also must satisfy the following four tests relating
to the nature of our assets at the close of each quarter of our taxable
year.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">First,
      at least 75% of the value of our total assets must consist of cash or cash
      items (including receivables), government securities, &#8220;real estate
      assets,&#8221; or qualifying temporary investments, also known as the &#8220;75% asset
      test&#8221;;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Second,
      no more than 25% of the value of our total assets may be represented by
      securities other than those that are qualifying assets for purposes of the
      75% asset test, also known as the &#8220;25% asset
  test&#8221;;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Third,
      of the investments included in the 25% asset test, the value of any one
      issuer&#8217;s securities that we own may not exceed 5% of the value of our
      total assets, and we may not own 10% or more of the total combined voting
      power or 10% or more of the total value of the securities of any issuer,
      unless we and such issuer make an election to treat the issuer as a
      taxable REIT subsidiary or the issuer is a &#8220;disregarded entity&#8221; for
      federal income tax purposes or is itself a REIT (the &#8220;securities asset
      test&#8221;); and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Fourth,
      while we may own up to 100% of the stock of a corporation that elects to
      be treated as a taxable REIT subsidiary for federal income tax purposes,
      the total value of our stock ownership in one or more taxable REIT
      subsidiaries may not exceed 25% (20% for taxable years beginning on or
      before July 30, 2008) of the value of our gross
  assets.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
intend to operate so that we will not acquire any assets that would cause us to
violate any of the asset tests.&#160;&#160;If, however, we should fail to
satisfy any of the asset tests at the end of a calendar quarter, we would not
lose our real estate investment trust status if (1) we satisfied the asset tests
at the end of the close of the preceding calendar quarter, and (2) the
discrepancy between the value of our assets and the asset test requirements
arose from changes in the market values of our assets and was not wholly or
partly caused by the acquisition of one or more nonqualifying
assets.&#160;&#160;If we did not satisfy the condition described in clause (2)
of the preceding sentence, we could still avoid disqualification as a real
estate investment trust by eliminating any discrepancy within 30 days after the
close of the calendar quarter in which the discrepancy arose.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">For
taxable years beginning after October 22, 2004, we may also be able to avoid
disqualification as a real estate investment trust as a result of a failure of
the asset tests if:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Such
      failure is due to the ownership of securities the total value of which
      does not exceed the lesser of $10 million and 1% of the total value of our
      assets at the end of the quarter, which is referred to as the <font style="DISPLAY: inline; FONT-STYLE: italic">de minimis </font>threshold,
      and we dispose of the securities in order to satisfy the securities asset
      test within six months after the last day of the quarter in which we
      identified the failure or such other time period prescribed by the
      Treasury Secretary and in the manner prescribed by the Treasury Secretary;
      or</font></div>
            </td>
          </tr>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">In
      the case of any other failure, (1) we prepare a schedule that sets forth
      each asset that causes us to fail the securities asset test and file such
      schedule in accordance with regulations to be prescribed by the Treasury
      Secretary, (2) the failure to satisfy the asset test is due to reasonable
      cause and is not due to willful neglect, and (3) we pay a tax equal to the
      greater of $50,000 or the highest corporate tax rate multiplied by the net
      income generated by the non-qualifying asset for the period beginning on
      the first date of the failure and ending on the date that we disposed of
      the asset.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Distribution
Requirements.</font> Each taxable year, we must distribute dividends to our
stockholders in an amount at least equal to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">90%
      of our &#8220;real estate investment trust taxable income,&#8221; computed without
      regard to the dividends paid deduction and our net capital gain or loss;
      minus</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Certain
      items of noncash income.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
must make such distributions in the taxable year to which they relate, or in the
following taxable year if we declare the distribution before we timely file our
federal income tax return for such year and pay the distribution on or before
the first regular distribution date after such declaration.&#160;&#160;Further,
if we fail to meet the 90% distribution requirement as a result of an adjustment
to our tax returns by the Internal Revenue Service, we may, if the deficiency is
not due to fraud with intent to evade tax or a willful failure to file a timely
tax return, and if certain other conditions are met, retroactively cure the
failure by paying a deficiency dividend (plus interest) to our
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
will be subject to federal income tax on our taxable income, including net
capital gain that we do not distribute to our
stockholders.&#160;&#160;Furthermore, if we fail to distribute during a calendar
year, or, in the case of distributions with declaration and record dates falling
within the last three months of the calendar year, by the end of the January
following such calendar year, at least the sum of:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">85%
      of our real estate investment trust ordinary income for such
      year;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">95%
      of our real estate investment trust capital gain income for such year;
      and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Any
      of our undistributed taxable income from prior
  periods,</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">we
will be subject to a 4% nondeductible excise tax on the excess of such required
distribution over the amount actually distributed.&#160;&#160;If we elect to
retain and pay income tax on the net capital gain that we receive in a taxable
year, we will be deemed to have distributed any such amount for the purposes of
the 4% excise tax described in the preceding sentence.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
intend to make distributions to holders of our common stock in a manner that
will allow us to satisfy the distribution requirements described
above.&#160;&#160;It is possible that, from time to time, our pre-distribution
taxable income may exceed our cash flow and that we may have difficulty
satisfying the distribution requirements.&#160;&#160;We intend to monitor
closely the relationship between our pre-distribution taxable income and our
cash flow and intend to borrow funds or liquidate assets in order to overcome
any cash flow shortfalls if necessary to satisfy the distribution requirements
imposed by the tax code.&#160;&#160;It is possible, although unlikely, that we
may decide to terminate our real estate investment trust status as a result of
any such cash shortfall.&#160;&#160;Such a termination would have adverse tax
consequences to our stockholders.&#160;&#160;See &#8220;Taxation of FSP Corp. &#8211; <font style="DISPLAY: inline; FONT-STYLE: italic">General</font>.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Recordkeeping
Requirements.</font> We must maintain records of information specified in
applicable Treasury Regulations in order to maintain our qualification as a real
estate investment trust.&#160;&#160;In addition, in order to avoid monetary
penalties, we must request on an annual basis certain information from our
stockholders designed to disclose the actual ownership of our outstanding
stock.&#160;&#160;We intend to comply with these recordkeeping
requirements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Ownership
Requirements.</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>For us to qualify as a
real estate investment trust, shares of our stock must be held by a minimum of
100 persons for at least 335 days in each taxable year.&#160;&#160;Further, at
no time during the second half of any taxable year may more than 50% of our
shares be owned, actually or constructively, by five or fewer &#8220;individuals&#8221;
(which term is defined for this purpose to include certain tax-exempt entities
including pension trusts).&#160;&#160;Our common stock will be held by 100 or
more persons.&#160;&#160;We intend to continue to comply with these ownership
requirements.&#160;&#160;Also, our charter contains ownership and transfer
restrictions designed to prevent violation of these
