<SEC-DOCUMENT>0001171520-12-000368.txt : 20120427
<SEC-HEADER>0001171520-12-000368.hdr.sgml : 20120427
<ACCEPTANCE-DATETIME>20120427171339
ACCESSION NUMBER:		0001171520-12-000368
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20120427
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120427
DATE AS OF CHANGE:		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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32470
		FILM NUMBER:		12790947

	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>8-K
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<FILENAME>eps4651.htm
<DESCRIPTION>FRANKLIN STREET PROPERTIES CORP.
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of Report (Date of earliest event
reported):&nbsp;&nbsp;<B>April 27, 2012</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Franklin Street Properties Corp.</B></P>

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    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Maryland</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; text-align: center">001-32470</TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; text-align: center">04-3578653</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction<BR>
of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(Commission<BR>
File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR>
Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; text-align: center">401 Edgewater Place, Suite 200, Wakefield, Massachusetts</TD>
    <TD STYLE="border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">01880-6210</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">Registrant&rsquo;s telephone number, including area code:&nbsp;&nbsp;<B>(781) 557-1300</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction
A.2. below):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><B>Item 1.01.&nbsp;&nbsp;Entry
into a Material Definitive Agreement.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">On April 27, 2012, Franklin Street Properties
Corp. (the &ldquo;Company&rdquo;) entered into an amendment (the &ldquo;Amendment&rdquo;) to its on demand offering sales agreement
(the &ldquo;Sales Agreement&rdquo;) with Robert W. Baird &amp; Co. Incorporated (&ldquo;Baird&rdquo;) dated as of May 7, 2010 in
connection with filing a new shelf registration statement on Form S-3 relating to the shares to be issued and sold pursuant to
the Sales Agreement, as amended.&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the Sales
Agreement, the Company could offer and sell shares of the Company&rsquo;s common stock having an aggregate public offering
price of up to $75,000,000 (the &ldquo;Shares&rdquo;), from time to time through Baird as the Company&rsquo;s sales agent
(the &ldquo;Offering&rdquo;).&nbsp;&nbsp;The Shares to be issued and sold pursuant to the Sales Agreement were registered on
an effective shelf registration statement on Form S-3 (Registration No. 333-158898), filed on April 29, 2009, and a related
prospectus supplement filed on May 7, 2010 (together, the &ldquo;Prior Registration Statement&rdquo;). The Prior Registration
Statement terminated on April 27, 2012 when the Company filed an automatically effective shelf registration statement on Form
S-3 (File No. 333-181009) (the &ldquo;New Registration Statement&rdquo;) with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;). The New Registration Statement included Shares registered on the Prior Registration Statement that
remained unsold as of April 27, 2012 with an aggregate public offering price of up to $34,297,475 (the &ldquo;Unsold
Shares&rdquo;). The Company also filed a prospectus supplement with the SEC on April 27, 2012 relating to the issuance and
sale of the Unsold Shares from time to time in the Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Amendment permits the Company to
offer and sell the Unsold Shares registered on the New Registration Statement and the related prospectus supplement from time to
time in the Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Sales of the Shares, if any, under the
Sales Agreement, as amended, will depend upon market conditions and other factors to be determined by the Company and may be made
in transactions that are deemed to be &ldquo;at the market offerings&rdquo; as defined in Rule 415 under the Securities Act of
1933, as amended, including sales made directly on the NYSE Amex or sales made to or through a market maker other than on an exchange,
as well as in negotiated transactions, if and to the extent agreed by the Company in writing.&nbsp;&nbsp;The Company has no obligation
to sell any Shares pursuant to the Sales Agreement, as amended, and may at any time suspend solicitation and offers pursuant to
the Sales Agreement, as amended.&nbsp;&nbsp;Baird is not required to sell any specific number or dollar amount of Shares but has
agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the Shares, as
instructed by the Company. Either party may suspend any sale of Shares upon written notice to the other and may terminate the Sales
Agreement, as amended, on ten days&rsquo; notice to the other party.&nbsp;&nbsp;The Sales Agreement, as amended, provides that
Baird will be entitled to compensation of 2.0% of the gross sales price per share for any of the Shares sold under the Sales Agreement,
as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Current Report on Form 8-K does
not constitute an offer to sell or the solicitation of an offer to buy any security, and there shall not be any sale of these securities
in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
law of any such state.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing descriptions of the Amendment
and the Sales Agreement are qualified in their entirety by reference to the full text of the Amendment and the Sales Agreement,
respectively. A copy of the Sales Agreement is attached hereto as Exhibit 1.1 and is incorporated by reference into this Current
Report on Form 8-K. A copy of the Amendment is attached hereto as Exhibit 1.2 and is incorporated by reference into this Current
Report on Form 8-K.</P>

