PS Business Parks
| Company type | Public |
|---|---|
| Industry | Real estate investment trust |
| Predecessor | Public Storage (division) |
| Founded | 1990 |
| Defunct | July 20, 2022 |
| Fate | Acquired; assets transferred to Link Logistics Real Estate (Blackstone affiliate) |
Area served | California, Texas, Virginia, Florida, Maryland, Washington |
| Products | Multi-tenant industrial, flex, and office properties; residential units |
PS Business Parks, Inc. was a publicly listed real estate investment trust specializing in the acquisition, development, ownership, and management of commercial real estate, with a focus on multi-tenant industrial, flex, and office properties. The company’s portfolio was primarily situated in prominent coastal regions and encompassed 97 properties totaling 28 million square feet across California, Texas, Virginia, Florida, Maryland, and Washington. This portfolio housed around 5,000 tenants and included 800 residential units, some of which were under construction in Tysons, Virginia. On July 20, 2022, following an acquisition announced earlier that year in April, PS Business Parks’ assets were transferred to Link Logistics Real Estate, an affiliate of Blackstone Real Estate.
History
Initially established in 1990 as a division within Public Storage, the company became an independent entity through a spin-off in 1998.
Significant acquisitions by the company include the 2002 purchase of Metro Park North—a business park consisting of 17 buildings located in Rockville, Maryland—for $125 million; the 2011 acquisition of a Northern California industrial and flex portfolio measuring 5.34 million square feet from a Deutsche Bank subsidiary for $520 million; and the 2018 procurement of an industrial property portfolio in Northern Virginia valued at $143 million.