requirements.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Failure to
Qualify.</font>&#160;&#160;If we fail to satisfy all of the above requirements
for any taxable year beginning before October 22, 2004 and no relief provisions
in effect for such years applied, then we would fail to qualify as a real estate
investment trust.&#160;&#160;If we failed to satisfy all of the above
requirements (other than the income and asset tests) for any taxable year
beginning after October 22, 2004 and no relief provisions in effect for such
years applied, then we could nevertheless qualify as a real estate investment
trust if:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Such
      failures are due to reasonable cause and not due to willful neglect,
      and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
      pay (in the manner prescribed by the Treasury Secretary in regulations) a
      penalty of $50,000 for each such
failure.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">It
is not possible to state whether we would be entitled to the benefit of the
relief provisions in a particular circumstance.&#160;&#160;If such relief is not
available, we would fail to qualify as a real estate investment
trust.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
we do fail to qualify as a real estate investment trust in any taxable year, we
would be subject to federal income tax, including any applicable alternative
minimum tax, on our taxable income at regular corporate rates.&#160;&#160;In
calculating our taxable income in a year in which we did not qualify as a real
estate investment trust, we would not be able to deduct amounts paid out to our
stockholders.&#160;&#160;We would not be required to distribute any amounts to
our stockholders in such taxable year.&#160;&#160;In such event, to the extent
of our current and accumulated earnings and profits, all distributions to
stockholders would be characterized as dividends and would be taxable as
ordinary income.&#160;&#160;Non-corporate stockholders, however, could qualify
for a lower maximum tax rate on such dividends in most
circumstances.&#160;&#160;Moreover, subject to certain limitations under the tax
code, corporate stockholders might be eligible for the dividends received
deduction.&#160;&#160;Unless we qualified for relief under specific statutory
provisions, we would be disqualified from taxation as a real estate investment
trust for the four taxable years following the year in which we ceased to
qualify as a real estate investment trust.&#160;&#160;We cannot predict whether
we would qualify for such statutory relief in a particular circumstance that
might arise in the future.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Taxation
of Taxable U.S. Stockholders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">As
used herein, the term &#8220;taxable U.S. stockholder&#8221; means a stockholder that, for
United States federal income tax purposes, is:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">A
      citizen or resident of the United
States;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">A
      corporation, partnership, or other entity created or organized in or under
      the laws of the United States or any state or political subdivision
      thereof;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">An
      estate the income of which is includible in gross income for United States
      federal income tax purposes regardless of such estate&#8217;s connection with
      the conduct of a trade or business within the United States;
      or</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
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          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
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            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Any
      trust with respect to which (1) a United States court is able to exercise
      primary supervision over the administration of such trust, and (2) one or
      more United States persons have the authority to control all substantial
      decisions of the trust.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">For
any taxable year in which we qualify as a real estate investment trust, amounts
distributed to taxable U.S. stockholders will be taxed as follows.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Distributions
Generally.</font>&#160;&#160;Distributions made to our taxable U.S. stockholders
out of current or accumulated earnings and profits (and not designated as a
capital gain dividend) will be taken into account by such stockholder as
ordinary income and will not, in the case of a corporate taxable U.S.
stockholder, be eligible for the dividends received deduction.&#160;&#160;In
addition, such dividends will not qualify for the lower maximum tax rate
applicable to dividends received by non-corporate taxpayers except to the extent
that they were attributable to income previously taxed to us.&#160;&#160;To the
extent that we make a distribution with respect to our common stock that is in
excess of our current or accumulated earnings and profits, the distribution will
be treated by a taxable U.S. stockholder first as a tax-free return of capital,
reducing the taxable U.S. stockholder&#8217;s tax basis in our common stock, and any
portion of the distribution in excess of the stockholder&#8217;s tax basis in our
common stock will then be treated as gain from the sale of such
stock.&#160;&#160;Dividends that we declare in October, November, or December of
any year payable to a taxable U.S. stockholder of record on a specified date in
any such month shall be treated as both paid by us and received by stockholders
on December 31 of such year, provided that the dividend is actually paid by us
during January of the following calendar year.&#160;&#160;Taxable U.S.
stockholders may not include on their federal income tax returns any of our tax
losses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Capital Gain
Dividends.</font>&#160;&#160;Dividends to taxable U.S. stockholders that
properly are designated by us as capital gain dividends will be treated by such
stockholders as long-term capital gain, to the extent that such dividends do not
exceed our actual net capital gain, without regard to the period for which the
taxable U.S. stockholders have held our common stock.&#160;&#160;Taxable U.S.
stockholders that are corporations may be required, however, to treat up to 20%
of particular capital gain dividends as ordinary income.&#160;&#160;Capital gain
dividends, like regular dividends from a real estate investment trust, are not
eligible for the dividends received deduction for corporations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">For
taxable U.S. stockholders who are taxable at the rates applicable to
individuals, we will classify portions of any capital gain dividend as either
(1) a &#8220;regular&#8221; capital gain dividend taxable to the taxable U.S. stockholder at
a maximum rate of 15% (subject to applicable sunset provisions) or (2) an
&#8220;unrecaptured Section 1250 gain&#8221; dividend taxable to the taxable U.S.
stockholder at a maximum rate of 25%.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Retained Capital
Gains.</font>&#160;&#160;We may elect to retain, rather than distribute, our net
long-term capital gain received during the tax year.&#160;&#160;If we so elect,
we will be required to pay tax on the retained amounts.&#160;&#160;To the extent
designated in a notice to the taxable U.S. stockholders, the taxable U.S.
stockholders will be required to include their proportionate shares of the
undistributed net long-term capital gain so designated in their income for the
tax year, but will be permitted a credit or refund, as the case may be, for
their respective shares of any tax paid on such gains by us.&#160;&#160;In
addition, each taxable U.S. stockholder will be entitled to increase the tax
basis in his or her shares of our common stock by an amount equal to the amount
of net long-term capital gain the taxable U.S. stockholder was required to
include in income, reduced by the amount of any tax paid by us for which the
taxable U.S. stockholder was entitled to receive a credit or
refund.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Passive Activity
Loss and Investment Interest Limitations.</font>&#160;&#160;Distributions,
including deemed distributions of undistributed net long-term capital gain, from
us and gain from the disposition of our common stock will not be treated as
passive activity income, and therefore taxable U.S. stockholders will not be
able to apply any passive activity losses against such
income.&#160;&#160;Distributions from us, to the extent they do not constitute a
return of capital, generally will be treated as investment income for purposes
of the investment income limitation on deductibility of investment
interest.&#160;&#160;However, dividends attributable to income that was subject
to tax at our level as well as net capital gain from the disposition of our
common stock or capital gain dividends, including deemed distributions of
undistributed net long-term capital gains, generally will be excluded from
investment income.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Sale of FSP
Common Stock.</font> Upon the sale of our common stock, a taxable U.S.