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

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<TD STYLE="width: 75pt; text-align: right">(d)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

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

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

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

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Date:&nbsp; April 27, 2012</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">FRANKLIN STREET PROPERTIES CORP.</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ George J. Carter&nbsp;&nbsp;&nbsp;&nbsp;<BR>
        </U>George J. Carter<BR>
        President and Chief Executive Officer</P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 48pt 0 12pt; text-align: center"><B>Exhibit Index</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">1.1</TD>
    <TD STYLE="width: 90%">Baird On Demand Offering Sales Agreement between the Company and Robert W. Baird &amp; Co. Incorporated, dated May 6, 2010 (incorporated by reference to Exhibit 1.1 of the Company&rsquo;s Current Report on Form 8-K filed on May 7, 2010).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.2</TD>
    <TD>Amendment No. 1 to Baird On Demand Offering Sales Agreement between the Company and Robert W. Baird &amp; Co. Incorporated, dated April 27, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>5.1</TD>
    <TD>Opinion of Wilmer Cutler Pickering Hale and Dorr LLP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>8.1</TD>
    <TD>Opinion of Wilmer Cutler Pickering Hale and Dorr LLP regarding certain tax matters.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.1</TD>
    <TD>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>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>23.2</TD>
    <TD>Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in the opinion filed as Exhibit 8.1).</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



