<SEC-DOCUMENT>0001171520-12-000362.txt : 20120427
<SEC-HEADER>0001171520-12-000362.hdr.sgml : 20120427
<ACCEPTANCE-DATETIME>20120427163204
ACCESSION NUMBER:		0001171520-12-000362
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20120427
DATE AS OF CHANGE:		20120427
EFFECTIVENESS DATE:		20120427

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:	333-181009
		FILM NUMBER:		12790051

	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
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">As filed with the Securities and
Exchange Commission on April 27, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 24pt; margin-left: 2in">Registration No. 333-__________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">______________________</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">FORM S-3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">______________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">______________________</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">FRANKLIN STREET PROPERTIES CORP.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><FONT STYLE="font-weight: normal">(Exact
Name of Registrant as Specified in Its Charter)<BR>
</FONT>______________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">Maryland<BR>
<FONT STYLE="font-weight: normal">(State or Other Jurisdiction of Incorporation or Organization)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">04-3578653<BR>
<FONT STYLE="font-weight: normal">(I.R.S. Employer Identification Number)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">______________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">401 Edgewater Place, Suite 200<BR>
Wakefield, MA 01880<BR>
(781) 557-1300<BR>
<FONT STYLE="font-weight: normal">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s
Principal Executive Offices)<BR>
</FONT>_____________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">George J. Carter<BR>
President and Chief Executive Officer<BR>
Franklin Street Properties Corp.<BR>
401 Edgewater Place, Suite 200<BR>
Wakefield, MA 01880<BR>
(781) 557-1300<BR>
<FONT STYLE="font-weight: normal">(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)<BR>
</FONT>______________________</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Copies to:<BR>
Kenneth A. Hoxsie, Esq.<BR>
Michael J. LaCascia, Esq.<BR>
Wilmer Cutler Pickering Hale and Dorr LLP<BR>
60 State Street</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center">Boston, Massachusetts 02109<BR>
Telephone: (617) 526-6000<BR>
Telecopy: (617) 526-5000&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Approximate date of commencement of
proposed sale to public</B>: From time to time after this Registration Statement becomes effective.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. <FONT STYLE="font-family: MS Mincho">&#9746;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. <FONT STYLE="font-family: MS Mincho">&#9744;</FONT>
__________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. <FONT STYLE="font-family: MS Mincho">&#9744;</FONT>
__________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: MS Mincho">&#9746;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act.</P>

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    <TD STYLE="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">Large accelerated filer <FONT STYLE="font-family: MS Mincho">&#9746;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">Non-accelerated filer <FONT STYLE="font-family: MS Mincho">&#9744;</FONT>
        (Do not check if a smaller reporting company)</P></TD>
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">Accelerated filer <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">Smaller reporting company <FONT STYLE="font-family: MS Mincho">&#9744;</FONT></P></TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">______________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Title Of Each Class Of <BR> Securities To Be <BR> Registered</TD>
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Amount to<BR> be <BR> Registered<BR> (1)</TD>
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Proposed Maximum<BR> Offering <BR> Price Per <BR> Unit<BR> (1)</TD>
    <TD STYLE="width: 19%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Proposed <BR> Maximum <BR> Aggregate <BR> Offering Price<BR> (1)</TD>
    <TD STYLE="width: 18%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Amount Of <BR> Registration <BR> Fee (1)</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Common stock, $0.0001 par value per share</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0in">(1)&#9;An indeterminate amount of
common stock is being registered as may from time to time be offered hereunder at indeterminate prices. In accordance with Rules
456(b) and 457(r) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the registrant is deferring
payment of all of the registration fee, except for $2,445.41 that has already been paid with respect to $34,297,475 of the aggregate
initial offering price of securities that were previously registered pursuant to Registration Statement No.&nbsp;333-158898 and
were not sold thereunder. Pursuant to Rule 415(a)(6) under the Securities Act, this registration statement includes such unsold
securities, and the fee paid in connection with the registration of such unsold securities will continue to be applied to such
unsold securities.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>FRANKLIN STREET PROPERTIES CORP.<BR>
<BR>
Common Stock</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">______________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. in one or more offerings.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This prospectus describes 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. This prospectus may not be used to offer or sell any shares of our
common stock unless accompanied by a prospectus supplement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our common stock is listed on the NYSE
Amex and trades under the symbol &ldquo;FSP.&rdquo;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The last sale price of our common stock
on the NYSE Amex on April 26, 2012 was $10.00 per share.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Investing in these securities involves
risks. See &ldquo;Risk Factors&rdquo; on page 2 of this prospectus, in the documents incorporated by reference herein and in any
prospectus supplement.</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">______________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">______________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in 12pt; text-align: center">Prospectus dated April 27, 2012.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 93%">ABOUT THIS PROSPECTUS</TD>
    <TD STYLE="width: 7%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>ABOUT FRANKLIN STREET PROPERTIES CORP.</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>RISK FACTORS</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>WHERE YOU CAN FIND MORE INFORMATION</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>FORWARD-LOOKING STATEMENTS</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>DESCRIPTION OF CAPITAL STOCK</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SELLING STOCKHOLDERS</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>LEGAL MATTERS</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>EXPERTS</TD>
    <TD STYLE="text-align: right">26</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This prospectus is part of a registration
statement that we have filed with the Securities and Exchange Commission, which we refer to as the SEC, utilizing a &ldquo;shelf&rdquo;
registration process. Under this shelf registration statement, we or certain selling stockholders may, from time to time, sell
our common stock in one or more offerings.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ABOUT FRANKLIN STREET PROPERTIES
CORP.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our company, 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,
or REIT, for federal income tax purposes. Our common stock is traded on the NYSE Amex under the symbol &ldquo;FSP&rdquo;. FSP Corp.
