PS Business Parks Inc. priced a public offering of 6.6 million depositary shares at $25.00 apiece for expected gross proceeds of $165.0 million.

Each share in the offering represents 0.001 of a share of the company's 5.20% series W cumulative preferred stock.

The offering, set to close by Oct. 20, carries an overallotment option for the underwriters to acquire an additional 990,000 depositary shares.

Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint book-running managers.