Gladstone Commercial Executes 5 Year Lease Renewal at Office Property in Columbus, OH

Rhea-AI Summary

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.

Positive

• 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)

Negative

• None.

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
Ryan.Carter@gladstone.com	Judy.Carter@gladstone.com

Investor or Media Inquiries

Buzz Cooper	Catherine Gerkis
President	Director of Investor Relations/ESG
(703) 287-5815	(703) 287-5846
Buzz.Cooper@gladstone.com	Catherine.Gerkis@gladstone.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, 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?

The new lease expiration date for Morgan Stanley at Gladstone Commercial's (GOOD) Columbus property is December 31, 2030, following a 5-year extension.

How much space is Morgan Stanley leasing in Gladstone Commercial's Columbus office building?

Morgan Stanley is leasing 72,301 square feet out of the total 101,869 square foot office building owned by Gladstone Commercial (GOOD) in Columbus, Ohio.

When did Morgan Stanley's original tenancy begin at the Gladstone Commercial property in Columbus?

Morgan Stanley's original tenancy at the Gladstone Commercial (GOOD) property in Columbus began in 2008.

What is the address of the Gladstone Commercial office building leased by Morgan Stanley in Columbus?

The Gladstone Commercial (GOOD) office building leased by Morgan Stanley in Columbus is located at 4343 Easton Commons.