stockholder generally will recognize gain or loss equal to the difference
between the amount realized on such sale and the holder&#8217;s tax basis in the stock
sold.&#160;&#160;To the extent that our common stock is held as a capital asset
by the taxable U.S. stockholder, the gain or loss will be a long-term capital
gain or loss if the stock has been held for more than a year, and will be a
short-term capital gain or loss if the stock has been held for a shorter
period.&#160;&#160;In general, however, any loss upon a sale of our common stock
by a taxable U.S. stockholder who has held such stock for six months or less
(after applying certain holding period rules) will be treated as a long-term
capital loss to the extent that distributions from us were required to be
treated as long-term capital gain by that holder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Taxation
of Tax-Exempt Stockholders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Tax-exempt
entities, including qualified employee pension and profit sharing trusts and
individual retirement accounts, collectively known as &#8220;exempt organizations&#8221;,
generally are exempt from federal income taxation.&#160;&#160;Exempt
organizations are subject to tax, however, on their unrelated business taxable
income, or &#8220;UBTI.&#8221;&#160;&#160;UBTI is defined as the gross income derived by an
exempt organization from an unrelated trade or business, less the deductions
directly connected with that trade or business, subject to certain
exceptions.&#160;&#160;While many investments in real estate generate UBTI, the
Internal Revenue Service has issued a ruling that dividend distributions from a
real estate investment trust to an exempt employee pension trust do not
constitute UBTI, provided that the shares of the real estate investment trust
are not otherwise used in an unrelated trade or business of the exempt employee
pension trust.&#160;&#160;Based on that ruling, amounts distributed to exempt
organizations generally should not constitute UBTI.&#160;&#160;However, if an
exempt organization finances its acquisition of our common stock with debt, a
portion of its income from us will constitute UBTI pursuant to the
&#8220;debt-financed property&#8221; rules.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">In
addition, in certain circumstances, a pension trust that owns more than 10% of
our stock will be required to treat a percentage of the dividends paid by us as
UBTI based upon the percentage of our income that would constitute UBTI to the
stockholder if received directly by it.&#160;&#160;This rule applies to a
pension trust holding more than 10% (by value) of our common stock only if (1)
the percentage of our income that would be UBTI if we were a pension trust is at
least 5% and (2) we are treated as a &#8220;pension-held REIT.&#8221;&#160;&#160;We do not
expect to receive significant amounts of income that would be considered UBTI if
received directly by a pension trust and do not expect to qualify as a
&#8220;pension-held REIT.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Taxation
of Non-U.S. Stockholders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">General.</font>&#160;&#160;The
rules governing United States federal income taxation of nonresident alien
individuals, foreign corporations, foreign partnerships, foreign trusts and
certain other foreign stockholders, collectively known as &#8220;non-U.S.
stockholders&#8221;, are complex and no attempt is made herein to provide more than a
general summary of such rules.&#160;&#160;This discussion does not consider the
tax rules applicable to all non-U.S. stockholders and, in particular, does not
consider the special rules applicable to U.S. branches of foreign banks or
insurance companies or certain intermediaries.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">NON-U.S. STOCKHOLDERS SHOULD CONSULT
WITH THEIR OWN TAX ADVISORS TO DETERMINE THE IMPACT OF FEDERAL, STATE, LOCAL AND
FOREIGN TAX LAWS WITH REGARD TO THE OWNERSHIP AND DISPOSITION OF OUR COMMON
STOCK, INCLUDING ANY REPORTING AND WITHHOLDING REQUIREMENTS.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Ordinary
Dividends &#8211; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">General.</font>&#160;&#160;Distributions
to non-U.S. stockholders that are not attributable to gain from sales or
exchanges by us of United States real property interests and are not designated
by us as capital gain dividends (or deemed distributions of retained capital
gains) will be treated as ordinary dividends to the extent that they are made
out of our current or accumulated earnings and profits.&#160;&#160;Any portion
of a distribution in excess of our current and accumulated earnings and profits
will not be taxable to a non-U.S. stockholder to the extent that such
distribution does not exceed the adjusted basis of the stockholder in our common
stock, but rather will reduce the adjusted basis of such stock.&#160;&#160;To
the extent that the portion of the distribution in excess of current and
accumulated earnings and profits exceeds the adjusted basis of a non-U.S.
stockholder for our common stock, such excess generally will be treated as gain
from the sale or disposition of the stock and will be taxed as described
below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Ordinary
Dividends &#8211; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Withholding.</font>&#160;&#160;Dividends
paid to non-U.S. stockholders may be subject to U.S. withholding
tax.&#160;&#160;If an income tax treaty does not apply and the non-U.S.
stockholder&#8217;s investment in our common stock is not effectively connected with a
trade or business conducted by the non-U.S. stockholder in the United States (or
if a tax treaty does apply and the investment in our common stock is not
attributable to a United States permanent establishment maintained by the
non-U.S. stockholder), ordinary dividends (<font style="DISPLAY: inline; FONT-STYLE: italic">i.e.</font>, distributions out of
current and accumulated earnings and profits) will be subject to a U.S.
withholding tax at a 30% rate, or, if an income tax treaty applies, at a lower
treaty rate.&#160;&#160;Because we generally cannot determine at the time that a
distribution is made whether or not such a distribution will be in excess of
earnings and profits, we intend to withhold on the gross amount of each
distribution at the 30% rate (or lower treaty rate) (other than distributions
subject to the 35% FIRPTA withholding rules described below).&#160;&#160;To
receive a reduced treaty rate, a non-U.S. stockholder must furnish us or our
paying agent with a duly completed Form W-8BEN (or authorized substitute form)
certifying such holder&#8217;s qualification for the reduced
rate.&#160;&#160;Generally, a non-U.S. stockholder will be entitled to a refund
from the Internal Revenue Service to the extent the amount withheld by us from a
distribution exceeds the amount of United States tax owed by such
stockholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">In
the case of a non-U.S. stockholder that is a partnership or a trust, the
withholding rules for a distribution to such a partnership or trust will be
dependent on numerous factors, including (1) the classification of the type of
partnership or trust, (2)&#160;the status of the partner or beneficiary, and (3)
the activities of the partnership or trust.&#160;&#160;Non-U.S. stockholders
that are partnerships or trusts are urged to consult their tax advisors
regarding the withholding rules applicable to them based on their particular
circumstances.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">If
an income tax treaty does not apply, ordinary dividends that are effectively
connected with the conduct of a trade or business within the U.S. by a non-U.S.
stockholder (and, if a tax treaty applies, ordinary dividends that are
attributable to a United States permanent establishment maintained by the
non-U.S. stockholder) are exempt from U.S. withholding tax.&#160;&#160;In order
to claim such exemption, a non-U.S. stockholder must provide us or our paying
agent with a duly completed Form 4224 or Form W-8ECI (or authorized substitute
form) certifying such holder&#8217;s exemption.&#160;&#160;However, ordinary dividends
exempt from U.S. withholding tax because they are effectively connected or are
attributable to a United States permanent establishment maintained by the
non-U.S. stockholder generally are subject to U.S. federal income tax on a net
income basis at regular graduated rates.&#160;&#160;In the case of non-U.S.
