Gladstone Commercial Executes 5 Year Lease Renewal at Office Property in Columbus, OH
Gladstone Commercial (NASDAQ:GOOD) has executed a 5-year lease extension with Morgan Stanley Smith Barney Financing for 72,301 square feet of its 101,869 square foot office building in Columbus, Ohio. The extension continues Morgan Stanley's tenancy, which began in 2008, through December 31, 2030. The property is located at 4343 Easton Commons. Gladstone Commercial's executives expressed satisfaction with the renewal, highlighting the ongoing relationship with Morgan Stanley and the suitability of the office building for the tenant's operations in the Columbus market. John Hall of CBRE was acknowledged for his assistance in facilitating the renewal process.
Gladstone Commercial (NASDAQ:GOOD) ha firmato un'estensione di contratto di locazione di 5 anni con Morgan Stanley Smith Barney Financing per 72.301 piedi quadrati del suo edificio per uffici di 101.869 piedi quadrati a Columbus, Ohio. L'estensione prosegue l'affitto di Morgan Stanley, che è iniziato nel 2008, fino al 31 dicembre 2030. La proprietà si trova al 4343 Easton Commons. I dirigenti di Gladstone Commercial hanno espresso soddisfazione per il rinnovo, sottolineando la relazione continua con Morgan Stanley e l’idoneità dell'edificio per le operazioni del locatario nel mercato di Columbus. John Hall di CBRE è stato riconosciuto per la sua assistenza nel facilitare il processo di rinnovo.
Gladstone Commercial (NASDAQ:GOOD) ha firmado una extensión de arrendamiento de 5 años con Morgan Stanley Smith Barney Financing para 72,301 pies cuadrados de su edificio de oficinas de 101,869 pies cuadrados en Columbus, Ohio. La extensión mantiene a Morgan Stanley como inquilino, que comenzó en 2008, hasta el 31 de diciembre de 2030. La propiedad está ubicada en 4343 Easton Commons. Los ejecutivos de Gladstone Commercial expresaron satisfacción con la renovación, destacando la relación continua con Morgan Stanley y la idoneidad del edificio de oficinas para las operaciones del inquilino en el mercado de Columbus. John Hall de CBRE fue reconocido por su ayuda en facilitar el proceso de renovación.
글래드스톤 상업 (NASDAQ:GOOD)은 모건 스탠리 스미스 바니 파이낸싱과 5년 임대 연장을 체결했습니다. 이는 오하이오주 콜럼버스에 있는 101,869 평방 피트 규모의 사무실 건물 중 72,301 평방 피트에 해당합니다. 이 연장은 2008년에 시작된 모건 스탠리의 임대 계약을 2030년 12월 31일까지 지속합니다. 해당 부동산은 4343 이스턴 커먼스에 위치해 있습니다. 글래드스톤 상업의 경영진은 갱신에 대한 만족감을 표명하며, 모건 스탠리와의 지속적인 관계와 임차인의 콜럼버스 시장에서의 운영에 적합한 사무실 건물의 적합성을 강조했습니다. CBRE의 존 홀은 갱신 과정을 원활하게 하는 데 도움을 준 것으로 인정받았습니다.
Gladstone Commercial (NASDAQ:GOOD) a signé une extension de bail de 5 ans avec Morgan Stanley Smith Barney Financing pour 72 301 pieds carrés de son immeuble de bureaux de 101 869 pieds carrés à Columbus, Ohio. L'extension prolonge le bail de Morgan Stanley, qui a débuté en 2008, jusqu'au 31 décembre 2030. La propriété est située au 4343 Easton Commons. Les dirigeants de Gladstone Commercial ont exprimé leur satisfaction quant au renouvellement, mettant en avant la relation continue avec Morgan Stanley et la pertinence de l'immeuble de bureaux pour les opérations du locataire sur le marché de Columbus. John Hall de CBRE a été reconnu pour son aide dans la facilitation du processus de renouvellement.
Gladstone Commercial (NASDAQ:GOOD) hat eine 5-jährige Verlängerung des Mietvertrags mit Morgan Stanley Smith Barney Financing für 72.301 Quadratfuß seines 101.869 Quadratfuß großen Bürogebäudes in Columbus, Ohio, unterzeichnet. Die Verlängerung setzt die Mietverhältnisse von Morgan Stanley fort, die 2008 begonnen haben, bis zum 31. Dezember 2030. Die Immobilie befindet sich in der 4343 Easton Commons. Die Führungskräfte von Gladstone Commercial äußerten Zufriedenheit über die Erneuerung und hoben die fortlaufende Beziehung zu Morgan Stanley und die Eignung des Bürogebäudes für die Betrieb des Mieters auf dem Markt in Columbus hervor. John Hall von CBRE wurde für seine Unterstützung bei der Facilitierung des Erneuerungsprozesses anerkannt.
- Secured a 5-year lease extension with an existing tenant
- Maintained occupancy for 72,301 square feet (71% of the property)
- Extended relationship with a major financial services firm (Morgan Stanley)
- None.
Insights
This lease renewal with Morgan Stanley is a positive development for Gladstone Commercial. The 5-year extension for a significant portion (
However, investors should note that this renewal doesn't expand the leased area, leaving about
While specific financial terms aren't disclosed, this lease renewal likely stabilizes Gladstone Commercial's revenue stream from a prime asset. Morgan Stanley's continued tenancy since 2008 suggests a mutually beneficial relationship, potentially allowing for favorable lease terms for both parties. For investors, this renewal mitigates near-term vacancy risk and provides predictable cash flows, which is important for REITs like Gladstone Commercial (NASDAQ: GOOD) that focus on delivering consistent dividends.
However, the lack of expansion in Morgan Stanley's footprint might indicate growth prospects at this location. Investors should monitor Gladstone's ability to lease the remaining
MCLEAN, VA / ACCESSWIRE / August 20, 2024 / Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone Commercial") announced today that it has executed a 5-year lease extension with Morgan Stanley Smith Barney Financing LLC ("Morgan Stanley") through December 31, 2030 for 72,301 square feet of its 101,869 square foot office building located at 4343 Easton Commons in Columbus, Ohio. This lease renewal continues Morgan Stanley's existing tenancy that began in 2008.
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
"We are pleased to extend Morgan Stanley's lease at this location and look forward to our ongoing relationship. I would also like to thank John Hall of CBRE for his help in guiding this renewal to completion," said Judy Carter, Senior Vice President, who leads asset management within the Midwest Region for Gladstone Commercial.
"Morgan Stanley is an excellent tenant, and we are pleased that our office building meets their requirements for continued operations within the Columbus, Ohio market," said Ryan Carter, Executive Vice President for the Midwest and Western Regions 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 June 30, 2024, Gladstone Commercial's real estate portfolio consisted of 136 properties located in 27 states, totaling approximately 16.8 million square feet. For additional information, please visit www.gladstonecommercial.com.
For Broker Submittals: For Asset Management Matters:
Ryan Carter | Judy Carter |
Executive Vice President | Senior Vice President |
(571) 451-0019 | (703) 462-1024 |
Investor or Media Inquiries
Buzz Cooper | Catherine Gerkis |
President | Director of Investor Relations/ESG |
(703) 287-5815 | (703) 287-5846 |
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, 2023, as filed with the SEC on February 21, 2024, 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, (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
View the original press release on accesswire.com
FAQ
What is the new lease expiration date for Morgan Stanley at Gladstone Commercial's Columbus property?
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