is the successor to Franklin Street Partners Limited Partnership, or the FSP Partnership, which was originally formed as a Massachusetts
general partnership in January 1997 as the successor to a Massachusetts general partnership that was formed in 1981. On January
1, 2002, the FSP Partnership converted into FSP Corp., which we refer to as the conversion. As a result of this conversion, the
FSP Partnership ceased to exist and we succeeded to the business of the FSP Partnership. In the conversion, each unit of both general
and limited partnership interests in the FSP Partnership was converted into one share of our common stock. As a result of the conversion,
we hold, directly and indirectly, 100% of the interest in three former subsidiaries of the FSP Partnership: FSP Investments LLC,
FSP Property Management LLC, and FSP Holdings LLC. We operate some of our business through these subsidiaries.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We are a REIT focused on commercial real
estate investments primarily in suburban office markets and currently operate in only one segment: real estate operations. The
principal revenue sources for our real estate operations include rental income from real estate leasing, interest income from secured
loans made on office properties and fee income from asset/property management.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Previously we also operated in an
investment banking segment, which was discontinued in December 2011. Our investment banking segment generated 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. We refer to these entities which are
organized as corporations and operated in a manner intended to qualify as REITs, as Sponsored REITs. On December 15, 2011, we
announced that our broker/dealer subsidiary, FSP Investments LLC, would no longer sponsor the syndication of shares of
preferred stock in newly-formed Sponsored REITs. Our decision to no longer sponsor the syndication of shares of preferred
stock in newly-formed Sponsored REITs was made after judging the potential for meaningful future profit contribution to our
earnings 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.</P>




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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As of March 31, 2012, the Company owned
and operated a portfolio of real estate consisting of 36 properties, managed 16 Sponsored REITs and held eight promissory notes
secured by mortgages on real estate owned by Sponsored REITs, including one mortgage loan with a revolving line of credit component,
one construction loan and six revolving lines of credit. From time-to-time we may acquire real estate or invest in real estate
by making secured loans on real estate or by acquiring our Sponsored REITs, although we have no legal or any other enforceable
obligation to acquire or to offer to acquire any Sponsored REIT. We may also pursue on a selective basis the sale of our properties
to take advantage of the value creation and demand for our properties, or for geographic or property specific reasons.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 <I>www.franklinstreetproperties.com</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For additional information about FSP
Corp. and our business, see &ldquo;<U>Where You Can Find More Information</U>&rdquo;, below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We use the terms &ldquo;FSP Corp.&rdquo;,
the &ldquo;company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo; in this prospectus to refer to the business
of Franklin Street Properties Corp. and its subsidiaries unless otherwise noted.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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
&ldquo;Risk Factors&rdquo; included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2011,
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.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We file annual, quarterly and current
reports, proxy statements and other reports with the SEC. Our SEC filings are available to the public over the Internet at the
SEC&rsquo;s website at http://www.sec.gov. Copies of certain information filed by us with the SEC are also available on our website
at <I>www.franklinstreetproperties.com.</I>. Our website is not a part of this prospectus and is not incorporated by reference
in this prospectus. You may also read and copy any document we file at the SEC&rsquo;s Public Reference Room at the SEC&rsquo;s
principal office, 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1 800 SEC 0330 for further information on
the operation of the Public Reference Room.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This prospectus is part of a registration
statement we filed with the SEC. This prospectus omits some information contained in the registration statement in accordance with
SEC rules and regulations. You should review the information and exhibits in the registration statement for further information
on us and our consolidated subsidiaries and our common stock being registered hereby. Statements in this prospectus concerning
any document we filed as an exhibit to the registration statement or that we otherwise filed with the SEC are not intended to be
comprehensive and are qualified by reference to these filings. You should review the complete document to evaluate these statements.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The SEC allows us to incorporate by reference
much of the information we file with the SEC, which means that we can disclose important information to you by referring you to
those publicly available documents. The information that we incorporate by reference in this prospectus is considered to be part
of this prospectus. Because we are incorporating by reference future filings with the SEC, this prospectus is continually updated
and those future filings may modify or supersede some of the information included or incorporated in this prospectus. This means
that you must look at all of the SEC filings that we incorporate by reference to determine if any of the statements in this prospectus
or in any document previously incorporated by reference have been modified or superseded. This prospectus incorporates by reference
the documents listed below (File No. 001-32470) and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act (in each case, other than those documents or the
portions of those documents not deemed to be filed) prior to the termination of the offering of the shares of our common stock
under the registration statement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with the SEC on February 21, 2012, including
the information specifically incorporated by reference into the Annual Report on Form 10-K from our definitive proxy statement
for the 2012 Annual Meeting of Stockholders;</TD></TR>                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Our Current Report on Form 8-K filed with the SEC on March 1, 2012; and</TD></TR>                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The description of our common stock contained in our Form 8-A, filed with the SEC on April 5, 2005.</TD></TR></TABLE>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will provide, without charge, to each
person, including any beneficial owner, to whom a prospectus is delivered, on written or oral request of that person, a copy of
any or all of the information that has been incorporated by reference in this prospectus but not delivered with this prospectus.
You may request a free copy of any of the documents incorporated by reference in this prospectus by writing or telephoning us at
the following address or phone number:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Franklin Street Properties Corp.<BR>
401 Edgewater Place, Suite 200<BR>
Wakefield, MA 01880<BR>
(781) 557-1300<BR>
Attention: Investor Relations</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This prospectus and the information incorporated
by reference in this prospectus include &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the Securities
Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange
Act. The forward-looking statements may contain information which is 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 regulatory uncertainty,
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. 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 may not update
any of the forward-looking statements after the date this prospectus 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: bold 10pt Times New Roman Bold; margin: 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">DESCRIPTION OF CAPITAL STOCK</P>

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

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">To maintain our qualification as a REIT,
among other things, not more than 50% in value of our outstanding shares of stock may be owned, directly or indirectly (taking
into account certain constructive ownership rules under the Internal Revenue Code of 1986, as amended, or the tax code), by five
or fewer individuals.&nbsp;&nbsp;Our Articles of Incorporation provide that no person may beneficially or constructively own more
than 9.8% of the number or value of our outstanding shares, unless exempted by our Board in its sole and absolute discretion.&nbsp;&nbsp;Our
Articles of Incorporation also provide that no person may transfer or acquire our shares to the extent that doing so would result
in our outstanding shares being beneficially owned by fewer than 100 persons, and that no person may transfer, acquire or beneficially
or constructively own shares to the extent that doing so would result in our violating the 50% ownership limitation described in
the first sentence of this section or would otherwise result in our failing to qualify as a REIT.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>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 December 21, 2010.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I><U>Provisions of our Articles of Incorporation, Bylaws
and Maryland Law that may have Anti-Takeover Effects</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Board of Directors</I>. Our Articles
of Incorporation and Bylaws provide for a board of directors divided as nearly equally as possible into three classes. Each class
is elected to a term expiring at the annual meeting of stockholders held in the third year following the year of such election.