stockholders that are corporations, any effectively connected ordinary dividends
or ordinary dividends attributable to a United States permanent establishment
maintained by the non-U.S. stockholder may, in certain circumstances, be subject
to branch profits tax at a 30% rate, or at such lower rate as may be provided in
an applicable income tax treaty.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Capital Gain
Dividends</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211;
General.</font>&#160;&#160;For any year in which we qualify as a real estate
investment trust, distributions that are attributable to gain from sales or
exchanges by us of United States real property interests will be taxed to a
non-U.S. stockholder under the provisions of the Foreign Investment in Real
Property Tax Act of 1980, also known as &#8220;FIRPTA&#8221;.&#160;&#160;Under FIRPTA,
except as described below, distributions attributable to gain from sales of
United States real property are taxed to a non-U.S. stockholder as if such gain
were effectively connected with a United States trade or
business.&#160;&#160;Non-U.S. stockholders thus would be taxed at the regular
capital gain rates applicable to taxable U.S. stockholders (subject to the
applicable alternative minimum tax and a special alternative minimum tax in the
case of nonresident alien individuals).&#160;&#160;Distributions subject to
FIRPTA also may be subject to a 30% branch profits tax in the hands of a
corporate non-U.S. stockholder not otherwise entitled to treaty relief or
exemption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">A
distribution attributable to gain from sales of United States real property is
not treated as effectively connected with a United States trade or business
provided that (1) the distribution is received with respect to stock that is
publicly traded on an established securities market in the United States and (2)
the non-U.S. stockholder does not own more than five percent of the stock at any
time during the taxable year in which the distribution is
received.&#160;&#160;If these requirements are satisfied, the distribution is
treated in the manner described above for ordinary dividends rather than being
treated as a capital gain dividend, and the distribution is not subject to the
branch profits tax.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Capital Gain
Dividends</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211;
Withholding.</font>&#160;&#160;Under FIRPTA, we are required to withhold 35% (or
a lower rate set forth in the regulations) of any distribution to a non-U.S.
stockholder that is designated as a capital gain dividend or which could be
designated as a capital gain dividend.&#160;&#160;Moreover, if we designate
previously made distributions as capital gain dividends, subsequent
distributions (up to the amount of the prior distributions so designated) will
be treated as capital gain dividends for purposes of FIRPTA
withholding.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Sale of Our
Common Stock</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">.</font>&#160;&#160;A non-U.S
stockholder generally will not be subject to United States federal income tax
under FIRPTA with respect to gain recognized upon a sale of our common stock,
provided that we are a &#8220;domestically-controlled REIT.&#8221;&#160;&#160;A
domestically-controlled REIT generally is defined as a real estate investment
trust in which at all times during a specified testing period less than 50% in
value of the stock was held directly or indirectly by non-U.S.
persons.&#160;&#160;Although currently it is anticipated that we will be a
domestically-controlled REIT, and, therefore, that the sale of our common stock
will not be subject to taxation under FIRPTA, there can be no assurance that we
will, at all relevant times, be a domestically-controlled
REIT.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">FIRPTA.
</font>Tax also would not apply to any gain recognized by a non-U.S. stockholder
upon the sale of our common stock as long as our stock is publicly traded and
the stockholder held 5% or less of our stock during the preceding five years. If
the gain on the sale of our common stock were subject to taxation under FIRPTA,
a non-U.S. stockholder would be subject to the same treatment as taxable U.S.
stockholders with respect to such gain (subject to the applicable alternative
minimum tax and a special alternative minimum tax in the case of nonresident
alien individuals).&#160;&#160;In addition, a purchaser of our common stock from
a non-U.S. stockholder subject to taxation under FIRPTA generally would be
required to deduct and withhold a tax equal to 10% of the amount realized by a
non-U.S. stockholder on the disposition. Any amount withheld would be creditable
against the non-U.S. stockholder&#8217;s FIRPTA tax liability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Even
if gain recognized by a non-U.S. stockholder upon the sale of our common stock
is not subject to FIRPTA, such gain generally will subject such stockholder to
U.S. tax if:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">An
      income tax treaty does not apply and the gain is effectively connected
      with a trade or business conducted by the non-U.S. stockholder in the
      United States (or, if an income tax treaty applies and the gain is
      attributable to a United States permanent establishment maintained by the
      non-U.S. stockholder), in which case, unless an applicable treaty provides
      otherwise, a non-U.S. stockholder will be taxed on his or her net gain
      from the sale at regular graduated U.S. federal income tax
      rates.&#160;&#160;In the case of a non-U.S. stockholder that is a
      corporation, such stockholder may be subject to a branch profits tax at a
      30% rate, unless an applicable income tax treaty provides for a lower rate
      and the stockholder demonstrates its qualification for such rate;
      or</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
      non-U.S. stockholder is a nonresident alien individual who holds our
      common stock as a capital asset and was present in the United States for
      183 days or more during the taxable year (as determined under the tax
      code) and certain other conditions apply, in which case the non-U.S.
      stockholder will be subject to a 30% tax on capital
  gains.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Estate Tax
Considerations.</font>&#160;&#160;The value of our common stock owned, or
treated as owned, by a non-U.S. stockholder who is a nonresident alien
individual at the time of his or her death will be included in the individual&#8217;s
gross estate for United States federal estate tax purposes, unless otherwise
provided in an applicable estate tax treaty.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      <div id="FTR">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Information
Reporting and Backup Withholding</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">We
are required to report to our stockholders and to the Internal Revenue Service
the amount of distributions paid during each tax year, and the amount of tax
withheld, if any.&#160;&#160;These requirements apply even if withholding was
not required with respect to payments made to a stockholder.&#160;&#160;In the
case of non-U.S. stockholders, the information reported may also be made
available to the tax authorities of the non-U.S. stockholder&#8217;s country of
residence, if an applicable income tax treaty so provides.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Backup
withholding generally may be imposed on certain payments to a stockholder unless
the stockholder (1) furnishes certain information, or (2)&#160;is otherwise
exempt from backup withholding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">A
stockholder who does not provide us with his or her correct taxpayer
identification number also may be subject to penalties imposed by the Internal
Revenue Service.&#160;&#160;In addition, we may be required to withhold a
portion of capital gain distributions to any stockholders who fail to certify
their non-foreign status to us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Stockholders
should consult their own tax advisors regarding their qualification for an
exemption from backup withholding and the procedure for obtaining an
exemption.&#160;&#160;Backup withholding is not an additional
tax.&#160;&#160;Rather, the amount of any backup withholding with respect to a
distribution to a stockholder will be allowed as a credit against such holder&#8217;s
United States federal income tax liability and may entitle the stockholder to a
refund, provided that the required information is furnished to the Internal
Revenue Service.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">In
general, backup withholding and information reporting will not apply to a
payment of the proceeds of the sale of our common stock by a non-U.S.
