PS Business Parks, Inc., was a publicly-traded

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

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 California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

Texas Texas ( , ; or ) is the most populous U.S. state, state in the South Central United States, South Central region of the United States. It borders Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the we ...

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and

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. 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. completing an acquisition first announced on April 25, 2022.

History

The company was formed in 1990 as a division of

Public Storage Public Storage is an American international self storage company headquartered in Glendale, California, that is run as a real estate investment trust (REIT). It is the largest brand of self-storage services in the US. In 2008, it was the larges ...

. 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 Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...

for $520 million. In 2018, the company acquired a portfolio of industrial properties in Northern Virginia for $143 million.

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{{DEFAULTSORT:Ps Business Parks 1990 establishments in California Companies based in Glendale, California Companies formerly listed on the New York Stock Exchange Real estate investment trusts of the United States Corporate spin-offs Real estate companies established in 1990 American companies established in 1990 2022 mergers and acquisitions