At the 2012 annual meeting of stockholders, our stockholders will consider a proposal that has been recommended by our board of
directors to approve an amendment to our Articles of Incorporation relating to declassification of our board of directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Removal of Directors by Stockholders</I>.
Our Articles of Incorporation and Bylaws provide that members of our board of directors may only be removed for cause, and then
only by the affirmative vote of the holders of at least two-thirds of the outstanding shares entitled to vote on the election of
the directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Stockholder Nomination of Directors</I>.
Our Bylaws provide that a stockholder must notify us in writing of any stockholder nomination of a director not earlier than the
120<SUP>th</SUP> day and not later than the 90<SUP>th</SUP> day prior to the first anniversary of the mailing date of the notice
of the preceding year&rsquo;s annual meeting.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I><U>Directors&rsquo; Liability</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Our Articles of Incorporation also allows
us to indemnify directors and officers to the fullest extent authorized by Maryland law.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.
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. We may register these shares
to permit selling stockholders to resell their shares when they deem appropriate. A selling stockholder may resell all, a portion
or none of its shares at any time and from time to time. 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. We
do not know when or in what amounts the selling stockholders may offer shares for sale under this prospectus and any prospectus
supplement. 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. 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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">We may sell shares of our common stock:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">to or through underwriters;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">through dealers;</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">through agents;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">directly to purchasers; or</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">through a combination of any of these methods of sale.</TD></TR>
</TABLE>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In addition, we may issue our common
stock as a dividend or distribution or in a subscription rights offering to our existing stockholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We may directly solicit offers to purchase
shares of our common stock, or agents may be designated to solicit such offers. We will, in the prospectus supplement relating
to such offering, name any agent that could be viewed as an underwriter under the Securities Act, and describe any commissions
that we must pay. Any such agent will be acting on a best efforts basis for the period of its appointment or, if indicated in the
applicable prospectus supplement, on a firm commitment basis. This prospectus may be used in connection with any offering of shares
of our common stock through any of these methods or other methods described in the applicable prospectus supplement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The distribution of shares of our common
stock may be effected from time to time in one or more transactions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">at a fixed price, or prices, which may be changed from time to time;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">at market prices prevailing at the time of sale;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">at prices related to such prevailing market prices; or</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">at negotiated prices.</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each prospectus supplement will describe
the method of distribution of shares of our common stock and any applicable restrictions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The applicable prospectus supplement
with respect to any distribution of our common stock will describe the terms of the offering of the common stock, including the
following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the name of the agent or any underwriters;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the public offering or purchase price;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">any discounts and commissions to be allowed or paid to the agent or underwriters;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">all other items constituting underwriting compensation;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">any discounts and commissions to be allowed or paid to dealers; and</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">any exchanges on which shares of our common stock will be listed.</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If any underwriters or agents are utilized
in the sale of shares of our common stock in respect of which this prospectus is delivered, we will enter into an underwriting
agreement or other agreement with them at the time of sale to them, and we will set forth in the prospectus supplement relating
to such offering the names of the underwriters or agents and the terms of the related agreement with them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If a dealer is utilized in the sale of
shares of our common stock in respect of which the prospectus is delivered, we will sell such shares of common stock to the dealer,
as principal. The dealer may then resell such shares of common stock to the public at varying prices to be determined by such dealer
at the time of resale.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If we offer shares of our common stock
in a subscription rights offering to our existing security holders, we may enter into a standby underwriting agreement with dealers,
acting as standby underwriters. We may pay the standby underwriters a commitment fee for the shares of our common stock they commit
to purchase on a standby basis. If we do not enter into a standby underwriting arrangement, we may retain a dealer-manager to manage
a subscription rights offering for us.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Remarketing firms, agents, underwriters,
dealers and other persons may be entitled under agreements which they may enter into with us to indemnification by us against certain
civil liabilities, including liabilities under the Securities Act, and may be customers of, engage in transactions with or perform
services for us in the ordinary course of business.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If so indicated in the applicable prospectus
supplement, we will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase
shares of our common stock from us pursuant to delayed delivery contracts providing for payment and delivery on the date stated
in the prospectus supplement. Each contract will be for an amount not less than, and the aggregate amount of shares of common stock
sold pursuant to such contracts shall not be less nor more than, the respective amounts stated in the prospectus supplement. Institutions
with whom the contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension funds,
investment companies, educational and charitable institutions and other institutions, but shall in all cases be subject to our
approval. Delayed delivery contracts will not be subject to any conditions except that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="width: 1%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the purchase by an institution of shares of our common stock covered under that contract shall not at the time of delivery be prohibited under the laws of the jurisdiction to which that institution is subject; and</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Symbol">&#183;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">if the shares of our common stock are also being sold to underwriters acting as principals for their own account, the underwriters shall have purchased such shares of common stock not sold for delayed delivery. The underwriters and other persons acting as our agents will not have any responsibility in respect of the validity or performance of delayed delivery contracts.</TD></TR>
</TABLE>


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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Certain agents, underwriters and dealers, and their associates
and affiliates may be customers of, have borrowing relationships with, engage in other transactions with, and/or perform services,
including investment banking services, for us or one or more of our respective affiliates in the ordinary course of business.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In order to facilitate the offering of
shares of our common stock, any underwriters may engage in transactions that stabilize, maintain or otherwise affect the price
of shares of our common stock or any other securities the prices of which may be used to determine payments on such shares of our
common stock. Specifically, any underwriters may overallot in connection with the offering, creating a short position for their
own accounts. In addition, to cover overallotments or to stabilize the price of shares of our common stock or of any such other
securities, the underwriters may bid for, and purchase, shares of our common stock or any such other securities in the open market.
