Gladstone Commercial Corporation Completes Lease Extension at Office Property in Suburban Cincinnati, OH
12 December 2019 - 8:30AM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it completed the extension of its
lease with Quest Diagnostics Clinical Laboratories Inc.
(“Quest”) at its 4690 Parkway Drive office property in Mason,
OH, a suburb of Cincinnati. Quest will remain in 39,417
square feet of the 60,019 square foot building for an additional 10
years through June 30, 2030.
Quest began leasing 86% of the building in
2002. In 2006, they expanded into the balance of the building
and then extended for an additional eight years in 2012. Quest is a
S&P 500 company and the world’s leading provider of diagnostic
information services, touching the lives of 30 percent of American
adults each year. “Our excellent on-going relationship with
the Quest team in Mason led to Quest’s decision to extend their
lease for another 10 years,” stated Matt Tucker, Senior Managing
Director and head of the Northeast/Midwest Region for Gladstone
Commercial. “This single-story, 60,019 square foot office
building provides Quest with the data center, modern office
features and dock area that they need to support their technology
operations and customers.”
“It has been a pleasure to work with Quest’s
personnel and cement their future in a building that works so well
for them,” said Karen Priesman, Senior Asset Manager for Gladstone
Commercial. “This expansion strengthens both our going forward cash
and straight-line rent, as well as contributes to a greater
weighted average lease term on our portfolio.”
About Gladstone
Commercial (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
September 30, 2019, Gladstone Commercial’s real estate portfolio
consisted of 109 properties located in 24 states, totaling
approximately 13.1 million square feet. For additional information
please visit www.gladstonecommercial.com.
For Broker Submittals:
Southcentral: |
Northeast/Midwest: |
Buzz Cooper |
Matt Tucker |
Senior Managing Director |
Senior Managing Director |
(703) 287-5815 |
(703) 287-5830 |
Buzz.Cooper@gladstonecompanies.com |
Matt.Tucker@gladstonecompanies.com |
|
|
Southeast/Southwest: |
|
Brandon Flickinger |
|
Managing Director |
|
(703) 287-5819 |
|
Brandon.Flickinger@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, 2018, as filed
with the SEC on February 13, 2019 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 Investor Relations inquiries related to any of
the monthly dividend paying Gladstone funds, please
visit www.gladstone.com.
SOURCE: Gladstone Commercial Corporation
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