<SEC-DOCUMENT>0001171520-11-000897.txt : 20111215
<SEC-HEADER>0001171520-11-000897.hdr.sgml : 20111215
<ACCEPTANCE-DATETIME>20111215111041
ACCESSION NUMBER:		0001171520-11-000897
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111215
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111215
DATE AS OF CHANGE:		20111215

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32470
		FILM NUMBER:		111262674

	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>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<B>December 15, 2011</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 100%; border-bottom: windowtext 1pt dashed; font: bold 18pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">FRANKLIN STREET PROPERTIES CORP.</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 34%; border-bottom: windowtext 1pt dashed; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Maryland</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt dashed; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">001-32470</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt dashed; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">04-3578653</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission<BR> File Number)</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 50%; border-bottom: windowtext 1pt dashed; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">401 Edgewater Place, Suite 200, Wakefield, Massachusetts</TD>
    <TD STYLE="width: 50%; border-bottom: windowtext 1pt dashed; font: bold 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">01880</TD></TR>
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    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code<B>: (781) 557-1300</B></P>

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    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(<U>see</U> General Instruction A.2. below):</P>

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<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)&nbsp;</TD></TR></TABLE>

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<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)&nbsp;</TD></TR></TABLE>

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<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))&nbsp;</TD></TR></TABLE>

