Eriel Anchondo
Executive Vice President and Chief Operating Officer at FRANKLIN STREET PROPERTIES CORP /MA/
Executive
About Eriel Anchondo
Eriel Anchondo is Executive Vice President and Chief Operating Officer at Franklin Street Properties (FSP), a role he has held since May 2016 after joining FSP in 2015 as SVP of Operations. He is 47, holds a BA from Boston University and an MBA from Cornell University, and is responsible for operational controls, reporting procedures, and people systems to support growth and operating efficiency . During 2024–2025, FSP emphasized debt reduction and leasing; net debt fell to $207.6 million in FY2024 and Q3 2025 results included GAAP net loss of $8.3 million and FFO of $2.3 million, with 68.9% portfolio leased as of 9/30/2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Street Properties | Executive Vice President & Chief Operating Officer | May 2016–present | Leads operations, controls, administrative/reporting, and infrastructure to maintain efficiency and support growth . |
| Franklin Street Properties | Senior Vice President, Operations | 2015–May 2016 | Operational leadership prior to promotion . |
| ISBAN (Santander Group, Technology & Operations) | Consultant, Retail Banking Division | Jul 2014–Dec 2014 | Advisory support to retail banking technology and operations . |
| Mercer | Employee Education Manager | May 2007–Jul 2013 | Education across talent, health, retirement, investments businesses . |
| New York Life Investment Management | Communications Consultant | May 2005–May 2007 | Communications for investment management . |
| Putnam Investments | Preferred Client Services Group | Dec 2002–May 2005 | Client service for preferred segment . |
External Roles
- No public company board service or external directorships disclosed for Anchondo .
Fixed Compensation
| Component | Policy/Structure | Notes |
|---|---|---|
| Base Salary | Executives receive base salary; amounts generally below industry standard | Specific salary for Anchondo not disclosed (he is not a Named Executive Officer in proxies) . |
| Cash Bonus | Discretionary, based on subjective corporate and individual performance | No formal formula or target disclosed; CEO bonuses have been $0 in recent years; NEO bonuses reduced in 2024 vs 2023 . |
| 401(k) Match | Company matches up to 3% of compensation (cap $200,000) | Plan applies to all employees; 2024–2025 match policy noted . |
| Perquisites/Deferred Comp/Equity Grants | Not offered | FSP did not offer stock options, RSUs/PSUs, deferred comp, or perquisites in 2024–2025 . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Net debt | No preset weights; subjective committee evaluation | Not disclosed | $207.6 million (FY2024) | Discretionary bonus decisions for executives; specific payout for Anchondo not disclosed | N/A (no equity awards granted) . |
| Debt repaid | Subjective | Not disclosed | ~$155 million repaid in 2024 | Discretionary | N/A. |
| Gross proceeds from property dispositions | Subjective | Not disclosed | ~$100 million in 2024 | Discretionary | N/A. |
| Leasing volume/terms | Subjective | Not disclosed | 274k sf leased in 9M 2025; weighted GAAP rent $31.81; portfolio 68.9% leased | Discretionary | N/A. |
| FFO | Subjective | Not disclosed | Q3 2025 FFO $2.3 million | Discretionary | N/A. |
| Total stockholder return | Subjective | Not disclosed | See pay-vs-performance tables in proxies | Discretionary | N/A. |
| Estimated NAV | Subjective | Not disclosed | Not disclosed | Discretionary | N/A. |
FSP’s Compensation Committee explicitly states it uses a subjective approach with no formula or relative weights, considering multiple company-level measures; specific Anchondo payouts are not disclosed (not a NEO) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Anchondo reported holdings on SEC Form 4 dated Aug 31, 2016: 2,100 shares in a Roth IRA and 1,770 in a traditional IRA (total 3,870 shares) . GuruFocus notes 6,300 shares as of Feb 16, 2018; more recent holdings not publicly disclosed in proxies (use with caution) . |
| Ownership as % of SO | Not disclosed in proxies for Anchondo; NEO/director ownership tables exclude him . |
| Vested vs unvested shares | No equity awards outstanding; FSP has not granted executive stock awards since 2005 . |
| Options (exercisable/unexercisable) | None; no option program in 2024–2025 . |
| Pledging/Hedging | Anti-hedging policy prohibits short sales and puts/calls for officers and directors; no pledging disclosures for Anchondo . |
| Ownership guidelines | CEO required to own 6x salary; no executive-wide ownership requirement beyond CEO . |
| Compliance | Not applicable to Anchondo (guideline applies to CEO) . |
Employment Terms
| Term | Anchondo/FSP Policy |
|---|---|
| Employment agreement | None; FSP discloses no employment agreements for executive officers . |
| Severance (non-CIC) | Not obligated to pay severance outside change-in-control . |
| Change-in-control (CIC) | Single-trigger retention program for all employees, including executives: lump-sum equal to 3 years of base salary plus a “bonus opportunity” equal to 3 years of base salary, payable at CIC close; board may create discretionary pool up to 1% of market cap less retention payments; CEO opted out of retention component . |
| Clawback policy | Clawback policy adopted; compliant with NYSE American standards . |
| Non-compete/Non-solicit/Garden leave | Not disclosed in proxies/filings. |
| Location | Listed with management team at “Eldridge Green, Houston, TX,” reflecting asset footprint . |
Investment Implications
- Pay mix and metrics: FSP uses low fixed pay and discretionary cash bonuses with no formula, anchored to balance sheet deleveraging (net debt), dispositions, and leasing. This can align incentives with debt reduction and occupancy, but lack of explicit targets reduces transparency for investors assessing pay-for-performance on TSR/FFO trajectory .
- Equity alignment: Absence of equity grants (no RSUs/PSUs/options) and no executive ownership guideline beyond the CEO weakens direct equity alignment for non-CEO executives; Anchondo’s publicly filed holdings are small relative to outstanding shares, and updated ownership is not disclosed in proxies .
- CIC economics: The single-trigger CIC retention (3x salary + 3x “bonus opportunity”) creates strong retention, but may introduce sell-side incentives not contingent on post-transaction employment. No tax gross-up disclosures; CEO opted out, indicating sensitivity to shareholder optics .
- Retention risk: With no employment agreement and discretionary bonuses trending down for NEOs in 2024 amid office sector headwinds, retaining operators depends on qualitative committee assessments; ongoing strategic review and activist cooperation agreements frame governance oversight rather than individual contract protections .
- Trading signals: Minimal recent insider activity attributable to Anchondo (older Form 4s only) suggests limited near-term selling pressure; anti-hedging policy further reduces risk of adverse hedging behavior .
Say-on-pay support remains high (93%+), and the Compensation Committee references NAREIT surveys and subjective measures; investors should monitor whether equity-based incentives are reintroduced to strengthen alignment as leasing and balance sheet milestones are achieved .