MCLEAN, Va., May 28, 2019 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (GOOD) (“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), 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.”
About Gladstone Commercial Corporation (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 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:
|Buzz Cooper||Brandon Flickinger|
|Senior Managing Director||Managing Director|
|(703) 287-5815||(703) 287-5819|
|Senior Managing Director|
Investor or Media Inquiries:
President – Gladstone Commercial Corporation
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SOURCE: Gladstone Commercial Corporation