Changing of the Guard at Franklin Street REIT

Franklin Street’s holdings include 303 East Wacker Drive in Chicago, a 28-story 860,000-square-foot office building.

WAKEFIELD, MA—Franklin Street Properties Corp, has announced a series of executive level changes that ushers in what it describes as its next generation of talent into key leadership roles. The office REIT headquartered in Wakefield, MA reports that Jeffrey B. Carter has been elected president of the firm. He assumed the title of president from George J. Carter, who will remain chairman and CEO. In the new role, Jeffrey Carter will oversee the day-to-day execution of the company’s strategic objectives and business plan, while continuing to serve as CIO. He joined FSP in 1998 from Northern Trust. The company also reports that as previously announced, Janet P. Notopoulos retired from Franklin Street and resigned her position as EVP, effective May 12th. As part of her retirement, Notopoulos also resigned from all of her other positions in Franklin Street’s various subsidiaries and affiliates, including as president of FSP Property Management LLC, also effective May 12th. “Janet was a strong and valued leader inside FSP for nearly 20 years, and made outstanding contributions to our business. We thank Janet for her service and wish her the best in the future,” says FSP’s George Carter. In terms of the leadership changes at Franklin St., George Carter notes, “As FSP’s original founders and other senior leadership retire, our Board of Directors has extended its succession planning to include senior leadership with proven experience from both inside and outside the company to help lead us into the future. Succession planning efforts are ongoing. We are very excited about our senior management team leading FSP into 2017 and beyond, and are optimistic about the prospects for resumption of meaningful FFO profit growth as we near completion of our planned property portfolio transition later this year.” Other appointments at the firm include: John F. Donahue being elected EVP. In addition, he was elected president and CEO of FSPPM. He assumed those titles upon Notopoulos’ retirement. Donahue joined FSP in 2001. Prior to joining the firm he worked in the pension fund advisory business for GE Capital and AEW Capital Management. Also, Eriel Anchondo was elected EVP and COO. Anchondo joined FSP in 2015 as SVP/Operations. Prior to joining FSP, he worked at several financial services firms, including Mercer, New York Life Investment Management and Putnam Investments, Franklin Street notes in its announcement. The company also reports that Leo “Toby” H. Daley, Patricia A. McMullen, William S. Friend and Andrew J. Klouse have each been elected SVP with the firm. McMullen and Friend have also each been elected EVP of FSPPM. Franklin Street Properties, which does not own any office assets in Massachusetts, as of March 31 ^st had an owned real estate portfolio of 35 properties totaling approximately 9.3 million square feet. Those holdings were approximately 90.2% leased at that time. According to its website, its portfolio is located in the states of: California, Colorado, Florida, Georgia, Illinois, Indiana, Maryland, Minnesota, Missouri, North Carolina, Ohio, South Carolina, Texas, Virginia and Washington.