Finally, in any offering of shares of our common stock through a syndicate of underwriters, the underwriting syndicate may reclaim
selling concessions allowed to an underwriter or a dealer for distributing shares of our common stock in the offering if the syndicate
repurchases previously distributed shares of our common stock in transactions to cover syndicate short positions, in stabilization
transactions or otherwise. Any of these activities may stabilize or maintain the market price of shares of our common stock above
independent market levels. Any such underwriters are not required to engage in these activities and may end any of these activities
at any time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Under Rule 15c6-1 of the Exchange Act,
trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly
agree otherwise. The applicable prospectus supplement may provide that the original issue date for your shares of our common stock
may be more than three scheduled business days after the trade date for your shares of our common stock. Accordingly, in such a
case, if you wish to trade shares of our common stock on any date prior to the third business day before the original issue date
for your shares of our common stock, you will be required, by virtue of the fact that your shares of our common stock initially
are expected to settle in more than three scheduled business days after the trade date for your shares of our common stock, to
make alternative settlement arrangements to prevent a failed settlement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Shares of our common stock may be new
issues of shares of our common stock and may have no established trading market. Shares of our common stock may or may not be listed
on a national securities exchange. We can make no assurance as to the liquidity of or the existence of trading markets for any
of the shares of our common stock.</P> <!-- Field: Page; Sequence: 14; Section: Main -->
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">MATERIAL UNITED STATES FEDERAL INCOME
TAX CONSIDERATIONS</P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.
The following summary is not exhaustive of all possible tax considerations. 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 &ldquo;Taxation of Tax-Exempt Stockholders&rdquo;), 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 &ldquo;Taxation of Non-U.S. Stockholders&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.
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. We believe that we
have been 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. Our counsel, Wilmer Cutler Pickering Hale and Dorr LLP,
has rendered its opinion, based upon various assumptions specified therein and upon our representations as to, among other
things, our organization, ownership and operations that we qualified to be taxed as a real estate investment trust for each
taxable year beginning with our taxable year ending December 31, 2002 and that our organization, ownership and proposed
method of operation, will enable us to continue to qualify as a real estate investment trust. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. 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. No ruling from the Internal Revenue
Service has been or will be sought. Future legislative, judicial or administrative changes or interpretations could alter or modify
the statements and conclusions set forth herein, possibly adversely.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Tax Consequences of REIT Election</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Introduction</I>. </B>We have elected
under Section 856 of the tax code to be taxed as a REIT. Subject to the risks described above, we intend to continue to be taxed
as a REIT.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Taxation of FSP Corp.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>General.</I></B> 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. The benefit of this tax treatment is that it substantially eliminates the
&ldquo;double taxation&rdquo; resulting from the taxation at both the corporate and stockholder levels that generally results from
owning stock in a corporation. Accordingly, our income generally will be subject to taxation solely at the stockholder level upon
a distribution by us. We will, however, be required to pay certain federal income taxes, including in the following circumstances:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We will be subject to the &#8220;alternative minimum tax&#8221; with respect to our undistributed alternative minimum taxable
income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>If we fail to satisfy the asset tests (other than certain de minimis 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 assets.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We may elect to retain and pay income tax on some or all of our long-term capital gain, as described below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Requirements for Qualification as
a Real Estate Investment Trust</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A real estate investment trust may own
a &ldquo;qualified REIT subsidiary.&rdquo; 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 &ldquo;taxable REIT subsidiary&rdquo;
(as discussed below). A corporation that is a qualified REIT subsidiary is not treated as a corporation separate from its parent
REIT for federal income tax purposes. 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. 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. Similar treatment
will apply with respect to any other entities owned by us that are disregarded as separate entities for federal income tax purposes.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">A real estate investment trust may own
up to 100% of the stock of one or more taxable REIT subsidiaries. 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 and may own assets that would not be
qualifying assets, as described below, if owned directly by a REIT. Both the subsidiary and the parent real estate investment trust
must jointly elect to treat the subsidiary as a taxable REIT subsidiary. Overall, not more than 25% (20% for taxable years beginning
on or before July 30, 2008) of the value of a REIT&rsquo;s assets may consist of securities of one or more taxable REIT subsidiaries.
A taxable REIT subsidiary will pay tax at regular corporate rates on any income that it earns. 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&rsquo;s-length basis. An election has been made to treat FSP Investments LLC and FSP Protective TRS Corp., both wholly
owned subsidiaries of ours, as taxable REIT subsidiaries. Such subsidiaries pay corporate income tax on their respective amounts
of taxable income and their after-tax net income will be available for distribution to us, generally as a dividend.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Income Tests &ndash; </I>General<I>.</I></B>
We must satisfy annually two tests regarding the sources of our gross income in order to maintain our real estate investment trust
status. First, at least 75% of our gross income, excluding gross income from certain &ldquo;dealer&rdquo; 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 &ldquo;75%
gross income test&rdquo;. Qualifying income for purposes of the 75% gross income test generally includes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>&#8220;rents from real property&#8221; (as described below);</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>interest from debt secured by mortgages on real property or on interests in real property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>dividends or other distributions on, and gain from the sale of, shares in other real estate investment trusts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>gain from the sale or other disposition of real property or mortgages on real property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>certain investment income attributable to temporary investment of capital that we raise.</TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Second, at least 95% of our gross income,
excluding gross income from certain &ldquo;dealer&rdquo; 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 &ldquo;95% gross income test.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Income Tests &ndash; </I>Rents
from Real Property<I>.</I></B> Rent that we receive from real property that we own and lease to tenants will qualify as &ldquo;rents
from real property&rdquo; if the following conditions are satisfied:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>First, the rent must not be based, in whole or in part, on the income or profits of any person. 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Third, any rent received under a lease that is attributable to personal property 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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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. 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;
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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Although no assurances can be given
that either of the gross income tests have been or will be satisfied in any given year, we believe that our operations have
allowed and will allow us to meet both the 75% gross income test and the 95% gross income test. Such belief as to future
years 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 &ldquo;rents from real property.&rdquo; 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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Income Tests &ndash; </I>Failure
to Satisfy Gross Income Tests<I>.</I></B> If we fail to satisfy either or both of the 75% or 95% gross income tests for a taxable
year, 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. Those relief provisions generally will be available if:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Following our identification of the failure to meet the gross income test for the 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</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Our failure to meet the gross income test was due to reasonable cause and not due to willful neglect.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. Furthermore,
as discussed above under &ldquo;Taxation of FSP Corp. &ndash; General,&rdquo; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Asset Tests.</I></B> 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.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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; or partnership for federal income tax purposes or is itself a REIT
(the &#8220;securities asset test&#8221;); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We intend to operate so that we will
not acquire any assets that would cause us to violate any of the asset tests. 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 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. 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.</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Such failure is a failure to meet the securities asset test and 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 de minimis 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</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In the case of any other failure, (1) we prepare a schedule that sets forth each asset that causes us to fail the 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, (3) we dispose of the assets set forth on the schedule
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 and (4) we pay a tax equal to the greater of $50,000
or an amount equal to 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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Distribution Requirements. </I></B>Each
taxable year, we must distribute dividends to our stockholders in an amount at least equal to:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Certain items of noncash income.</TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.