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

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<P STYLE="font: bold 12pt Times New Roman Bold,serif; margin: 0 0 5pt; text-transform: uppercase; text-align: right"><FONT STYLE="text-transform: none">Exhibit
1.2</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-transform: uppercase; text-align: center"><BR>
<U>AMENDMENT NO. 1 to baird on demand offering sales agreement&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-transform: uppercase; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-transform: uppercase; text-align: right"><FONT STYLE="font-weight: normal; text-transform: none; text-underline-style: none">April
27, 2012</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Robert W. Baird &amp; Co. Incorporated</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">777 East Wisconsin Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Milwaukee, WI 53202</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Franklin Street
Properties Corp., a Maryland corporation (the &ldquo;<B><I>Company</I></B>&rdquo;) and Robert W. Baird &amp; Co. Incorporated (&ldquo;<B><I>Baird</I></B>&rdquo;)
are parties to that certain Baird On Demand Offering Sales Agreement dated May 6, 2010 (the &ldquo;<B><I>Original Agreement</I></B>&rdquo;).
Capitalized terms used herein without definition shall have the same meanings as set forth in the Agreement, as amended hereby.
The parties desire to amend the Original Agreement (the &ldquo;<B><I>Amendment</I></B>&rdquo;) as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;The second
paragraph of <U>Section 1</U> of the Original Agreement is hereby deleted and replaced with the following<FONT STYLE="color: blue">:</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;The Company has filed with
the Commission, in accordance with the provisions of the Securities Act, an automatic shelf registration statement on Form S-3
(File No. 333-158898), including a Base Prospectus (as defined below), relating to certain securities, including the Shares to
be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file
in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder
(collectively, the &ldquo;<B><I>Exchange Act</I></B>&rdquo;). The Company has prepared a Prospectus Supplement (as defined below)
to the Base Prospectus specifically relating to the Shares. <B><I> &ldquo;Original Registration Statement&rdquo;</I></B> shall
mean the registration statement on Form S-3 (File No. 333-158898), when it became effective, including the information, if any,
deemed pursuant to Rule 430A, 430B, or 430C under the Securities Act to be part of such registration statement at the time of its
effectiveness and including all documents filed as part thereof or incorporated by reference therein, and including any information
contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities
Act or deemed to be a part of such registration statement pursuant to Rule 430B or Rule 462(b) of the Securities Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The Original Registration Statement
is to expire April 29, 2012, and the Company has filed a new automatic shelf registration statement on Form S-3 (File No. 333-181009)
on April 27, 2012, relating to certain securities, including any remaining Shares to be issued and sold pursuant to this Agreement.
<B><I>&ldquo;New Registration Statement&rdquo;</I></B> shall mean the registration statement on Form S-3 (File No. 333-181009),
when it became effective, including the information, if any, deemed pursuant to Rule 430A,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">430B, or 430C under the Securities
Act to be part of such registration statement at the time of its effectiveness and including all documents filed as part thereof
or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed
with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant
to Rule 430B or Rule 462(b) of the Securities Act.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Prior to the effectiveness of the
New Registration Statement, (i) all references to the &ldquo;<B><I>Registration Statement</I></B>&rdquo; included in this Agreement
shall refer to the Original Registration Statement, and (ii) all references to &ldquo;<B><I>Base Prospectus</I></B>&rdquo; included
in this Agreement shall be deemed to refer to the base prospectus, including all documents incorporated therein by reference, included
in the Original Registration Statement. After the effectiveness of the New Registration Statement, (i) all references to &ldquo;<B><I>Registration
Statement</I></B>&rdquo; included in this Agreement shall be deemed to refer to the New Registration Statement, and (ii) all references
to &ldquo;<B><I>Base Prospectus</I></B>&rdquo; included in this Agreement shall be deemed to refer to the base prospectus, including
all documents incorporated therein by reference, included in the New Registration Statement. <B><I>&ldquo;Prospectus Supplement&rdquo;</I></B>
means any final prospectus supplement relating to the Shares, filed by the Company with the Commission pursuant to Rule 424(b)
under the Securities Act and in the form furnished to Baird by the Company in connection with the offering of the Shares. &ldquo;<B><I>Free
Writing Prospectus</I></B>&rdquo; means any &ldquo;issuer free writing prospectus&rdquo; as defined in Rule 433 of the Securities
Act, relating to the Shares that (i) is required to be filed with the Commission by the Company or (ii) is exempt from filing pursuant
to Rule 433(d)(5)(i) of the Securities Act, in each case in the form filed or required to be filed with the Commission or, if not
required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule 433(g) of the Securities Act. The Base
Prospectus, the Prospectus Supplement, and any Free Writing Prospectus shall collectively be referred to herein as the &ldquo;<B><I>Prospectus</I></B>.&rdquo;
Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer
to and include the documents incorporated by reference therein (or deemed to be incorporated by reference therein), and any reference
herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement
or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission
deemed to be incorporated by reference therein. For purposes of this Agreement, all references to the Registration Statement, the
Prospectus or to any amendment or supplement thereto shall be deemed to include any copy filed with the Commission pursuant to
either the Electronic Data Gathering Analysis and Retrieval system or Interactive Data Electronic Applications system (collectively
&ldquo;<B><I>EDGAR</I></B>&rdquo;).&rdquo;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">2.&nbsp;&nbsp;&nbsp;Clause (A)
of <U>Section 6(a)</U> of the Original Agreement is hereby deleted and replaced with the following<FONT STYLE="color: blue">:</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;(A)&nbsp;At the time of filing
the Original Registration Statement and the New Registration Statement and on the date of this Agreement,&rdquo;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">3.&nbsp;&nbsp;&nbsp;The first
sentence of Section 6(b) of the Original Agreement is hereby deleted and replaced with the following<FONT STYLE="color: blue">:</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;The Original Registration
