Franklin Street Properties Corp., a real estate investment firm, has decided to stay put in 401 Edgewater Place in Wakefield, signing a seven-year lease with Hobbs Brook Management.

Franklin Street will move suites within the property to occupy a 17,000-square-foot space, inking the deal with suburbs owner-operator Hobbs Brook Management. Franklin began as a startup in 1997, first moving to Wakefield because of cheaper suburban rents. FSP outgrew its space twice, and re-signed its current location in 2008 for a short-term lease, intending to wait out the volatile market, according to a statement.

Hobbs purchased the Edgewater Place property in late 2009, and "immediately experienced a desire for us to stay in the building," said Barbara Fournier, COO for FSP, adding that Hobbs worked with the company to expand space and create a more efficient office layout.

Chip Batchelder of Wyman Street Advisors handled the lease for Hobbs Brook Management.