MCLEAN, Va., July 30, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (the "Company") announces that it executed a 12-year lease at its property located at 201 South Rogers Lane in Raleigh, North Carolina with Sumitomo Electric Lightwave Corp. ("Sumitomo") for 86,886 square feet. Sumitomo is a wholly owned subsidiary of Sumitomo Electric Industries, Ltd. Sumitomo manufactures and supplies optical fiber and optical cables, cable assemblies, fiber management systems, and air-blown fiber cabling systems.
The Company also executed a five-year lease extension at the property with its existing tenant, Elster Solutions, LLC ("Elster") for 21,300 square feet. Elster is a global provider of gas, electricity and water meters and related communications, networking and software solutions. The Company acquired the 116,129 square foot industrial building in February 2007.
"The lease with Sumitomo and lease extension with Elster illustrate Gladstone Commercial's plan to acquire high quality leasable assets in growing markets that are competitive in the marketplace," said Buzz Cooper, Senior Managing Director of the Company. "We appreciate the assistance from Cushman & Wakefield/Thalhimer and Avison Young in finding quality tenants for this building."
Gladstone Commercial's real estate portfolio consists of 101 properties located in 24 states, totaling approximately 11.1 million square feet.
For more information regarding Gladstone Commercial's activity in the South and Southeast, please contact Buzz Cooper at buzz.cooper@gladstonecompanies.com.
Gladstone Commercial Corporation is a real estate investment trust (REIT) that invests in and owns net leased industrial, commercial and retail real property. Additional information can be found at www.gladstonecommercial.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, 2014, as filed with the SEC on February 18, 2015. 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.
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