Franklin Street Properties (FSP Corp.) is a REIT that owns and operates office buildings across the U.S. FSP owns 14 office properties totaling approximately 4.8 million square feet, concentrated in Dallas, Denver, Houston, and Minneapolis, with a mix of suburban and CBD locations. FSP leases office space to business tenants under multi-year agreements, generating revenue from rental income driven by occupancy rates and rent per square foot. FSP manages its properties directly through subsidiaries FSP Property Management and FSP Investments. Since late 2020, FSP has been in an active disposition cycle, completing approximately $1.1B in gross property sales and using proceeds to pay down debt, reducing corporate indebtedness by roughly 75%. The portfolio today is smaller and more concentrated than it was several years ago. FSP's Houston suburban properties, particularly in the energy corridor, have shown the strongest leasing demand recently. FSP initiated a formal strategic review in May 2025, evaluating options including asset sales, portfolio-level transactions, joint ventures, and corporate-level transactions, though FSP has not pursued broader liquidation due to constrained buyer demand. In February 2026, FSP refinanced its debt with a new $320M secured credit facility from a TPG Credit affiliate, maturing in 2029, which includes up to $45M in delayed draw term loans for tenant improvements and building improvements.