Gladstone Commercial Corporation executes 7.75 year lease renewal for office property in Burnsville, Minnesota

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MCLEAN, VA / ACCESSWIRE / July 14, 2021 / Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) announced today that it has signed a contract extension with Power Engineers Incorporated (“Power”) through December 31, 2029 of its 12000 Portland Avenue office building in Burnsville, Minnesota . a suburb of Minneapolis. This lease extension continues Power’s existing lease that began in 2016.

Power is a 100% employee owned engineering and environmental consultancy. Power serves the power supply, power generation, renewables and storage, food and beverage industries, government, agribusiness, campus energy, oil and gas, and the petrochemical industry.

Power extended the lease by seven years and nine months for its current 12,663 square foot suite with an option to extend it for an additional five years beyond 2029. Gladstone Commercial provided the funds required for the renovation as per their post-COVID configuration.

“We are very excited to renew this long-term tenant,” said Todd McDonald, associate at Gladstone Commercial. “The Class A improvements in a beautifully wooded setting allow us to continue to hold high quality tenants like Power.”

“Gladstone Commercial continues to fulfill our core attributes of attracting and retaining financially strong tenants, as shown by the renewal of one of the top five national engineering firms in the US, FFO is also immediately positive by increasing the linear rent for this tenant by 3.3% “said Karen Priesman, Senior Vice President and Head of Asset Management for the Midwest Region at Gladstone Commercial.” We also thank our CBRE Property Management team, who work closely with the Gladstone Commercial team to ensure our tenants have an excellent experience Service received. “

About Gladstone Commercial (Nasdaq: GOOD)

Gladstone Commercial Corporation is a real estate investment trust (“REIT”) focused on the acquisition, ownership and operation of net rented industrial and office real estate in the United States. As of March 31, 2021, Gladstone Commercial’s real estate portfolio consisted of 120 properties in 27 states, totaling approximately 15.5 million square feet. Please visit www.gladstonecommercial.com for more information.

For Broker Filings: For Asset Management Matters:

Todd McDonald

Karen Priesman

Associate

Senior Vice President

(703) 287-5895

(703) 462-1024

[email protected]

[email protected]

Investor or media inquiries:

All statements 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 “expects,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not place undue reliance on forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause Gladstone Commercial’s business, financial condition, liquidity, results of operations, assets, or prospects to be material differ from these may be expressed or implied in such statements. Such risks and uncertainties are disclosed under the heading “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 16, 2021 and on certain others filed by us Document Disclosed The S. Gladstone Commercial cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. The company assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason.

For more information: Gladstone Commercial Corporation, + 1-703-287-5893

For investor relations inquiries about any of Gladstone’s monthly dividend funds, please visit www.gladstonecompanies.com.

SOURCE: Gladstone Trading Company

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https://www.accesswire.com/655571/Gladstone-Commercial-Corporation-Executes-775-year-Lease-Renewal-at-Office-Property-in-Burnsville-Minnesota



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