Franklin Street Properties Expands Strategic Alternatives Review With New Advisors
Franklin Street Properties Corp, a real estate investment trust focused on office properties, announced today that it has expanded its ongoing strategic alternatives review process by appointing BofA Securities and Jones Lang LaSalle Securities LLC (JLL Securities) as co-financial advisors. The move strengthens the company’s advisory team as it evaluates a wide range of potential strategic options aimed at maximizing shareholder value.
The addition of these two leading financial institutions reflects the company’s intent to deepen and broaden its evaluation process. Both advisors bring distinct but complementary expertise across capital markets, mergers and acquisitions, portfolio restructuring, and asset-level transactions. Together, they are expected to enhance Franklin Street Properties’ ability to assess opportunities at both the portfolio and individual asset levels, particularly in a dynamic commercial real estate environment.
According to the company, the expanded advisory structure is designed to improve execution capabilities and ensure that all viable strategic pathways are thoroughly evaluated. These pathways may include a full sale of the company, a merger with another entity, partial or complete asset divestitures, joint venture arrangements, or other financial or structural transactions that could improve long-term value creation.
Franklin Street Properties emphasized that the review process remains ongoing and exploratory in nature. The company’s board of directors continues to oversee the evaluation, with the goal of identifying the most effective strategy to enhance shareholder returns while responding to evolving market conditions in the office real estate sector.
George J. Carter, Chairman and Chief Executive Officer of Franklin Street Properties, commented on the expanded advisory engagement, highlighting the importance of bringing in additional expertise during this phase of the process.
“We believe that having our advisory team include both BofA Securities and JLL Securities strengthens our ability to evaluate and pursue a wide range of potential outcomes,” Carter said. “Each firm brings distinct expertise and market perspective, and together they provide the breadth and depth needed to effectively navigate the current environment and identify opportunities to enhance shareholder value.”
The commercial real estate sector, particularly office properties, has faced significant structural changes in recent years driven by shifts in workplace trends, capital market conditions, and tenant demand. Against this backdrop, many REITs and property owners have been reassessing portfolio composition and capital allocation strategies. Franklin Street Properties’ decision to broaden its strategic review aligns with this broader industry trend, as companies seek to adapt to changing fundamentals and unlock value in underperforming or transitional assets.
By engaging both BofA Securities and JLL Securities, the company is positioning itself to access a wide range of market insights and transaction capabilities. BofA Securities brings global capital markets expertise and deep experience in corporate advisory and structured transactions, while JLL Securities contributes specialized knowledge in real estate investment sales, leasing trends, and property-level valuation dynamics. This dual-advisor approach is expected to provide a more comprehensive view of available strategic options.
The company noted that the expanded process will allow for a more flexible and targeted evaluation of potential transactions. Rather than limiting consideration to a single path, Franklin Street Properties intends to maintain an open framework that allows for multiple scenarios to be assessed concurrently. This approach is intended to ensure that decisions are made based on current market realities and long-term shareholder interests.
Despite the expanded review, the company cautioned that there is no guarantee any transaction will result from the process. The outcome remains subject to market conditions, stakeholder interest, regulatory considerations, and approval by the board of directors. Franklin Street Properties also stated that it does not intend to provide further updates unless and until a definitive decision is reached or disclosure is otherwise required.
The strategic review process underscores the company’s proactive approach to portfolio management during a period of ongoing transformation in the real estate sector. As demand patterns continue to shift and capital markets remain selective, REITs like Franklin Street Properties are increasingly evaluating structural alternatives to optimize asset value and strengthen balance sheets.
Ultimately, the expanded engagement with BofA Securities and JLL Securities signals a more intensive phase in the company’s strategic evaluation. With enhanced advisory support and a broadened scope of analysis, Franklin Street Properties is positioning itself to make informed decisions aimed at improving long-term performance and delivering value to its shareholders.
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