PS Business Parks

Companies

PS Business Parks

PS Business Parks

The property

Description

PS Business Parks, Inc., a S&P MidCap 400 company, is a publicly traded real estate investment trust that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. Located primarily in major coastal markets, PS Business Parks’ 97 properties serve approximately 5,000 tenants, in 28 million square feet across California, Texas, Virginia, Florida, Maryland and Washington state. The portfolio also includes 800 residential units (inclusive of units in-process) in Tysons, Virginia.

History

The company was formed in 1990 as a division of Public Storage.

In 1998, the company was spun-off from its parent.

In 2002, the company acquired Metro Park North, a 17-building business park in Rockville, Maryland for $125 million.

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.

In 2018, the company acquired a portfolio of industrial properties in Northern Virginia for $143 million.

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