Gladstone Commercial Corporation Executes 5.5 Year Lease Renewal at Office Property in Burnsville, Minnesota

Rhea-AI Summary

Gladstone Commercial Corporation (NASDAQ:GOOD) has announced a lease renewal with Bosch Security Systems for their office property in the Minneapolis MSA. The renewal covers 73,960 square feet through July 31, 2028, with an additional 5,630-square-foot suite renewed through January 31, 2024. This lease extension continues Bosch's tenancy that began in 2000, increasing the weighted average lease term of Gladstone's office portfolio. As of December 31, 2021, Gladstone owns 129 properties across 27 states, totaling approximately 16.2 million square feet.

Positive

• Successful lease renewals with Bosch enhance tenant stability.
• Extending the lease increases the weighted average lease term of the portfolio.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / March 7, 2022 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it executed a renewal with Bosch Security Systems Incorporated ("Bosch") for its office property located in the Minneapolis MSA. The renewal extends a 73,960 square foot office suite through July 31, 2028. A separate Bosch entity also renewed a 5,630 square foot office suite through January 31, 2024 within the property.

Bosch creates customized building security solutions comprised of video surveillance, intrusion detection, fire detection and voice evacuation systems as well as access control and management systems. In addition, they provide professional audio and conference systems for communication of voice, sound, and music.

"These lease renewals continue Bosch's existing tenancy that began in 2000 by a predecessor entity. Our management philosophy of regular communication, responsiveness and service allows us to retain excellent, high-quality tenants, such as Bosch," said Karen Priesman, Senior Vice President, who leads asset management within the Midwest Region for Gladstone Commercial.

"Gladstone Commercial is pleased to extend Bosch's lease in this building. By doing so we continue to increase the weighted average lease term of our office portfolio," said Ryan Carter, Executive Vice President for the Midwest and Western Regions of Gladstone Commercial.

About Gladstone Commercial (NASDAQ:GOOD)

Gladstone Commercial Corporation is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. As of December 31, 2021, Gladstone Commercial's real estate portfolio consisted of 129 properties located in 27 states, totaling approximately 16.2 million square feet. For additional information please visit www.gladstonecommercial.com.

For Broker Submittals:

South Central:
Buzz Cooper
Co-President/Chief Investment Officer
(703) 287-5815
Buzz.Cooper@gladstonecompanies.com

Southeast/Northeast:
EJ Wislar
Senior Vice President
(703) 462-1027
EJ.Wislar@gladstonecompanies.com

Midwest/West:
Ryan Carter
Executive Vice President
(571) 451-0019
Ryan.Carter@gladstonecompanies.com

Investor or Media Inquiries:

Bob Cutlip
Co-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, 2021, as filed with the SEC on February 15, 2022 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 further information: Gladstone Commercial Corporation, +1-703-287-5893

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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https://www.accesswire.com/691511/Gladstone-Commercial-Corporation-Executes-55-Year-Lease-Renewal-at-Office-Property-in-Burnsville-Minnesota

FAQ

What is the recent news about Gladstone Commercial Corporation (GOOD)?

Gladstone Commercial announced lease renewals with Bosch Security Systems for their office property in the Minneapolis MSA.

How long is the lease renewal for Bosch at Gladstone Commercial's property?

The lease renewal extends Bosch's office space through July 31, 2028.

What is the total area of the renewed office space by Bosch?

The total renewed office space by Bosch encompasses 73,960 square feet and an additional 5,630 square feet.

When did Bosch first begin its tenancy with Gladstone Commercial?

Bosch's tenancy with Gladstone began in 2000.

How many properties does Gladstone Commercial own?

As of December 31, 2021, Gladstone owns 129 properties across 27 states.