Statement became effective upon filing under Rule 462(e) of the Securities Act (&ldquo;Rule 462(e)&rdquo;) on April 29, 2009, the
New Registration Statement became effective upon filing under Rule 462(e) on April 27, 2012, and any post-effective amendment
thereto also became effective upon filing under Rule 462(e).&rdquo;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">4.&nbsp;&nbsp;&nbsp;The reference
to the &ldquo;original Registration Statement&rdquo; in the second sentence of <U>Section 6(b)</U> is hereby deleted and replaced
with the &ldquo;Original Registration Statement.&rdquo;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;Clause (B)(i)
of <U>Section 7(h)</U> is hereby deleted and replaced with the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&ldquo;the preparation, printing,
filing and delivery to Baird of the Registration Statement and each amendment and supplement thereto, of each Prospectus and each
amendment and supplement thereto and any reasonable documented fees or disbursements of counsel for Baird in connection therewith,&rdquo;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">6.&nbsp;&nbsp;&nbsp;<U>Schedule
2</U> of the Original Agreement is hereby deleted and replaced with <U>Exhibit A</U> attached hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">7.&nbsp;&nbsp;&nbsp;<U>Schedule
4</U> of the Original Agreement is hereby deleted and replaced with <U>Exhibit B </U>attached hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">8.&nbsp;&nbsp;&nbsp;<U>Exhibit
7(o)(ii)</U> of the Original Agreement is hereby deleted and replaced with <U>Exhibit C</U> attached hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">9.&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties.</U> The Company represents and warrants to Baird that as of the date hereof the representations and warranties
contained in Section 6 of the Original Agreement, as amended hereby, are true and correct, before and after giving effect to this
Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">10.&nbsp;&nbsp;&nbsp;<U>Ratification</U>.
The Original Agreement (as amended by this Amendment) is hereby ratified and remains in full force and effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">11.&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment; Severability</U>. This Amendment together with the Original Agreement (including all schedules and exhibits
attached hereto and thereto and Placement Notices issued pursuant hereto and thereto) constitutes the entire agreement and supersedes
all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to
the subject matter hereof.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">12.&nbsp;&nbsp;&nbsp;<U>Applicable
Law; Consent to Jurisdiction</U>. This Amendment shall be governed by, and construed in accordance with, the internal laws of the
State of New York without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive
jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan, for the adjudication of any
dispute hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof (certified or registered mail, return receipt requested) to such party at the address in
effect for notices to it under this Amendment and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">13.&nbsp;&nbsp;&nbsp;<U>Waiver
of Jury Trial</U>. The Company and Baird each hereby irrevocably waives any right it may have to a trial by jury in respect of
any claim based upon or arising out of this Amendment or any transaction contemplated hereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">14.&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile
transmission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">[Remainder of Page Intentionally Blank]</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the foregoing
correctly sets forth the understanding between the Company and Baird, please so indicate in the space provided below for that purpose,
whereupon this letter shall constitute a binding amendment to the Agreement between the Company and Baird.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 2.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 2.5in; text-align: left; text-indent: 0.5in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify"><B>FRANKLIN STREET PROPERTIES CORP.</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">By:<U>/s/ George J. Carter&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-align: justify">Name: George J. Carter</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-align: justify">Title: President and Chief Executive
Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 240pt; text-align: left">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 3.5in 12pt 13.5pt; text-indent: -13.5pt"><B>CONFIRMED AND ACCEPTED</B>,
as of the date first above written:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ROBERT W. BAIRD &amp; CO. INCORPORATED</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>/s/ Jeff Rogatz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 3.5in 0 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>ROBERT W. BAIRD &amp; CO. INCORPORATED</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-decoration: underline">Contact</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-decoration: underline">E-mail</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><I><U>Phone</U></I></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Moriarty</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JMoriarty@rwbaird.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(650) 424-9311</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Jeff Rogatz&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Jrogatz@rwbaird.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(703) 918-7825</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Roesner</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">JRoesner@rwbaird.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(414) 765-3502</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Justin Glasgow</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Jglasgow@rwbaird.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(703) 821-5763</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-decoration: underline">Contact</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-decoration: underline">E-mail</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><I><U>Phone</U></I></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps"><I>&nbsp;</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">George J. Carter<B> </B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">gcarter@franklinstreetproperties.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(781) 246-4900</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Barbara Fournier</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">bfournier@franklinstreetproperties.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(781) 557-1302</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Scott Carter</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">scarter@franklinstreetproperties.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(781) 557-1303</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John Demeritt</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">jdemeritt@franklinstreetproperties.com</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(781) 557-1341</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>



