Gladstone Commercial Corporation Executes Lease Expansion at its Salt Lake City Property
May 28 2019 - 4:05PM
Gladstone Commercial Corporation (NASDAQ: GOOD) (“Gladstone
Commercial”) announced today that it has expanded its tenant,
Morgan Stanley, in its 104,903 square foot facility in South
Jordan, Utah by 17,126 square feet, effective July 1, 2019. After
the expansion, Morgan Stanley will occupy a total of 98,397 square
feet at the property through December 31, 2027. The lease expansion
increases the overall building occupancy to 93.8%.
Morgan Stanley Smith Barney Financing, LLC is a
major U.S. operating subsidiary of Morgan Stanley (NYSE: MS), a
Fortune 100 financial services firm with an investment grade rating
of A+/A3 (S&P/Moody’s).
The three-story office building was originally
built in 2007, has an attractive parking ratio of 5.8 spaces per
1,000 square feet and is located in close proximity to retail
amenities, multifamily housing, executive housing and only two
blocks from I-15 and a light rail station.
“The Salt Lake City market continues to exhibit
strong fundamentals, and we are pleased with our leasing efforts in
2019,” commented Perry Finney, Senior Asset Manager of Gladstone
Commercial. “Expanding this lease increases the weighted average
lease term of the Gladstone Commercial portfolio and further
stabilizes same store rental income.”
Brandon Flickinger, Managing Director
of Gladstone Commercial, stated “Morgan Stanley has
re-affirmed its commitment to this location, and this is indicative
of our team’s ability to maintain high occupancy throughout the
portfolio through our strong relationships with our existing
tenants.”
About Gladstone Commercial Corporation (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, 2019, Gladstone Commercial’s real estate portfolio
consisted of 102 properties located in 24 states, totaling
approximately 11.7 million square feet. For additional information
please visit www.gladstonecommercial.com.
For Broker Submittals:
South/Central: |
Southeast/West: |
Buzz Cooper |
Brandon
Flickinger |
Senior Managing Director |
Managing Director |
(703) 287-5815 |
(703) 287-5819 |
Buzz.Cooper@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
|
|
Midwest/Northeast: |
|
Matt Tucker |
|
Senior Managing Director |
|
(703) 287-5830 |
|
Matt.Tucker@gladstonecompanies.com |
|
|
|
Investor or Media Inquiries:
Bob CutlipPresident – Gladstone Commercial
Corporation(703) 287-5878Bob.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 Company'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, 2018, as filed with the SEC
on February 13, 2019 and certain other filings we make with
the SEC. The Company 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.gladstone.com.
SOURCE: Gladstone Commercial Corporation
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