Franklin Street Properties Acquires Denver-Based Property

Franklin Street Properties acquired Dominion Towers — a Denver, Colorado, property with two towers standing at 19 and 28 stories — for an estimated $154 million, the company said Friday.

The company said the purchase is equated to $251 per rentable square foot and “represents a substantial discount to estimated replacement cost.” The property is projected to have an occupancy rate of 89% in 2017, with EOG Resources (EOG) as the largest tenant in the building, taking up 29% of the rentable space until December 2026.

The acquisition is being funded with the proceeds of a $150 million unsecured loan from JPMorgan.

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