Gladstone Commercial Corporation Executes Five-Year Lease Extensions at Two Pennsylvania Properties
04 Août 2020 - 10:30PM
Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone
Commercial”) announced today that it has executed five-year lease
extensions with two tenants in its Northeast region, renewing John
Bean Technologies Corporation (“JBT”), who occupies 100% of its
67,200 square foot flex building in the Philadelphia area, and
extending Continental Broadband Pennsylvania, LLC (“CBP”), who
occupies 100% of its 26,080 square foot data center building in the
Pittsburgh area.
JBT is a global leader in food processing, air
transportation solutions and automated systems. JBT has been
innovators and market leaders for more than a century. JBT has
occupied this location for more than 30 years. JBT renewed their
triple-net lease for five years through February 2026.
CBP is a subsidiary of Expedient. Expedient
helps companies transform their IT operations through award-winning
cloud solutions and managed services including disaster recovery,
security and compliance, and more. CBP and Expedient house a data
center at our property in the Pittsburgh area. CBP renewed early,
adding five years to an absolute triple-net lease through December
2031.
“We acquired the JBT building in 2008 and the
CBP building in 2011 knowing both buildings were key to the
operations of these tenants,” stated Matt Tucker, Senior Managing
Director and head of the Northeast and Midwest Regions for
Gladstone Commercial. “The lease extensions by both tenants show
their continued commitment to these locations, further validating
our strategy of owning facilities that are mission critical for our
tenants.”
“We are pleased that both tenants have extended
their lease terms” remarked Greg Yayac, Asset Manager
for Gladstone Commercial in the Northeast and Southeast
Regions. “These lease extensions ensure continued occupancy and
increase our portfolio’s weighted average lease term.”
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, 2020, Gladstone Commercial’s real estate portfolio
consisted of 122 properties located in 28 states, totaling
approximately 15.1 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 |
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 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, 2019, as filed with the SEC
on February 12, 2020 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 except as required by
law.
For Investor Relations inquiries related to any
of the monthly dividend paying Gladstone funds, please visit
www.gladstonecompanies.com.
SOURCE: Gladstone Commercial Corporation
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