Further, if we fail to meet the 90% distribution requirement as a result of an adjustment to our tax returns, 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 the IRS) to our stockholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">We will be subject to federal income
tax on our taxable income, including net capital gain that we do not distribute to our stockholders. 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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>85% of our real estate investment trust ordinary income for such year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>95% of our real estate investment trust capital gain income for such year; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any of our undistributed taxable income from prior periods,</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">we will be subject to a 4% nondeductible
excise tax on the excess of such required distribution over the amount actually distributed. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. 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. 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. 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. Such a termination would have adverse tax consequences to our stockholders.
See &ldquo;Taxation of FSP Corp. &ndash; General.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Recordkeeping Requirements. </I></B>We
must maintain records of information specified in applicable Treasury Regulations in order to maintain our qualification as a real
estate investment trust. 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. We intend to comply with these recordkeeping
requirements.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Ownership Requirements. </I></B>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. 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 &ldquo;individuals&rdquo; (which term is defined for this purpose to include certain
tax-exempt entities including pension trusts). Our common stock will be held by 100 or more persons. We intend to continue to comply
with these ownership requirements. Also, our charter contains ownership and transfer restrictions designed to prevent violation
of these requirements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Failure to Qualify.</I></B> If
we fail to satisfy any of the above requirements (other than the income and asset tests) for a taxable year and no relief provisions
in effect for such years applied, then we could nevertheless qualify as a real estate investment trust if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Such failures are due to reasonable cause and not due to willful neglect, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>We pay (in the manner prescribed by the Treasury Secretary in regulations) a penalty of $50,000 for each such failure.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">It is not possible to state whether we
would be entitled to the benefit of the relief provisions in a particular circumstance. If such relief is not available, we would
fail to qualify as a real estate investment trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. 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. We would not be required to
distribute any amounts to our stockholders in such taxable year. 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. Non-corporate
stockholders, however, could qualify for a lower maximum tax rate on such dividends in most circumstances during 2012. Moreover,
subject to certain limitations under the tax code, corporate stockholders might be eligible for the dividends received deduction.
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. We cannot
predict whether we would qualify for such statutory relief in a particular circumstance that might arise in the future.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Taxation of Taxable U.S. Stockholders</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As used herein, the term &ldquo;taxable
U.S. stockholder&rdquo; means a stockholder that, for United States federal income tax purposes, is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>A citizen or resident of the United States;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Distributions
Generally.</I></B> 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. In addition,
such dividends will not qualify for the lower maximum tax rate currently applicable to dividends received by
non-corporate taxpayers except to the extent that they were attributable to qualified dividend income we received from other
corporations during the taxable year or to certain income previously taxed to us. 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&rsquo;s
tax basis in our common stock, and any portion of the distribution in excess of the stockholder&rsquo;s tax basis in our
common stock will then be treated as gain from the sale of such stock. 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. Taxable U.S. stockholders may not include on their federal income tax
returns any of our tax losses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Capital Gain Dividends.</I></B>
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. Taxable U.S. stockholders that are corporations may be required,
however, to treat up to 20% of particular capital gain dividends as ordinary income. Capital gain dividends, like regular dividends
from a real estate investment trust, are not eligible for the dividends received deduction for corporations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 &ldquo;regular&rdquo;
capital gain dividend taxable to the taxable U.S. stockholder at a maximum rate generally lower than that applicable to ordinary
income or (2) an &ldquo;unrecaptured Section 1250 gain&rdquo; dividend taxable to the taxable U.S. stockholder at a maximum rate
that is between the rate applicable to &ldquo;regular&rdquo; capital gain and the rate applicable to ordinary income.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Retained Capital Gains.</I></B>
We may elect to retain, rather than distribute, our net long-term capital gain received during the tax year. If we so elect, we
will be required to pay tax on the retained amounts. 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. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Passive Activity Loss and Investment
Interest Limitations.</I></B> 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. 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. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Sale of FSP Common Stock. </I></B>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&rsquo;s tax basis in the stock sold. 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.
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.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Taxation of Tax-Exempt Stockholders</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Tax-exempt entities, including qualified
employee pension and profit sharing trusts and individual retirement accounts, collectively known as &ldquo;exempt organizations&rdquo;,
generally are exempt from federal income taxation. Exempt organizations are subject to tax, however, on their unrelated business
taxable income, or &ldquo;UBTI.&rdquo; 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. 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. Based on that ruling,
amounts distributed to exempt organizations generally should not constitute UBTI. 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 &ldquo;debt-financed
property&rdquo; rules.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">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. 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 &ldquo;pension-held REIT.&rdquo; We do not expect to
qualify as a &ldquo;pension-held REIT.&rdquo;</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Taxation of Non-U.S. Stockholders</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>General.</I></B> 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 &ldquo;non-U.S. stockholders&rdquo;, are complex and no attempt is
made herein to provide more than a general summary of such rules. 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. <B>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.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Ordinary Dividends &ndash; </I>General<I>.</I></B>
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. 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. 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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Ordinary Dividends &ndash; </I>Withholding<I>.</I></B>
Dividends paid to non-U.S. stockholders may be subject to U.S. withholding tax. If an income tax treaty does not apply and the
non-U.S. stockholder&rsquo;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 (i.e., 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. 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).