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<TD STYLE="width: 24pt; text-align: right"><FONT STYLE="font-family: Wingdings">&uml;&nbsp;</FONT></TD><TD STYLE="width: 12pt"></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))&nbsp;</TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.05 Costs Associated with Exit or Disposal Activities</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On December 15, 2011, Franklin Street
Properties Corp. (the &ldquo;Company&rdquo;) announced that its broker/dealer subsidiary, FSP Investments LLC, will no longer sponsor
the syndication of shares of preferred stock in newly-formed single property companies. The Company anticipates taking a charge
of between $375,000 and $425,000 to earnings in the fourth quarter of 2011 to reflect costs consisting primarily of the write off
of outstanding draw balances, severance payments and fees to outside professionals associated with this event.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Additional information is included in
the press release attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The statements in this Item 2.05 may
contain forward-looking statements based on current judgments and current knowledge of management, which are subject to certain
risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking
statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned
that the Company&rsquo;s forward-looking statements involve risks and uncertainty, including without limitation, economic conditions
in the United States, disruptions in the debt markets, economic conditions in the markets in which we own properties, 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. See the &quot;Risk Factors&quot; set forth in Part I, Item 1A of our Annual Report on Form
10-K for the year ended December 31, 2010, as the same may be updated from time to time in subsequent filings with the United States
Securities and Exchange Commission. The Company cannot guarantee future results, levels of activity, performance or achievements.
The Company may not update any of the forward-looking statements after the date this Current Report on Form 8-K is filed to conform
them to actual results or to changes in our expectations that occur after such date, other than as required by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In connection with its decision to no
longer sponsor the syndication of shares of preferred stock in newly-formed single property companies as set forth under Item 2.05
on this Current Report on Form 8-K, the Company terminated the employment of William W. Gribbell, Executive Vice <A NAME="HH__last"></A>President,
and R. Scott MacPhee, Executive Vice President, effective December 15, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 7%; font-size: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 7%; font-size: 12pt">(d)</TD>
    <TD STYLE="width: 86%; font-size: 12pt">Exhibits</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">See Exhibit Index attached hereto.</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Date:&nbsp; December 15, 2011</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">FRANKLIN STREET PROPERTIES CORP.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right">By:&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: 12pt Times New Roman, Times, Serif">/s/ George J. Carter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">George J. Carter</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">President and Chief Executive Officer</P></TD></TR>
<TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; font: 12pt Times New Roman, Times, Serif; text-decoration: underline">Number</TD>
    <TD STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; text-decoration: underline">Item</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">99.1</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Press Release issued by the Company on December 15, 2011</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -1in">&nbsp;</P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right; "><B>Exhibit
99.1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font: 18pt/normal Times New Roman, Times, Serif; padding-right: 1.8pt; border-bottom: Black 0.5pt solid">PRESS RELEASE</TD>
    <TD STYLE="width: 67%; font: bold 18pt/normal Times New Roman, Times, Serif; padding-right: 1.8pt; text-align: right; border-bottom: Black 0.5pt solid">Franklin Street Properties Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 9pt/normal Times New Roman, Times, Serif; padding-right: -0.5in; text-align: center">401 Edgewater Place <FONT STYLE="font-family: Symbol">&#183;</FONT> Suite 200 <FONT STYLE="font-family: Symbol">&#183;</FONT> Wakefield, Massachusetts 01880 <FONT STYLE="font-family: Symbol">&#183;</FONT> (781) 557-1300 <FONT STYLE="font-family: Symbol">&#183;</FONT>www.franklinstreetproperties.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/normal Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt/normal Times New Roman, Times, Serif; text-align: right">Contact: Investor Relations - (877) 686-9496</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">FOR IMMEDIATE RELEASE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: black"><B>FRANKLIN STREET
PROPERTIES CORP. </B></FONT><B><FONT STYLE="text-transform: uppercase">aNNOUNCES THAT</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>IT
WILL NO LONGER SPONSOR THE SYNDICATION OF SHARES OF</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PREFERRED
STOCK IN NEWLY-FORMED SINGLE PROPERTY COMPANIES </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>WAKEFIELD, MA &ndash; December 15, 2011</B>
&ndash; Franklin Street Properties Corp. (&ldquo;FSP&rdquo;, &ldquo;its&rdquo;, &ldquo;our&rdquo; or &ldquo;we&rdquo;) (NYSE Amex:
FSP), an investment firm specializing in real estate, announced today that its broker-dealer subsidiary, FSP Investments LLC, will
no longer sponsor the syndication of shares of preferred stock in newly-formed single property companies. FSP Investments LLC will,
however, continue to provide investor relations services to existing single property companies and will be authorized to sponsor
the syndication of any additional shares of preferred stock in existing single property companies. FSP anticipates taking a charge
of between $375,000 and $425,000 to earnings in the fourth quarter of 2011 to reflect costs associated with this event.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For over 15 years, FSP, through its broker-dealer
subsidiary, FSP Investments LLC, exclusively sponsored the syndication of shares of preferred stock in single property companies
to accredited investors. Those syndications raised over $1.8 billion of equity in the aggregate for over 50 separate, single property
companies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will continue to manage all of the affairs
of the 16 existing single property companies that sit outside of FSP. FSP, its subsidiaries and affiliates, and the employees,
officers and directors thereof, will continue to fulfill and provide all of the fiduciary responsibilities/duties and services
to the individual stockholders of those 16 existing single property companies and the assets that they own as they have done in
the past.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">George J. Carter, President and Chief Executive
Officer of FSP, commented as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;The decision to no longer sponsor the
syndication of shares of preferred stock in newly-formed single property companies was made after judging the potential for meaningful
future profit contribution to the earnings of FSP from such syndications to be limited. Our investment banking segment has been
marginal in its profit contribution over the last four years and we believe time and resources may be more productively deployed
elsewhere going forward. Unfortunately, our Investment Executives and their Sales Assistants will be leaving FSP, as there will
be no new investment product for them to sell. We will miss them! However, we are exploring a possible future arrangement that,
if successful, could enable our former Investment Executives and their Sales Assistants to act as informed communications conduits
with the holders of preferred stock in the 16 existing single property companies. We will keep all shareholders informed of any
progress in that area.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Franklin Street Properties Corp.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: black">Franklin Street
Properties Corp., based in Wakefield, Massachusetts, is focused on achieving current income and long-term growth through investments
in commercial properties.&nbsp;&nbsp;FSP operates in two business segments: real estate operations and investment banking/investment
services.&nbsp;&nbsp;The majority of FSP&rsquo;s property portfolio is suburban office buildings, with select investments in certain
central business district properties.&nbsp;&nbsp;FSP&rsquo;s subsidiary, FSP Investments LLC (member, FINRA and SIPC), is a real
estate investment banking firm and a registered broker-dealer.&nbsp;&nbsp;FSP is a Maryland corporation that operates in a manner
intended to qualify as a real estate investment trust (REIT) for federal income tax purposes.&nbsp;&nbsp;To learn more about FSP
please visit our website at </FONT>www.franklinstreetproperties.com<FONT STYLE="color: black">.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Forward-Looking Statements</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Statements made in this press release that
state FSP's or management's intentions, beliefs, expectations, estimates or predictions for the future may be forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may also contain forward-looking
statements based on current judgments and current knowledge of management, which are subject to certain risks, trends and uncertainties
that could cause actual results to differ materially from those indicated in such forward-looking statements. Accordingly, readers
are cautioned not to place undue reliance on forward-looking statements. 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
markets, economic conditions in the markets in which we own properties, 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. See the &quot;Risk
Factors&quot; set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2010, as the same
may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe
the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity,
performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform
them to actual results or to changes in our expectations that occur after such date, other than as required by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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