Gladstone Commercial Corporation Completes $1.5 Million Lease Expansion in Columbus, Ohio
Gladstone Commercial Corporation (Nasdaq: GOOD) has announced a lease amendment with Morgan Stanley to expand its office space by 16,000 square feet at 4343 Easton Commons, Columbus, OH. This expansion will allow Morgan Stanley to occupy the entire 103,000 square foot building until December 2025. The move aligns with Gladstone’s strategy of flexible growth for its anchor tenants, and it will result in increased cash and straight-line rents, contributing to the overall portfolio's lease term.
- Morgan Stanley expands its lease by 16,000 square feet, occupying 100% of the building.
- Increases cash and straight-line rents for Gladstone.
- Enhances the weighted average lease term of the portfolio.
- None.
MCLEAN, Va., May 27, 2020 (GLOBE NEWSWIRE) -- 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
“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:
| 20%; width: | 80%; width: |
| 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
FAQ
What is the recent lease amendment announced by Gladstone Commercial (GOOD)?
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