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&rsquo;s qualification for the reduced rate. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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) the status of the partner or beneficiary,
and (3) the activities of the partnership or trust. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. In order to claim such exemption, a non-U.S. stockholder must provide
us or our paying agent with a duly completed Form W-8ECI (or authorized substitute form) certifying such holder&rsquo;s exemption.
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. 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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Capital Gain Dividends &ndash;
</I>General<I>.</I></B> 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 &ldquo;FIRPTA&rdquo;. 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. 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). 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 one-year period
ending on the date of such distribution. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Capital Gain Dividends &ndash;
</I>Withholding<I>.</I></B> 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. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Sale of Our Common Stock.</I></B>
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 &ldquo;domestically-controlled REIT.&rdquo; 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. 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>FIRPTA. </I></B>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 (taking into
account complicated attribution rules). 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). 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&rsquo;s FIRPTA tax liability.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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. 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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><I>Estate Tax Considerations.</I></B>
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&rsquo;s gross estate for United States federal estate tax purposes,
unless otherwise provided in an applicable estate tax treaty.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Information Reporting and Backup
Withholding</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.
These requirements apply even if withholding was not required with respect to payments made to a stockholder. 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&rsquo;s country
of residence, if an applicable income tax treaty so provides.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Backup withholding generally may be imposed
on certain payments to a stockholder unless the stockholder (1) furnishes certain information, or (2) is otherwise exempt from
backup withholding.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Stockholders should consult their own
tax advisors regarding their qualification for an exemption from backup withholding and the procedure for obtaining an exemption.
Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect to a distribution to a stockholder
will be allowed as a credit against such holder&rsquo;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.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>is a United States person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>derives 50% or more of its gross income for certain periods from the conduct of a trade or business in the United States; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>is a &#8220;controlled foreign corporation&#8221; for United States tax purposes.</TD></TR></TABLE>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>U.S. Federal Income Tax Withholding
Under FATCA</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Under a U.S. law enacted in March 2010
that is commonly referred to as the &ldquo;Foreign Account Tax Compliance Act&rdquo; or &ldquo;FATCA&rdquo; certain &ldquo;withholdable
payments&rdquo; (which will include dividends paid by us and the gross proceeds from the sale of our common stock) made to a &ldquo;foreign
financial institution&rdquo; will be subject to a 30% withholding tax unless the foreign financial institution enters into an
agreement with the IRS (i) to determine which (if any) of its accounts are &ldquo;United States accounts,&rdquo; (ii) comply with
annual information reporting with respect to such United States accounts, and (iii) comply with certain withholding obligations
(terms in quotes as defined under FATCA). Certain other non-U.S. entities are also subject to the 30% withholding tax on withholdable
payments under FATCA unless certain certification and reporting requirements are satisfied. FATCA generally is effective January
1, 2013, however recent IRS guidance extends various deadlines for compliance with certain withholding, reporting and other obligations
under FATCA beyond the January 1, 2013 statutory effective date. The foregoing is only a general summary of certain provisions
of FATCA. The IRS is expected to issue final regulations and additional guidance regarding FATCA before it becomes effective.
A stockholder should consult with their own tax advisors regarding the application of FATCA to the ownership and disposition of
our common stock.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">State and Local Tax</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The discussion herein concerns only the
United States federal income tax treatment likely to be accorded to us and our stockholders. No consideration has been given to
the state and local tax treatment of such parties. The state and local tax treatment may not conform to the federal treatment described
above. 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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Unless the applicable prospectus supplement
indicates otherwise, 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.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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, 2011, and the effectiveness of our internal control over financial reporting as of December 31,
2011, as set forth in their reports, which are incorporated by reference in this prospectus and elsewhere in the registration statement.
Our financial statements and schedules are incorporated by reference in reliance on Ernst &amp; Young LLP&rsquo;s reports, given
on their authority as experts in accounting and auditing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">______________________</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FRANKLIN STREET PROPERTIES CORP.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-weight: normal">April
27, 2012.</FONT></P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="text-underline-style: none"><B>Item 14.&nbsp;&nbsp;&nbsp;Other
Expenses of Issuance and Distribution.</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Securities and Exchange Commission registration fee</TD>
    <TD STYLE="text-align: right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Legal fees and expenses</TD>
    <TD STYLE="text-align: right">85,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD>
    <TD STYLE="text-align: right">10,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Miscellaneous expenses</TD>
    <TD STYLE="text-align: right">5,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD>
    <TD STYLE="text-align: right">$ 100,000</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">*<FONT STYLE="font-size: 10pt"> </FONT>Deferred in accordance
with Rules 456(b) and 457(r) under the Securities Act of 1933, except for $2,445.41 that has already been paid with respect to
$34,297,475 of the aggregate initial offering price of securities that were previously registered pursuant to Registration Statement
No.&nbsp;333-158898 and were not sold thereunder. Pursuant to Rule 415(a)(6) under the Securities Act, this registration statement
includes such unsold securities, and the fee paid in connection with the registration of such unsold securities will continue to
be applied to such unsold securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="text-underline-style: none"><B>Item 15. Indemnification
of Directors and Officers.</B></FONT></P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">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. 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&rsquo;s official
capacity, in which the individual was adjudged to be liable on the basis that personal benefit was improperly received.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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&rsquo;s or officer&rsquo;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&rsquo; ability to obtain other relief, such as an injunction or rescission. Our Articles of Incorporation also
allow us to purchase insurance to protect FSP Corp. and any director, officer, employee or agent, and any individual serving in
such capacity of another entity at our request. We have obtained such a policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="text-underline-style: none"><B>Item 16. Exhibits.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The following exhibits are filed with this registration statement.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">Exhibit</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline">Number</TD>