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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; text-align: left; font-family: Times New Roman, Times, Serif; font-weight: bold; border-bottom: Black 0.75pt solid">Name</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; text-align: left; font-family: Times New Roman, Times, Serif; font-weight: bold; border-bottom: Black 0.75pt solid">Jurisdiction of Organization</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 801 Marquette Avenue LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 121 South Eighth Street LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 1410 East Renner Road LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 380 Interlocken Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 390 Interlocken LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 4807 Stonecroft Boulevard LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 4820 Emperor Boulevard LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP 909 Davis Street LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Addison Circle Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Addison Circle Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Texas</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Addison Circle LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Blue Lagoon Drive Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Blue Lagoon Drive LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Collins Crossing Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Collins Crossing Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Texas</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Collins Crossing LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Dulles Virginia LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP East Baltimore Street LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Eden Bluff Corporate Center I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Eldridge Green Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Eldridge Green Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Texas</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Eldridge Green LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Emperor Boulevard Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Forest Park IV LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Forest Park IV NC Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">North Carolina</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Greenwood Plaza Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Hillview Center Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Massachusetts</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Holdings LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Innsbrook Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Investments LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Massachusetts</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Lakeside Crossing I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Legacy Tennyson Center LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Liberty Plaza Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Texas</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Montague Business Center Corp.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Northwest Point LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP One Legacy Circle LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP One Overton Park LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 1.5pt 5.4pt">FSP Park Seneca Limited Partnership</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding: 1.5pt 5.4pt">Massachusetts</TD></TR>
</TABLE>