stockholder by or through a foreign office of a foreign broker effected outside
of the United States; provided, however, that foreign brokers having certain
connections with the United States may be obligated to comply with the backup
withholding and information reporting rules.&#160;&#160;Information reporting
(but not backup withholding) will apply, however, to a payment of the proceeds
of a sale of our common stock by foreign offices of certain brokers, including
foreign offices of a broker that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">is
      a United States person;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">derives
      50% or more of its gross income for certain periods from the conduct of a
      trade or business in the United States;
or</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">is
      a &#8220;controlled foreign corporation&#8221; for United States tax
      purposes.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Information
reporting will not apply in the above cases if the broker has documentary
evidence in its records that the holder is a non-U.S. stockholder and certain
conditions are met, or the non-U.S. stockholder otherwise establishes an
exemption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Payment
to or through a United States office of a broker of the proceeds of a sale of
our common stock is subject to both backup withholding and information reporting
unless the stockholder certifies in the manner required that he or she is a
non-U.S. stockholder and satisfies certain other qualifications under penalties
of perjury or otherwise establishes an exemption.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">State
and Local Tax</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
discussion herein concerns only the United States federal income tax treatment
likely to be <font size="+0">accorded to us and our</font>
stockholders.&#160;&#160;No consideration has been given to the state and local
tax treatment of such parties.&#160;&#160;The state and local tax treatment may
not conform to the federal treatment described above.&#160;&#160;As a result, a
stockholder should consult his or her own tax advisor regarding the specific
state and local tax consequences of the ownership and disposition of our common
stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">18</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">LEGAL
MATTERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
validity of the shares of common stock covered by this prospectus will be passed
upon for us by Wilmer Cutler Pickering Hale and Dorr LLP, Boston,
Massachusetts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">EXPERTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Ernst
&amp; Young LLP, independent registered public accounting firm, has audited our
consolidated financial statements and schedules included in our Annual Report on
Form 10-K for the year ended December 31, 2008, and the effectiveness of our
internal control over financial reporting as of December 31, 2008, as set forth
in their reports, which are incorporated by reference in this prospectus and
elsewhere in the registration statement.&#160;&#160;Our financial statements and
schedules are incorporated by reference in reliance on Ernst &amp; Young LLP's
reports, given on their authority as experts in accounting and
auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font size="2" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">No
dealer, salesperson or other person is authorized to give any information or to
represent anything not contained in this prospectus. You must not rely on any
unauthorized information or representations. This prospectus is an offer to sell
only the shares offered hereby, but only under circumstances and in
jurisdictions where it is lawful to do so. The information contained in this
prospectus is current only as of its date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center">
      <div>
        <hr style="COLOR: black" align="center" noshade size="1" width="25%">
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Helvetica, Arial, sans-serif">FRANKLIN
STREET PROPERTIES CORP.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Common
Stock</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">April
29, 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">PART
II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">INFORMATION
NOT REQUIRED IN PROSPECTUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Item
14. Other Expenses of Issuance and Distribution.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
following table sets forth the expenses expected to be incurred by FSP Corp. in
connection with the registration and distribution of the common stock registered
hereby, all of which expenses, except for the Securities and Exchange Commission
registration fee, are estimated. The selling stockholders will not be
responsible for any such expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <div align="center">
            <table cellpadding="0" cellspacing="0" width="75%">
                <tr>
                  <td valign="bottom" width="80%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td colspan="2" valign="bottom" width="10%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amount</font></font></div>
                  </td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                </tr>
                <tr bgcolor="antiquewhite">
                  <td align="left" valign="bottom" width="80%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Securities
      and Exchange Commission registration fee</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">$</font></td>
                  <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">*</font></td>
                  <td align="left" nowrap valign="bottom" width="1%">&#160;</td>
                </tr>
                <tr bgcolor="white">
                  <td align="left" valign="bottom" width="80%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Legal
      fees and expenses</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">25,000</font></td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                </tr>
                <tr bgcolor="antiquewhite">
                  <td align="left" valign="bottom" width="80%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Accounting
      fees and expenses</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">10,000</font></td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                </tr>
                <tr bgcolor="white">
                  <td align="left" valign="bottom" width="80%" style="PADDING-BOTTOM: 1.5pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Miscellaneous
      expenses</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 1.5pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">5,000</font></td>
                  <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 1.5pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                </tr>
                <tr bgcolor="antiquewhite">
                  <td align="left" valign="bottom" width="80%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Total</font></div>
                  </td>
                  <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                  <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">$</font></td>
                  <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">40,000</font></td>
                  <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                </tr>
            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.25pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">*Deferred
in accordance with Rules 456(b) and 457(r) of the Securities Act of
1933.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Item
15. Indemnification of Directors and Officers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.25pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
Articles of Incorporation require us to indemnify each person who is, was or has
agreed to become an officer or director, or who is, was or has agreed to serve,
at our request, as a director, officer, partner, trustee, employee or agent of
another entity to the fullest extent permitted from time to time by Maryland
law. The General Corporation Law of the State of Maryland permits a corporation
to indemnify its directors, officers and certain other parties against
judgments, penalties, fines, settlements and reasonable expenses, including
attorneys' fees, actually incurred by them in connection with any proceeding to
which they may be made a party by reason of their services to or at the request
of the corporation, unless it is established that (i) the act or omission of the
indemnified party was material to the matter giving rise to the proceeding and
was committed in bad faith or was the result of active and deliberate
dishonesty, (ii) the indemnified party actually received an improper personal
benefit in money, property or services or (iii) in the case of any criminal
proceeding, the indemnified party had reasonable cause to believe that the act
or omission was unlawful. Indemnification may be made against judgments,
penalties, fines, settlements and reasonable expenses actually incurred by the
director or officer in connection with the proceeding; provided, however, that
if the proceeding is one by or in the right of the corporation, indemnification
may not be made with respect to any proceeding in which the director or officer
has been adjudged to be liable to the corporation. We will indemnify our
directors, officers and certain other parties who have been successful, on the
merits or otherwise, in the defense of any proceeding to which they were made a
party by reason of their service to us or at our request against expenses
(including attorney fees) actually and reasonably incurred in connection with
the proceeding or any claim, issue or matter in a proceeding in which the party
was successful.&#160;&#160;In addition, a director or officer may not be
indemnified with respect to any proceeding charging improper personal benefit to
the director or officer, whether or not involving action in such director or
officer&#8217;s official capacity, in which the individual was adjudged to be liable
on the basis that personal benefit was improperly received.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Our
Articles of Incorporation contain a provision eliminating the personal liability
of a director or officer to us or our stockholders for monetary damages to the
fullest extent permitted by Maryland law. The General Corporation Law of the
State of Maryland permits the liability of directors and officers to a
corporation or its stockholders for money damages to be limited, except (i) to
the extent that a judgment or other final adjudication is entered adverse to the
director or officer in a proceeding based on a finding that the director's or
officer's action, or failure to act, was the result of active and deliberative
dishonesty and was material to the cause of action adjudicated in the proceeding
or (ii) to the extent it is proved that the director or officer actually
received an improper benefit or profit in money, property or services. This
provision of the General Corporation Law of the State of Maryland does not limit
our ability or our stockholders&#8217; ability to obtain other relief, such as an
injunction or rescission.&#160;&#160;Our Articles of Incorporation also allow us
to purchase insurance&#160;&#160;to protect FSP Corp. and any director, officer,
employee or agent, and any individual serving in such capacity of another entity
at our request.&#160;&#160;We have obtained such a policy.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">II-1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Item
16. Exhibits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