    <TD STYLE="text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD STYLE="padding-left: 2.65pt">Articles of Incorporation of Franklin Street Properties Corp. (incorporated herein by reference to the Registrant&rsquo;s Form 8-A, filed with the SEC on April 5, 2005 (File No. 001-32470)).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD STYLE="padding-left: 2.65pt">Restated Bylaws of Franklin Street Properties Corp. (incorporated herein by reference to the Registrant&rsquo;s Current Report on Form 8-K, filed with the SEC on December 21, 2010 (File No. 001-32470)).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.3</TD>
    <TD STYLE="padding-left: 2.65pt">Form of common stock certificate (incorporated herein by reference to the Registrant&rsquo;s Registration Statement on Form S-4, filed with the SEC on September 2, 2004 (File No. 333-118748)).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.1</TD>
    <TD STYLE="padding-left: 2.65pt">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">8.1</TD>
    <TD STYLE="padding-left: 2.65pt; width: 90%">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP regarding tax matters.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.1</TD>
    <TD STYLE="padding-left: 2.65pt">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion filed as Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.2</TD>
    <TD STYLE="padding-left: 2.65pt">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion filed as Exhibit 8.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.3</TD>
    <TD STYLE="padding-left: 2.65pt">Consent of Ernst &amp; Young LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>24.1</TD>
    <TD STYLE="padding-left: 2.65pt">Powers of Attorney (included on the signature page to the registration statement).</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="text-underline-style: none"><B>ITEM 17.&nbsp;&nbsp;&nbsp;Undertakings.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a)&#9;The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(1)&#9;To file, during any period in which offers or sales
are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(i)&#9;To include any prospectus required by Section 10(a)(3)
of the Securities Act of 1933;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(ii)&#9;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. 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 &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(iii)&#9;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>provided, however</I>, that paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) of this section do not apply if the registration statement is on Form S-3 or Form F-3 and 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.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(2)&#9;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(3)&#9;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(4)&#9;That, for the purpose of determining liability under
the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(A)&#9;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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(B)&#9;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(5)&#9;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:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(i)&#9;Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(ii)&#9;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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(iii)&#9;The portion of any 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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(iv)&#9;Any other communication that is an offer in the offering
made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(b)&#9;The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
benefit plan&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(c)&#9;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.</P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES</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
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 27th day of April, 2012.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 6pt">FRANKLIN STREET PROPERTIES CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 56%; padding-bottom: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">By:</TD>
    <TD STYLE="padding-bottom: 0; text-decoration: underline"><U>/s/ George J. Carter</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">George J. Carter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.</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
Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 6pt">Signature</TD>
    <TD STYLE="width: 39%; padding-left: 6pt">Title</TD>
    <TD STYLE="width: 27%; padding-left: 6pt">Date</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><U>&nbsp;/s/ George J. Carter&#9;<BR>
        </U>George J. Carter</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 6pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 6pt">President, Chief Executive <BR> Officer and Director<BR> (Principal Executive Officer)</TD>
    <TD STYLE="padding-left: 6pt">April 27, 2012</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 6pt"><U>/s/ Barbara J. Fournier&#9;<BR>
</U>Barbara J. Fournier</TD>
    <TD STYLE="width: 39%; padding-left: 6pt">Executive Vice President, Chief<BR> Operating Officer, Secretary, <BR> Treasurer and Director</TD>
    <TD STYLE="width: 27%; padding-left: 6pt">April 27, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt"><U>/s/ John Demeritt&#9;<BR>
</U>John Demeritt</TD>
    <TD STYLE="padding-left: 6pt">Executive Vice President and <BR> Chief Financial Officer <BR> (Principal Financial Officer and <BR> Principal Accounting Officer)</TD>
    <TD STYLE="padding-left: 6pt">April 27, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt"><U>/s/ John N. Burke&#9;<BR>
</U>John N. Burke</TD>
    <TD STYLE="padding-left: 6pt">Director</TD>
    <TD STYLE="padding-left: 6pt">April 27, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt"><U>/s/ Dennis J. McGillicuddy&#9;<BR>
</U>Dennis J. McGillicuddy</TD>
    <TD STYLE="padding-left: 6pt">Director</TD>
    <TD STYLE="padding-left: 6pt">April 27, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt"><U>/s/ Georgia Murray&#9;<BR>
</U>Georgia Murray</TD>
    <TD STYLE="padding-left: 6pt">Director</TD>
    <TD STYLE="padding-left: 6pt">April 27, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt"><U>/s/ Janet P. Notopoulos&#9;<BR>
</U>Janet P. Notopoulos</TD>
    <TD STYLE="padding-left: 6pt">Director and Executive Vice <BR> President</TD>
    <TD STYLE="padding-left: 6pt">April 27, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 6pt"><U>/s/ Barry Silverstein&#9;<BR>
</U>Barry Silverstein</TD>
    <TD STYLE="padding-left: 6pt">Director</TD>
    <TD STYLE="padding-left: 6pt">April 27, 2012</TD></TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">Exhibit</TD>
    <TD STYLE="width: 90%; padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline">Number</TD>
    <TD STYLE="padding-left: 4.8pt; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD STYLE="padding-left: 4.8pt">Articles of Incorporation of Franklin Street Properties Corp. (incorporated herein by reference to the Registrant&rsquo;s Form 8-A, filed with the SEC on April 5, 2005 (File No. 001-32470)).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD STYLE="padding-left: 4.8pt">Restated Bylaws of Franklin Street Properties Corp. (incorporated herein by reference to the Registrant&rsquo;s Current Report on Form 8-K, filed with the SEC on December 21, 2010 (File No. 001-32470)).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>4.3</TD>
    <TD STYLE="padding-left: 4.8pt">Form of common stock certificate (incorporated herein by reference to the Registrant&rsquo;s Registration Statement on Form S-4, filed with the SEC on September 2, 2004 (File No. 333-118748)).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.1*</TD>
    <TD STYLE="padding-left: 4.8pt">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>8.1*</TD>
    <TD STYLE="padding-left: 4.8pt">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP regarding tax matters.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.1*</TD>
    <TD STYLE="padding-left: 4.8pt">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion filed as Exhibit 5.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.2*</TD>
    <TD STYLE="padding-left: 4.8pt">Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion filed as Exhibit 8.1).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.3*</TD>
    <TD STYLE="padding-left: 4.8pt">Consent of Ernst &amp; Young LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 4.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>24.1*</TD>
    <TD STYLE="padding-left: 4.8pt">Powers of Attorney (included on the signature page to the registration statement).</TD></TR>
</TABLE>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">* Filed herewith.</P>



<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

