Gladstone Commercial Corporation Extends Lease at Richmond, VA Property
Gladstone Commercial Corporation (Nasdaq: GOOD) announced a six-year lease extension with Conduent State Healthcare, LLC for its 42,213 square foot office in Richmond, VA, ensuring full occupancy through September 2026. This extension highlights the property’s significance to Conduent's operations, as the company has been a tenant since 2014. Senior Managing Director Buzz Cooper stated their commitment to tenant renewals and increasing cash flow, alongside a focus on industrial acquisitions.
- Lease extension with Conduent secures 100% occupancy until September 2026.
- Demonstrates ongoing demand for the property and its importance to Conduent's operations.
- None.
MCLEAN, Va., July 13, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) announced today that it has executed a six-year lease extension with Conduent State Healthcare, LLC (“Conduent”) at its 42,213 square foot office building in Richmond, VA, maintaining the building’s
“We are focused on renewing tenants and growing same-store cash flow as well as continuing our industrial acquisition strategy,” stated Buzz Cooper, Senior Managing Director of Gladstone Commercial, “This lease extension demonstrates the continued importance of our building to Conduent’s operations.” Conduent moved into the building in 2014, where it performs support operations and services for clients.
“We are pleased to be able to continue our relationship with Conduent and to maintain full occupancy at the property,” added Greg Yayac, Asset Manager for Gladstone Commercial.
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 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. 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
FAQ
What is the significance of the lease extension announced by Gladstone Commercial (GOOD)?
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