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

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

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, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

Texas Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...

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 affiliates 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 Self storage (a shorthand for "self-service storage," and also known as "device storage") is an industry that rents storage space (such as rooms, lockers, containers, and/or outdoor ...

. 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 (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...

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