PS Business Parks
{{short description|American real estate company}}
{{Infobox company
| name = PS Business Parks, Inc.
| logo = PS Business Parks logo.svg
| type = Private
| traded_as = {{NYSE was|PSB}}
| industry = Real estate investment trust
| fate = Acquired by Blackstone Inc.
| defunct = {{End date|2022|07|20}}
| founded = {{Start date and age|1990}}
| hq_location = Glendale, California, U.S.
| key_people = {{nowrap| Mac Chandler (CEO)
Ronald L. Havner, Jr. (Chairman)}}
| products = Real Estate
| revenue = {{increase}} {{US$|483.70 million|link=yes}} (2021)
| net_income = {{increase}} US$393.09 million (2021)
| assets = {{increase}} US$1.99 billion (2021)
| equity = {{increase}} US$2.12 billion (2021)
| num_employees = 155 (2019)
| website = {{URL|https://www.psbusinessparks.com/}}
| footnotes ={{cite web | url=https://ir.psbusinessparks.com/sec-filings/annual-reports/content/0000866368-22-000006/0000866368-22-000006.pdf | title=PS Business Parks, Inc. 2021 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission|website=ir.psbusinessparks.com}}
}}
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.{{cite news | url=https://www.sfvbj.com/special-report/year-in-review-warner-media-ps-business-parks-involved-in-2022s-biggest-deals/ | title=Year in Review: Warner Media, PS Business Parks Involved in 2022's Biggest Deals | first=Mark | last=Madler | work=San Fernando Valley Business Journal | date=December 5, 2022}} completing an acquisition first announced on April 25, 2022.{{cite news | url=https://www.reuters.com/business/blackstone-buy-reit-ps-business-parks-76-bln-deal-2022-04-25/ | title=Blackstone to buy PS Business Parks in $7.6 billion take-private deal | work=Reuters | date=April 25, 2022}}
History
The company was formed in 1990 as a division of Public Storage.{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/866368/000086636820000005/psb-20191231x10k.htm | title=PS Business Parks, Inc. 2019 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
In 1998, the company was spun-off from its parent.{{cite news | url=https://www.latimes.com/archives/la-xpm-1998-mar-17-fi-29633-story.html | title=Public Storage Spins Off Office Holdings Into REIT | first=MELINDA | last=FULMER | work=Los Angeles Times | date=March 17, 1998 | url-access=subscription}}
In 2002, the company acquired Metro Park North, a 17-building business park in Rockville, Maryland for $125 million.{{cite news | url=https://www.washingtonpost.com/archive/business/2002/02/25/prince-georges-office-market-expands/4c12eb2e-aaa8-4ba7-b943-148a34b6c0a3/ | title=Prince George's Office Market Expands | first=Sara | last=Kehaulani Goo | newspaper=The Washington Post | date=February 25, 2002}}
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.{{cite news | url=https://www.bizjournals.com/sanfrancisco/morning_call/2011/12/psb-buys-520m-industrial-portfolio.html | title=PSB buys $520M industrial portfolio from RREEF | work=American City Business Journals | date=December 21, 2011}}
In 2018, the company acquired a portfolio of industrial properties in Northern Virginia for $143 million.{{cite news | url=https://www.bisnow.com/washington-dc/news/industrial/ps-business-parks-pays-143m-for-nova-industrial-portfolio-89401 | title=PS Business Parks Pays $143M For NoVa Industrial Portfolio | first=Jon | last=Banister | work=Bisnow Media | date=June 11, 2018}}
References
{{Reflist|1}}
External links
{{Finance links historical
| name = PS Business Parks, Inc.
| symbol = PSB
| sec_cik = 866368
}}
{{Authority control}}
{{DEFAULTSORT:Ps Business Parks}}
Category:1990 establishments in California
Category:Companies based in Glendale, California
Category:Companies formerly listed on the New York Stock Exchange
Category:Real estate investment trusts of the United States
Category:Real estate companies established in 1990