Gladstone Commercial Corporation Completes $1.5 Million Lease Expansion in Columbus, Ohio
May 27 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it executed a lease amendment
with Morgan Stanley Smith Barney Financing (“Morgan Stanley”) to
expand Morgan Stanley’s footprint by approximately 16,000 square
feet at Gladstone Commercial’s 4343 Easton Commons office property
located in Columbus, OH. As a result of this lease amendment, as of
August 1, 2020, Morgan Stanley will occupy 100% of the building
through December of 2025.
“We are pleased that Morgan Stanley chose to expand their
footprint at our property,” said Karen Priesman, Senior Asset
Manager for Gladstone Commercial. “Morgan Stanley began their
tenancy in the property in 2008 upon completion of construction of
the building and continues to thrive in this location now leasing
all of the three-story, 103,000 square foot, Class A office
building.” At 4343 Easton Commons, Morgan Stanley provides
financial and wealth management services, as well as technical and
account support services for their wealth management clients.
“We acquired 4343 Easton Commons in an anchored multitenant
portfolio acquisition along with 680 West Shields Lane in Salt Lake
City, where Morgan Stanley currently occupies 98,000 square feet of
Class A space,” said Matt Tucker, Senior Managing Director and
Northeast/Midwest Regional Head for Gladstone Commercial.
“Since we acquired the portfolio, Morgan Stanley has expanded their
footprint at both the Columbus and Salt Lake City assets,
reinforcing our anchored multi-tenant acquisition thesis that
allows for flexible growth for our anchor tenants. It is also
a reflection of the high quality and desirable locations of these
assets that Morgan Stanley chose to grow their presence in our
buildings. This most recent expansion increases both our cash and
straight-line rents as well as contributing to greater weighted
average lease term of the portfolio.”
About Gladstone Commercial (Nasdaq:
GOOD)
Gladstone Commercial is a real estate investment trust focused
on acquiring, owning, and operating net leased industrial and
office properties across the United States. As of March 31, 2020,
Gladstone Commercial’s real estate portfolio consisted of 122
properties located in 28 states, totaling approximately 15.1
million square feet. For additional information please visit
www.gladstonecommercial.com.
For Broker Submittals:
Southcentral: |
Northeast/Midwest: |
Buzz Cooper |
Matt Tucker |
Senior Managing Director |
Senior Managing Director |
(703) 287-5815 |
(703) 287-5830 |
Buzz.Cooper@gladstonecompanies.com |
Matt.Tucker@gladstonecompanies.com |
|
|
Southeast/Southwest: |
|
Brandon Flickinger |
|
Managing Director |
|
(703) 287-5819 |
|
Brandon.Flickinger@gladstonecompanies.com |
|
|
|
Investor or Media Inquiries:
Bob Cutlip |
|
President – Gladstone Commercial Corporation |
(703) 287-5878 |
|
Bob.Cutlip@gladstonecompanies.com |
|
All statements contained in this press release, other than
historical facts, may constitute “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Words such as “anticipates,” “expects,” “intends,”
“plans,” “believes,” “seeks,” “estimates” and variations of these
words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Gladstone Commercial’s business, financial condition,
liquidity, results of operations, funds from operations or
prospects to differ materially from those expressed in or implied
by such statements. Such risks and uncertainties are disclosed
under the caption “Risk Factors” of the company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2019, as filed
with the SEC on February 12, 2020 and certain other filings we make
with the SEC. Gladstone Commercial cautions readers not to
place undue reliance on any such forward-looking statements which
speak only as of the date made. The company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please
visit www.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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