Gladstone Commercial Corporation Signs Lease Renewals with Elster Solutions, LLC (a wholly owned subsidiary of Honeywell Inte...
May 05 2020 - 4:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it has executed a lease extension
with Elster Solutions, LLC, (“Elster”) at its 58,926 square foot
office building in Raleigh, North Carolina. The lease extension
maintains the property’s 100% occupancy. Additionally, Gladstone
Commercial and Elster executed an extension at an adjacent
manufacturing facility where Elster leases 22,198 square feet,
approximately 20% of the space, with the remainder of the building
fully leased to another tenant through 2027.
The office building was constructed in 1997 and has been
continuously occupied since then by Elster, a leading provider of
gas, electricity and water meters. The adjacent manufacturing
building was constructed in 1994. Elster was acquired by Honeywell
International Inc. in 2015.
“We acquired the office building in 2003 and the adjacent
manufacturing building in 2007,” stated Buzz Cooper, Senior
Managing Director of Gladstone Commercial, “and the lease
extensions by Elster re-affirm their commitment to this
location.”
“It has been a pleasure to work with the tenant and we look
forward to our continued relationship” remarked Greg Yayac,
Asset Manager for Gladstone Commercial. “We achieved a great
outcome in extending the tenant in both locations, allowing us to
maintain current occupancy.”
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, 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:
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 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 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, 2019, as filed with the SEC
on February 12, 2020 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 except as required by
law.
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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