<P STYLE="margin: 0">&nbsp;</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>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">April 27, 2012</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">401 Edgewater Place, Suite 200</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Wakefield, MA 01880</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>Registration Statement on Form S-3</U></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This opinion is furnished to you in connection
with a Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the issuance and sale from time to time
of shares of common stock, $0.0001 par value (the &ldquo;Shares&rdquo;), of Franklin Street Properties Corp., a Maryland corporation
(the &ldquo;Company&rdquo;), 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. We have examined a signed copy of the Registration Statement
to be filed with the Commission. 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 &ldquo;Charter Documents&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. We also express no opinion herein with respect to (i) the securities or &ldquo;blue sky&rdquo; laws of any state or
other jurisdiction of the United States or any foreign jurisdiction, or (ii) the antifraud laws of any jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><IMG SRC="wilmerhale2.gif" ALT=""></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">April 27, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page </FONT>2</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Based upon and subject to the foregoing,
we are of the opinion that the Shares, when (i)&nbsp;specifically authorized for issuance by the Company&rsquo;s Board of Directors
or an authorized committee thereof (the &ldquo;Authorizing Resolutions&rdquo;), (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)&nbsp;the Shares have been issued and sold as contemplated by the
Registration Statement, and (iv)&nbsp;the Company has received the consideration provided for in the Authorizing Resolutions, will
be validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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. This opinion is provided
to you as a legal opinion only and is not a guaranty or warranty of the matters discussed herein. 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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">WILMER CUTLER PICKERING HALE AND DORR <FONT STYLE="font-variant: small-caps">LLP</FONT></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Kenneth A. Hoxsie&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Kenneth A. Hoxsie, a Partner</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 0 0 243pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 243pt">&nbsp;</P>

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



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="image_008.gif" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: center">April 27, 2012</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">401 Edgewater Place</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Suite 200</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Wakefield, MA 01880-6210</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>Certain Federal Income Tax Matters Related to Franklin Street Properties Corp.</U></TD></TR></TABLE>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 13.2pt 0">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This opinion is being delivered to you
in connection with certain federal income tax matters related to Franklin Street Properties Corp. (&ldquo;FSP Corp.&rdquo;) in
connection with the Registration Statement on Form S-3 (the &ldquo;Registration Statement&rdquo;) filed on April 27, 2012 by FSP
Corp. with the Securities and Exchange Commission, relating to the issuance and sale from time to time of shares of common stock
of FSP Corp. Except as otherwise provided, capitalized terms not defined herein have the meanings set forth 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 &ldquo;Representation Letter&rdquo;). All section references, unless otherwise indicated, are to the United States Internal
Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 &ldquo;IRS&rdquo;) as in effect on the date of this opinion. 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. 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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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 By-Laws of FSP Corp., each as amended through the date hereof, and such other
documents as we considered relevant to our analysis. 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.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><IMG SRC="wilmerhale2.gif" ALT=""></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Franklin Street Properties Corp.<BR>
April 27, 2012<br>
Page 2</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">In 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. 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. 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. Finally, we have assumed that any statement in the Representation Letter that is made
&ldquo;to the knowledge of&rdquo;, &ldquo;belief of&rdquo; or similarly qualified is correct and accurate, and that such representation
or statement will continue to be correct and accurate, without such qualification.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Opinions</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 0 12pt; text-indent: 0.5in">Based upon the foregoing, and subject
to the various assumptions, limitations, and qualifications set forth in this letter, we are of the opinion that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;FSP Corp. qualified to be taxed as a REIT pursuant
to sections&nbsp;856 through 860 of the Code for its taxable years ended December&nbsp;31, 2002 through December 31, 2011, and
FSP Corp.&rsquo;s organization, ownership and proposed method of operation as described in the Registration Statement and Representation
Letter will enable it to continue to qualify as a REIT for its taxable year ending December&nbsp;31, 2012, and in the future.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;The statements in the Registration Statement under
the caption &ldquo;Material United States Federal Income Tax Considerations,&rdquo; have been reviewed by us and, insofar as such
statements constitute matters of law or legal conclusions, are correct in all material respects.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Franklin Street Properties Corp.<BR>
April 27, 2012<br>
Page 3</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">FSP Corp.&rsquo;s qualification and taxation
as a REIT depends upon FSP Corp.&rsquo;s ability to meet on a continuing basis, through actual annual operating and other results,
the various requirements under the Code as 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. Wilmer Cutler Pickering Hale and Dorr LLP will not review FSP Corp.&rsquo;s compliance with these requirements on an
independent or ongoing basis. 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.&rsquo;s distributions to its shareholders and the diversity of FSP Corp.&rsquo;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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This opinion addresses only the specific
United States federal income tax consequences set forth above in the numbered paragraphs under the caption &ldquo;Opinions&rdquo;,
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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This opinion is intended for the purpose
of inclusion as an exhibit to the Registration Statement. It may not be relied upon for any other purpose. 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).
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. In giving this consent, however, we do not hereby
admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 2.5in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 2.5in; text-transform: uppercase">Wilmer Cutler Pickering<BR>
Hale and Dorr LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in"><FONT STYLE="text-underline-style: none">By: </FONT><U>/s/
Robert D. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">Robert D. Burke, a Partner</P>

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



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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>Exhibit 23.3</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 6pt 0 3pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">Consent of Independent Registered
Public Accounting Firm</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0; text-align: justify">We consent to the reference to our
firm under the caption &quot;Experts&quot; in the 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 21, 2012,
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, 2011, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0 5pt 32pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0 5pt 1in">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0 5pt 32pt">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0">Boston, Massachusetts</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 5pt 0">April 27, 2012</P>

<P STYLE="font: 11pt/11.4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