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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 61%; border-bottom: windowtext 1pt solid; padding: 1.5pt 5.4pt; text-align: left; font-family: Times New Roman, Times, Serif; font-weight: bold">Name</TD>
    <TD NOWRAP STYLE="width: 39%; border-bottom: windowtext 1pt solid; padding: 1.5pt 5.4pt; text-align: left; font-family: Times New Roman, Times, Serif; font-weight: bold">Jurisdiction of Organization</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Park Ten Development LLC</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Park Ten Limited Partnership</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Texas</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Park Ten LLC</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Park Ten Phase II Limited Partnership</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Texas</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Property Management LLC</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Massachusetts</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Protective TRS Corp.</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Massachusetts</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP REIT Protective Trust</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Massachusetts</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP River Crossing LLC</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Southfield Centre Limited Partnership</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Massachusetts</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Willow Bend Office Center Corp.</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Delaware</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Willow Bend Office Center Limited Partnership</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: bottom">Texas</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; vertical-align: top">FSP Willow Bend Office Center LLC</TD>
    <TD NOWRAP STYLE="padding: 1.5pt 5.4pt; text-align: justify; font-family: Times New Roman, Times, Serif">Delaware</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MATTERS TO BE COVERED BY SUBSEQUENT COMPANY
COUNSEL OPINIONS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; 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">1.</TD><TD STYLE="text-align: justify">Any required filing of the Prospectus and any supplement thereto pursuant to Rule 424(b) under
the Securities Act has been made in the manner and within the time period required by Rule 424(b).</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">2.</TD><TD STYLE="text-align: justify">The Registration Statement has become effective under the Securities Act. The Prospectus Supplement
has been filed with the Commission in the manner and within the time period required by the applicable provisions of Rule 424(b)
under the Securities Act. To our knowledge, (a) no stop order suspending the effectiveness of the Registration Statement has been
issued under the Securities Act and (b) no proceedings for that purpose are pending or threatened by the Commission.</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">3.</TD><TD STYLE="text-align: justify">The Company qualified to be taxed as a REIT pursuant to sections 856 through 860 of the Code for
its taxable years ended December 31, 2002 through December 31, 2011, and the Company&rsquo;s organization, ownership and proposed
method of operation as described in the Registration Statement and the Prospectus Supplement will enable it to continue to qualify
as a REIT for its taxable year ending December 31, 2012, and in the future.<B><I> </I></B></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"><B><I>4.</I></B></TD><TD STYLE="text-align: justify"><B><I>[The statements under the caption &ldquo;Description of Capital Stock&rdquo; in the Prospectus,
insofar as such statements constitute matters of law or legal conclusions or summarize the terms of agreements, are correct in
all material respects.]*</I></B></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">5.</TD><TD STYLE="text-align: justify"><B><I>[The statements in the Base Prospectus under the caption &ldquo;Material United States Federal
Income Tax Considerations,&rdquo; as supplemented by the statements in the Prospectus Supplement 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.]*</I></B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, such
opinion shall also contain a statement that such counsel has participated in conferences with officers and other representatives
of the Company, representatives of and counsel for Baird and representatives of the registered independent public accounting firm
of the Company, during which the contents of the Registration Statement and the Prospectus were discussed, and although it does
pass upon and does not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the
Registration Statement or the Prospectus, subject to the foregoing and based on such participation and discussions:</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">(a)</TD><TD STYLE="text-align: justify">the Registration Statement, as of the date of its filing with the Commission, and the Prospectus,
as of the date thereof (except for the financial statements, including the notes and schedules thereto, other financial, statistical
and accounting data included therein or omitted therefrom, and assessments of or reports on the effectiveness of internal control
over financial reporting contained therein, as to which we express no view), appear on their face to be appropriately responsive
in all material respects to the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder;</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">(b)</TD><TD STYLE="text-align: justify">no facts have come to our attention that have caused us to believe that (i)&nbsp;the Registration
Statement, as of its effective date, contained an untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein not misleading (except as set forth in the parenthetical in clause&nbsp;(a)
above), [<B><I>(ii) the Disclosure Package, as of the Time of Sale, contained an untrue statement of a material fact or omitted
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading (except as set forth in the parenthetical in clause&nbsp;(a) above)</I></B>]* or (iii) the Prospectus,
as of its date, as of each Applicable Time and as of the date hereof,<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: maroon"><SUP>
</SUP></FONT>contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (except as
set forth in the parenthetical in clause&nbsp;(a) above);</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">(c)</TD><TD STYLE="text-align: justify">we are not aware of any contract or other document of a character required by the Securities Act
and the applicable rules and regulations of the Commission thereunder to be filed as an exhibit to the Registration Statement that
is not so filed; 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">(d)</TD><TD STYLE="text-align: justify">we are not aware of any action, proceeding or litigation pending, contemplated or threatened against
the Company before any court or governmental or administrative agency or body that is required by the Securities Act or the rules
and regulations thereunder to be described in the Registration Statement or the Prospectus that is not so described.</TD></TR></TABLE>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>* &nbsp;&nbsp;Required only
if the Company Counsel Opinion is being delivered in connection with the first Representation Date following the filing of the
New Registration Statement. </I></B></P>

