MCLEAN, May 28, 2019 (GLOBE NEWSWIRE via COMTEX) — Gladstone Commercial Corporation GOOD, -0.05% ("Gladstone Commercial") announced today that it has expanded its tenant, Morgan Stanley, in its 104,903 square foot facility in South Jordan, Utah by 17,126 square feet, effective July 1, 2019. After the expansion, Morgan Stanley will occupy a total of 98,397 square feet at the property through December 31, 2027. The lease expansion increases the overall building occupancy to 93.8%.
Morgan Stanley Smith Barney Financing, LLC is a major U.S. operating subsidiary of Morgan Stanley MS, -0.57% a Fortune 100 financial services firm with an investment grade rating of A+/A3 (S&P/Moody’s).
The three-story office building was originally built in 2007, has an attractive parking ratio of 5.8 spaces per 1,000 square feet and is located in close proximity to retail amenities, multifamily housing, executive housing and only two blocks from I-15 and a light rail station.
"The Salt Lake City market continues to exhibit strong fundamentals, and we are pleased with our leasing efforts in 2019," commented Perry Finney, Senior Asset Manager of Gladstone Commercial. "Expanding this lease increases the weighted average lease term of the Gladstone Commercial portfolio and further stabilizes same store rental income."
Brandon Flickinger, Managing Director of Gladstone Commercial, stated "Morgan Stanley has re-affirmed its commitment to this location, and this is indicative of our team’s ability to maintain high occupancy throughout the portfolio through our strong relationships with our existing tenants."
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, 2019, Gladstone Commercial’s real estate portfolio consisted of 102 properties located in 24 states, totaling approximately 11.7 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
President – Gladstone Commercial Corporation
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 Company’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, 2018, as filed with the SEC on February 13, 2019 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.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.
SOURCE: Gladstone Commercial Corporation
(C) Copyright 2019 GlobeNewswire, Inc. All rights reserved.