PS Business Parks, Inc., was a publicly-traded real estate investment trust that acquired, developed, owned and operated commercial properties, primarily multi-tenant industrial, flex and office space. Located primarily in major coastal markets, PS Business Parks’ 97 properties served approximately 5,000 tenants, in 28 million square feet across California, Texas, Virginia, Florida, Maryland and Washington state. The portfolio also included 800 residential units (inclusive of units in-process) in Tysons, Virginia. As of July 20, 2022, PS Business Parks, Inc.'s holdings have been transferred to Link Logistics Real Estate, an affiliate of Blackstone Real Estate.[2] completing an acquisition first announced on April 25, 2022.[3]
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| Company type | Private |
|---|---|
| NYSE: PSB | |
| Industry | Real estate investment trust |
| Founded | 1990 |
| Defunct | July 20, 2022 |
| Fate | Acquired by Blackstone Inc. |
| Headquarters | Glendale, California, U.S. |
Key people | Mac Chandler (CEO) Ronald L. Havner, Jr. (Chairman) |
| Products | Real Estate |
| Revenue |  US$483.70 million (2021) |
| US$393.09 million (2021) | |
| Total assets | US$1.99 billion (2021) |
| Total equity | US$2.12 billion (2021) |
Number of employees | 155 (2019) |
| Website | www |
| Footnotes / references [1] | |
History
editThe company was formed in 1990 as a division of Public Storage.[4]
In 1998, the company was spun-off from its parent.[5]
In 2002, the company acquired Metro Park North, a 17-building business park in Rockville, Maryland for $125 million.[6]
In 2011, the company purchased a 5.34 million-square-foot industrial and flex portfolio in Northern California from a subsidiary of Deutsche Bank for $520 million.[7]
In 2018, the company acquired a portfolio of industrial properties in Northern Virginia for $143 million.[8]
References
edit- ^ "PS Business Parks, Inc. 2021 Form 10-K Annual Report" (PDF). ir.psbusinessparks.com. U.S. Securities and Exchange Commission.
- ^ Madler, Mark (December 5, 2022). "Year in Review: Warner Media, PS Business Parks Involved in 2022's Biggest Deals". San Fernando Valley Business Journal.
- ^ "Blackstone to buy PS Business Parks in $7.6 billion take-private deal". Reuters. April 25, 2022.
- ^ "PS Business Parks, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ FULMER, MELINDA (March 17, 1998). "Public Storage Spins Off Office Holdings Into REIT". Los Angeles Times.
- ^ Kehaulani Goo, Sara (February 25, 2002). "Prince George's Office Market Expands". The Washington Post.
- ^ "PSB buys $520M industrial portfolio from RREEF". American City Business Journals. December 21, 2011.
- ^ Banister, Jon (June 11, 2018). "PS Business Parks Pays $143M For NoVa Industrial Portfolio". Bisnow Media.
External links
edit- Historical business data for PS Business Parks, Inc.:
- SEC filings