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

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



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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Franklin Street Properties Corp.<BR>
401 Edgewater Place, Suite 200<BR>
Wakefield, MA 01880</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Re:&#9;<U>Prospectus Supplement to Registration Statement
on Form S-3</U></P>

<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 (i) the Registration Statement on Form S-3 (the &ldquo;Registration Statement&rdquo;) filed on April 27, 2012 by Franklin
Street Properties Corp., a Maryland corporation (the &ldquo;Company&rdquo;), 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 per share (the &ldquo;Common Stock&rdquo;), of the Company, 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, and (ii) the prospectus supplement,
dated April 27, 2012 (the &ldquo;Prospectus Supplement&rdquo;), to the prospectus included in the Registration Statement (the &ldquo;Base
Prospectus&rdquo;) relating to the issuance and sale from time to time by the Company of shares of Common Stock with an aggregate
offering price of up to $34,297,475 (the &ldquo;Shares&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Shares are to be sold by the Company
pursuant to an on demand sales agreement entered into by and between the Company and Robert W. Baird &amp; Co. Incorporated (&ldquo;Baird&rdquo;)
on May 6, 2012, which agreement was filed as Exhibit 1.1 to the Company&rsquo;s Current Report on Form 8-K filed on May 7, 2010,
as amended by Amendment No. 1 to Baird On Demand Offering Sales Agreement entered into by and between the Company and Baird on
April 27, 2012 (the &ldquo;Sales Agreement&rdquo;), which amendment is being filed as Exhibit 1.2 to the Company&rsquo;s Current
Report on Form 8-K to be filed on or about April 27, 2012.</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 issuance and sale by the Company of the Shares. We have examined a signed copy of the Registration Statement
and a copy of the Prospectus Supplement, each as filed with the Commission. We have also examined and relied upon the Sales Agreement,
the minutes of meetings of the stockholders and the Board of Directors of the Company as provided to us by the Company, the Articles
of Incorporation and By-Laws of the Company, each as restated and/or amended to date, and such other documents as we have deemed
necessary for the purposes of rendering the opinions hereinafter set forth.</P>

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

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<P STYLE="font: 12pt/13.7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/13.7pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="wilmerhale.jpg"width=144 ALT=""></P>

<P STYLE="font: 12pt/13.7pt 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">Page 2</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">&nbsp;</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.</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 have been duly authorized for issuance and, when the Shares are issued and paid for in accordance
with the terms and conditions of the Sales Agreement, the Shares 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">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 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 Company&rsquo;s Current Report on Form 8-K to be filed on or about April 27, 2012
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 Base Prospectus and Prospectus Supplement 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 0 12pt">WILMER CUTLER PICKERING</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">HALE AND DORR LLP</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 0.5in; text-indent: -0.5in">By:&nbsp;&nbsp;&nbsp;<U>/s/ Kenneth A. Hoxsie&nbsp;&nbsp;&nbsp;<BR>
</U>Kenneth A. Hoxsie, a Partner</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 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 0 12pt 3in; text-align: right">&nbsp;<IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: right">&nbsp;<IMG SRC="image_008.gif" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in 12pt 0; text-align: right">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 (i) 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 (the &ldquo;Commission&rdquo;), relating to the issuance and sale from time
to time of shares of common stock of FSP Corp. and (ii) the Prospectus Supplement (&ldquo;Prospectus Supplement&rdquo;), filed
on April 27, 2012 by FSP Corp. with the Commission, to the prospectus included in the Registration Statement (the &ldquo;Base Prospectus&rdquo;)
relating to the issuance and sale by FSP Corp. of shares of common stock. 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; text-indent: 0">&nbsp;</P>

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: right">&nbsp;<IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 2</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 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 Prospectus Supplement,
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">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, the Prospectus Supplement 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 and the Prospectus Supplement. 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;&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, the Prospectus Supplement and the 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>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: right">&nbsp;<IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 3</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 0 12pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The statements
in the Base Prospectus under the caption &ldquo;Material United States Federal Income Tax Considerations,&rdquo; as supplemented
by the statements in the Prospectus Supplement 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>

<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 Prospectus Supplement 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 FSP Corp.&rsquo;s Current Report on Form 8-K to be filed on or about April 27, 2012. 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 FSP Corp.&rsquo;s
Current Report on Form 8-K and further consent to the use of our name in the Registration Statement and the Prospectus Supplement
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>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: right">&nbsp;<IMG SRC="wilmerhale.jpg" width=144 ALT=""></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Page 4</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: 12pt 0 12pt 2.5in; text-indent: 66pt">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 246pt; 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; text-indent: 66pt"><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; text-indent: 66pt">Robert D. Burke, a Partner</P>

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



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

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