following exhibits are filed with this registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Exhibit</font></div>
              </td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Number</font></font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Articles
      of Incorporation of Franklin Street Properties Corp. (incorporated herein
      by reference to the Registrant&#8217;s Form 8-A, filed with the SEC on April 5,
      2005 (File No. 001-32470)).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4.2</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Restated
      Bylaws of Franklin Street Properties Corp. (incorporated herein by
      reference to the Registrant&#8217;s Current Report on Form 8-K, filed with the
      SEC on May 15, 2006 (File No. 001-32470)).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4.3</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Form
      of common stock certificate (incorporated herein by reference to the
      Registrant&#8217;s Registration Statement on Form S-4, filed with the SEC on
      September 2, 2004 (File No. 333-118748)).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">5.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Opinion
      of Wilmer Cutler Pickering Hale and Dorr LLP.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">8.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Opinion
      of Wilmer Cutler Pickering Hale and Dorr LLP regarding tax
      matters.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">23.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Consent
      of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion
      filed as Exhibit 5.1).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">23.2</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Consent
      of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion
      filed as Exhibit 8.1).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">23.3</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Consent
      of Ernst &amp; Young LLP.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">24.1</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Powers
      of Attorney (included on the signature page to the registration
      statement).</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">ITEM
17. Undertakings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">(a)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
undersigned registrant hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(1)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;To file, during any
period in which offers or sales are being made, a post-effective amendment to
this registration statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(i)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;To include any
prospectus required by Section 10(a)(3) of the Securities Act of
1933;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(ii)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;To reflect in the
prospectus any facts or events arising after the effective date of this
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in this registration statement.&#160;&#160;Notwithstanding
the foregoing, any increase or decrease in the volume of securities offered (if
the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the
effective registration statement; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">II-2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(iii)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;To include any
material information with respect to the plan of distribution not previously
disclosed in this registration statement or any material change to such
information in this registration statement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font style="DISPLAY: inline; FONT-STYLE: italic">provided, however</font>, that
paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if
the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by
the registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b)
that is part of the registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(2)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;That, for the purpose
of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering
thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(3)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(4)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;That, for the purpose
of determining liability under the Securities Act of 1933 to any
purchaser:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(A)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Each prospectus filed
by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(B)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Each prospectus
required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a
registration statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by section 10(a) of the Securities Act of 1933 shall be
deemed to be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness or
the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such date shall be
deemed to be a new effective date of the registration statement relating to the
securities in the registration statement to which that prospectus relates, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. Provided, however, that no statement made in a
registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(5)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;That, for the purpose
of determining liability of the registrant under the Securities Act of 1933 to
any purchaser in the initial distribution of the securities:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">The
undersigned registrant undertakes that in a primary offering of securities of
the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(i)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(ii)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Any free writing
prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">II-3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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other free writing prospectus relating to the offering containing material
information about the undersigned registrant or its securities provided by or on
behalf of the undersigned registrant; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(iv)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Any other
communication that is an offer in the offering made by the undersigned
registrant to the purchaser.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#8217;s
annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act
of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual
report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">&#160;(c)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in that Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.</font></div>
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          <hr style="COLOR: chocolate" noshade size="2">
        </div>
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</font></div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all the requirements for
filing on Form S-3 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the town of
Wakefield, Commonwealth of Massachusetts, on the 29<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font> day of
April, 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 252pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">FRANKLIN
STREET PROPERTIES CORP.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 252pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">By:&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;/s/ George J.
Carter<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 252pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;George
J. Carter</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 252pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;President
and Chief Executive Officer</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">POWER
OF ATTORNEY</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Each
of the undersigned officers and directors of Franklin Street Properties Corp.
hereby severally constitutes and appoints George J. Carter, Barbara J. Fournier
and Scott H. Carter, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full powers of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any or all amendments to this registration statement
to which this Power of Attorney is attached, including post-effective
amendments, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as he
or she might or could do in person, and hereby ratifies and confirms all said
attorneys-in-fact and agents, or either of them, or his or her substitute or
substitutes may lawfully do or cause to be done by virtue thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">Pursuant
to the requirements of the Securities Act of 1933, this registration statement
has been signed below by the following persons in the capacities and on the
dates indicated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="left">
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                      <table cellpadding="0" cellspacing="0" width="100%">
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Signature</font></font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Title</font>&#160;&#160;</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
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                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ George J.
      Carter<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">George
      J. Carter</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">President,
      Chief Executive Officer and Director</font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">(Principal
      Executive Officer)</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29, 2009</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Barbara J.
      Fournier<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Barbara
      J. Fournier</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Executive
      Vice President, Chief Operating Officer, Secretary, Treasurer and
      Director</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29, 2009</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ John Demeritt<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;
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                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">John
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                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Executive
      Vice President and Chief Financial Officer (Principal Financial Officer
      and Principal Accounting Officer)</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29, 2009</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ John N. Burke<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font></font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">John
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                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Director</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29, 2009</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Dennis J.
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                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Dennis
      J. McGillicuddy</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Director</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29, 2009</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Georgia
      Murray<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;
      </font></font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Georgia
      Murray</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Director</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29, 2009</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Janet P.
