Franklin Street Properties Corp. (the “Company” or “FSP”), a real estate investment trust (REIT), has announced the appointment of Bruce J. Schanzer to its Board of Directors, effective November 27, 2024. Mr. Schanzer will also join the Audit Committee on the same date. With this addition, the Board will consist of eight directors, seven of whom are independent.
George J. Carter, Chairman and CEO of FSP, expressed enthusiasm about the appointment, stating, “We welcome Bruce to the Board and appreciate the collaborative engagement we have had with Converium Capital and Erez Asset Management, both significant FSP shareholders. Bruce brings a wealth of experience in REITs and investment banking, and this appointment further reflects our commitment to refreshing the Board with diverse perspectives and skills to guide FSP’s future success for the benefit of all stakeholders.”
Michael Rapps, Managing Partner at Converium Capital, echoed these sentiments, saying, “We appreciate our constructive engagement with the FSP Board and its management team. With Bruce’s addition, we believe the Board is well-positioned to help FSP maximize value for all stakeholders.”
Cooperation Agreement with Converium Capital and Erez Asset Management
As part of this development, FSP has entered into a Cooperation Agreement with Converium Capital and Erez Asset Management. Under this agreement, Converium and Erez have committed to vote their shares in favor of the Board’s director nominees at FSP’s 2025 Annual Meeting of Stockholders. In return, they have agreed to customary standstill, voting, and other provisions. The full terms of this agreement will be disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC).
About Bruce J. Schanzer
Bruce J. Schanzer brings an impressive track record in real estate investment and leadership. He currently serves as Chairman and Chief Investment Officer of Erez Asset Management, a firm focused on small-cap REIT investments. Prior to this role, Mr. Schanzer was President, CEO, and Director of Cedar Realty Trust, where he oversaw the ownership, operation, and redevelopment of shopping centers along the Washington, D.C. to Boston corridor from 2011 to 2022.
His extensive career also includes leadership roles in real estate investment banking at Goldman Sachs and Merrill Lynch, as well as experience as a real estate attorney in New York. Mr. Schanzer holds an M.B.A. in Finance and Accounting from the University of Chicago Booth School of Business, a J.D. from Benjamin N. Cardozo School of Law, and a B.A. from Yeshiva College. He serves on several boards, including those of SAR Academy in New York and New York Medical College, and previously contributed to the National Association of Real Estate Investment Trusts.
About Franklin Street Properties Corp.
Based in Wakefield, Massachusetts, Franklin Street Properties Corp. focuses on investing in infill and central business district (CBD) office properties, particularly in the U.S. Sunbelt and Mountain West regions, along with other select markets. FSP prioritizes value-oriented investments aimed at generating long-term growth, capital appreciation, and current income. The company operates as a Maryland corporation and qualifies as a REIT for federal income tax purposes.