      Notopoulos<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;
      </font></font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Janet
      P. Notopoulos</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Director
      and Executive Vice President</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29, 2009</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td valign="top" width="30%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                            <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td align="left" valign="top" width="27%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Barry
      Silverstein<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      </font></font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Barry
      Silverstein</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td valign="top" width="30%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Director</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
                            </td>
                            <td align="left" valign="top" width="22%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">April
      29,
2009</font></div>
                            </td>
                          </tr>
                      </table>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">II-5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Exhibit</font></div>
              </td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Number</font></font></div>
              </td>
              <td align="left" valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4.1</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Articles
      of Incorporation of Franklin Street Properties Corp. (incorporated herein
      by reference to the Registrant&#8217;s Form 8-A, filed with the SEC on April 5,
      2005 (File No. 001-32470)).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4.2</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Restated
      Bylaws of Franklin Street Properties Corp. (incorporated herein by
      reference to the Registrant&#8217;s Current Report on Form 8-K, filed with the
      SEC on May 15, 2006 (File No. 001-32470)).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">4.3</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Form
      of common stock certificate (incorporated herein by reference to the
      Registrant&#8217;s Registration Statement on Form S-4, filed with the SEC on
      September 2, 2004 (File No. 333-118748)).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">5.1*</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Opinion
      of Wilmer Cutler Pickering Hale and Dorr LLP.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">8.1*</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Opinion
      of Wilmer Cutler Pickering Hale and Dorr LLP regarding tax
      matters.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">23.1*</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Consent
      of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion
      filed as Exhibit 5.1).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">23.2*</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Consent
      of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion
      filed as Exhibit 8.1).</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">23.3*</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Consent
      of Ernst &amp; Young LLP.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">24.1*</font></div>
              </td>
              <td valign="top" width="90%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: helvetica, arial, sans-serif">Powers
      of Attorney (included on the signature page to the registration
      statement).</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.25pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Helvetica, Arial, sans-serif">_____________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, Arial, sans-serif">*&#160;&#160;Filed
herewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex5-1.htm
<TEXT>
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5.1</font></div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; TEXT-ALIGN: right"><img src="wilmerhale.jpg" alt=""><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">April
29, 2009</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Franklin
Street Properties Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">401
Edgewater Place, Suite 200</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Wakefield,
MA 01880</font></div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      <font size="2">Re:</font></font></div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement
      on Form S-3</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Ladies
and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">This
opinion is furnished to you in connection with a Registration Statement on Form
S-3 filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) under
the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), relating to the
issuance and sale from time to time of shares of common stock, $0.0001 par value
(the &#8220;Shares&#8221;), of Franklin Street Properties Corp., a Maryland corporation (the
&#8220;Company&#8221;), which may be issued and sold by the Company and sold by selling
stockholders from time to time on a delayed or continuous basis pursuant to Rule
415 under the Securities Act and in reliance on Rule 456(b) and Rule 457(r)
under the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">We
are acting as counsel for the Company in connection with the registration for
sale of the Shares by the Company and by selling stockholders identified from
time to time in supplements to the prospectus included in the Registration
Statement.&#160;&#160;We have examined a signed copy of the Registration
Statement to be filed with the Commission.&#160;&#160;We have also examined and
relied upon the minutes of meetings of the stockholders and the Board of
Directors of the Company as provided to us by the Company and the Articles of
Incorporation and By-Laws of the Company, each as restated and/or amended to
date (collectively the &#8220;Charter Documents&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">In
our examination of the foregoing documents, we have assumed the genuineness of
all signatures, the legal capacity of all individual signatories, the
authenticity of all documents submitted to us as originals, the conformity to
original documents of all documents submitted to us as copies, the authenticity
of such original documents and the completeness and accuracy of the corporate
minute books of the Company provided to us by the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">We
express no opinion herein as to the laws of any state or jurisdiction other than
the state laws of the State of Maryland and the federal laws of the United
States of America.&#160;&#160;We also express no opinion herein with respect to
(i) the securities or &#8220;blue sky&#8221; laws of any state or other jurisdiction of the
United States or any foreign jurisdiction, or (ii) the antifraud laws of any
jurisdiction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Based
upon and subject to the foregoing, we are of the opinion that the Shares, when
(i)&#160;specifically authorized for issuance by the Company&#8217;s Board of
Directors or an authorized committee thereof (the &#8220;Authorizing Resolutions&#8221;),
(ii) the terms of the sale of the Shares have been duly established in
conformity with the Charter Documents and do not violate any applicable law or
result in a default under or breach of any agreement or instrument binding on
the Company and comply with any requirement or restriction imposed by any court
or governmental body having jurisdiction over the Company, (iii)&#160;the Shares
have been issued and sold as contemplated by the Registration Statement, and
(iv)&#160;the Company has received the consideration provided for in the
Authorizing Resolutions, will be validly issued, fully paid and
nonassessable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Franklin
Street Properties Corp.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">April
29, 2009</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Page
2</font></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">It
is understood that this opinion is to be used only in connection with the offer
and sale of the Shares while the Registration Statement is in
effect.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Please
note that we are opining only as to the matters expressly set forth herein, and
no opinion should be inferred as to any other matters.&#160;&#160;This opinion
is provided to you as a legal opinion only and is not a guaranty or warranty of
the matters discussed herein.&#160;&#160;This opinion is based upon currently
existing statutes, rules, regulations and judicial decisions and is rendered as
of the date hereof, and we disclaim any obligation to advise you of any changes
in any of the foregoing sources of law or subsequent developments in law or
changes in facts or circumstances which might affect any matters or opinions set
forth herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">We
hereby consent to the filing of this opinion with the Commission as an exhibit
to the Registration Statement in accordance with the requirements of Item
601(b)(5) of Regulation S-K under the Securities Act and to the use of our name
therein and in the related Prospectus under the caption &#8220;Legal
Matters.&#8221;&#160;&#160;In giving such consent, we do not hereby admit that we are
in the category of persons whose consent is required under Section 7 of the
Securities Act or the rules and regulations of the Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Very
truly yours,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">WILMER
CUTLER PICKERING HALE AND DORR LLP</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">By:&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Kenneth A. Hoxsie<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">&#160;Kenneth
A. Hoxsie, a Partner</font></div>
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<TYPE>EX-8.1
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  <head>
    <title>ex8-1.htm</title>
<!-- Licensed to: Electronic Publishing Services (www.epubsinc.com)-->
<!-- Document Created using EDGARizer 4.0.7.0 -->
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</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Exhibit
8.1</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; TEXT-ALIGN: right"><img src="wilmerhale.jpg" alt=""><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">April
29, 2009</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 12.55pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Franklin
Street Properties Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">401
Edgewater Place</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Suite
200</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Wakefield,
MA&#160;&#160;01880-6210</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Re:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Certain Federal Income Tax
Matters Related to Franklin Street Properties Corp.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Dear
Ladies and Gentlemen:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">This
opinion is being delivered to you in connection with certain federal income tax
matters related to Franklin Street Properties Corp. (&#8220;FSP Corp.&#8221;) in connection
with the registration of shares of common stock of FSP Corp. as more fully
described in FSP Corp.&#8217;s Registration statement on Form S-3 filed with the
Securities and Exchange Commission on April 29, 2009 (the &#8220;Registration
Statement&#8221;).&#160;&#160;Except as otherwise provided, capitalized terms not
defined herein have the meanings set forth in the Registration Statement or in
the letter delivered to Wilmer Cutler Pickering Hale and Dorr LLP by FSP Corp.
containing certain representations of FSP Corp. relevant to this opinion (the
&#8220;Representation Letter&#8221;).&#160;&#160;All section references, unless otherwise
indicated, are to the United States Internal Revenue Code of 1986, as amended
(the &#8220;Code&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">The
conclusions expressed herein represent our judgment as to the proper application
of relevant provisions of the Code, Treasury Regulations, case law, and rulings
and other pronouncements of the Internal Revenue Service (the &#8220;IRS&#8221;) as in
effect on the date of this opinion.&#160;&#160;No assurances can be given that
such laws will not be amended or otherwise changed, or that such changes will
not affect the conclusions expressed herein.&#160;&#160;Nevertheless, we
undertake no responsibility to advise you of any developments in the application
or interpretation of the income tax laws of the United States.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Our
opinion represents our best judgment of how a court would decide if presented
with the issues addressed herein and is not binding upon either the IRS or any
court.&#160;&#160;Thus, no assurances can be given that a position taken in
reliance on our opinion will not be challenged by the IRS or rejected by a
court.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">In
our capacity as counsel to FSP Corp., and for purposes of rendering this
opinion, we have examined and relied upon the Registration Statement, the
Representation Letter, the Articles of Incorporation of FSP Corp. and the Bylaws
of FSP Corp., each as amended through the date hereof, and such other documents
as we considered relevant to our analysis.&#160;&#160;In our examination of
documents, we have assumed the authenticity of original documents, the accuracy
of copies, the genuineness of signatures, and the legal capacity of
signatories.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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have made such factual and legal inquiries, including examination of the
documents set forth above, as we have deemed necessary or appropriate for
purposes of our opinion.&#160;&#160;For purposes of rendering our opinion,
however, we have not made an independent investigation or audit of the facts set
forth in any of the above-referenced documents, including the Registration
Statement and the Representation Letter.&#160;&#160;We consequently have relied
upon the representations contained therein and assumed that the information
presented in such documents or otherwise furnished to us is accurate and
complete in all respects relevant to our opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Franklin
Street Properties Corp.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">April
29, 2009</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Page
2</font></div>
        </div>
      </div>
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our review, we have assumed, with your consent, that all of the obligations
imposed by any documents on the parties thereto have been and will be performed
or satisfied substantially in accordance with their terms.&#160;&#160;We have
further assumed that during its taxable year ended December 31, 2002 and
subsequent taxable years that FSP Corp. and the Partnership Subsidiaries have
operated and will continue to operate in a manner that has made and will make
the representations and covenants contained in the Representation Letter true,
complete and correct for all such years.&#160;&#160;Moreover, we have assumed
that FSP Corp. and the Partnership Subsidiaries have been and will continue to
be operated in the manner described in the relevant partnership agreement,
articles (or certificate) of incorporation or other organizational documents and
in the Registration Statement.&#160;&#160;Finally, we have assumed that any
statement in the Representation Letter that is made &#8220;to the knowledge of&#8221;,
&#8220;belief of&#8221; or similarly qualified is correct and accurate, and that such
representation or statement will continue to be correct and accurate, without
such qualification.</font></div>
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also have assumed for the purposes of this opinion, without inquiry with respect
thereto, that FSP Corp. is a validly organized and duly incorporated corporation
under the laws of the State of Maryland.&#160;&#160;In the event any of the
statements, representations, or assumptions upon which we have relied in
rendering this opinion is incorrect or incomplete, our opinion could be
adversely affected and may not be relied upon.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Opinions</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Based
upon the foregoing, and subject to the various assumptions, limitations, and
qualifications set forth in this letter, we are of the opinion
that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">1.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;FSP Corp. was
organized and has operated in conformity with the requirements for qualification
and taxation as a REIT under the Code for each taxable year beginning with its
taxable year ended December 31, 2002, and FSP Corp.&#8217;s current organization and
method of operation (as described in the Registration Statement and the
Representation Letter) will enable FSP Corp. to continue to meet the
requirements for qualification and taxation as a REIT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">2.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;To the extent
that the matters discussed under the heading &#8220;Material United States Federal
Income Tax Considerations&#8221; in the Registration Statement constitute matters of
law, they are accurate in all material respects.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">FSP
Corp.&#8217;s qualification and taxation as a REIT depends upon FSP Corp.&#8217;s ability to
meet on a continuing basis, through actual annual operating and other results,
the various requirements under the Code and described in the Registration
Statement with regard to, among other things, the sources of its gross income,
the composition of its assets, the level of distributions to stockholders, and
the diversity of its share ownership.&#160;&#160;Wilmer Cutler Pickering Hale
and Dorr LLP will not review FSP Corp.&#8217;s compliance with these requirements on
an independent or ongoing basis.&#160;&#160;No assurance can be given that the
actual results of operations of FSP Corp., the sources of its income, the nature
of its assets, the level of FSP Corp.&#8217;s distributions to its shareholders and
the diversity of FSP Corp.&#8217;s share ownership for any given taxable year will
satisfy the requirements under the Code for qualification and taxation as a REIT
or that the relief provisions applicable to REITs will be available to FSP
Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">This
opinion addresses only the specific United States federal income tax
consequences set forth above in the numbered paragraphs under the caption
&#8220;Opinions&#8221;, and does not address any other federal, state, local, or foreign
income, estate, gift, transfer, sales, use, or other tax consequences that may
be applicable to FSP Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: chocolate" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Franklin
Street Properties Corp.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">April
29, 2009</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Page
3</font></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">This
opinion is intended for the purpose of inclusion as an exhibit to the
Registration Statement.&#160;&#160;It may not be relied upon for any other
purpose and may not be made available to any other person or entity without our
prior written consent.&#160;&#160;This opinion speaks only as of the date
hereof, and we undertake no obligation to update or supplement this opinion to
reflect any changes of law or fact (including without limitation our subsequent
discovery of any facts that are inconsistent with the Representation
Letter).&#160;&#160;We hereby consent to the filing of this opinion as an
exhibit to the Registration Statement and further consent to the use of our name
in the Registration Statement in connection with references to this
opinion.&#160;&#160;In giving this consent, however, we do not hereby admit that
we are in the category of persons whose consent is required under Section 7 of
the Securities Act of 1933, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Very
truly yours,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">WILMER
CUTLER PICKERING HALE AND DORR LLP</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">By:&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Robert D. Burke<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Robert
D. Burke, a Partner</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
  </body>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>4
<FILENAME>ex23-3.htm
<TEXT>
<html>
  <head>
    <title>ex23-3.htm</title>
<!-- Licensed to: Electronic Publishing Services (www.epubsinc.com)-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Exhibit
23.3</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Consent
of Independent Registered Public Accounting Firm</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">We
consent to the reference to our firm under the caption &#8220;Experts&#8221; in this
Registration Statement (Form S-3) and related Prospectus of Franklin Street
Properties Corp. for the registration of common stock and to the incorporation
by reference therein of our reports dated February 20, 2009, with respect to the
consolidated financial statements and schedules of Franklin Street Properties
Corp. and the effectiveness of internal control over financial reporting of
Franklin Street Properties Corp. included in its Annual Report (Form 10-K) for
the year ended December 31, 2008, filed with the Securities and Exchange
Commission.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 252pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">/s/
Ernst &amp; Young LLP</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">Boston,
Massachusetts</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Helvetica, sans-serif">April
27, 2009</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
