Gladstone Commercial Corporation Announces Recent Leasing Success in the Twin Cities

About this update from Gladstone Commercial Corporation - Real Estate Investment Trust

[{"type":"text","content":"MCLEAN, Va., May 19, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) announced today that Benedictine Health System (“BHS”) has moved its headquarters into and its 10-year lease has commenced at one of Gladstone Commercial’s properties, located at 6499 University Avenue, Fridley, Minnesota, a suburb of Minneapolis. Construction of the tenant and building improvements were completed ahead of schedule in less than 90 days and below budgeted cost. Gladstone Commercial worked with Julie Kimble of Kimble Co. to manage the buildout project, with Welsh Construction acting as general contractor.\n BHS is one of the largest Catholic senior care organizations in the United States, with elder care communities across the Midwest, spanning from adult day services and care at home to memory care and assisted living. BHS now leases 35,757 square feet, or approximately half of the 72,428 square foot office building. More than $1 million of improvements have been made to the property, including upgrading the large atrium, kitchen area and entertainment space which are open to all tenants of the building. Additionally, Gladstone Commercial announced that it has renewed its lease with Bosch Service Solutions (“Bosch”) at its office property at 12000 Portland in Burnsville, MN, extending the lease through January 2023. Bosch occupies approximately 5,600 square feet through this lease. No tenant improvements were required for this renewal. “We are proud to unveil the exciting repositioning of 6499 University while adding a great tenant to the Gladstone roster” said Matt Tucker, Senior Managing Director and Northeast/Midwest Regional Head for Gladstone Commercial. “New tenants in the building will find an unusually high level of natural light, great access and top quality improvements. Additionally, we are happy to announce the renewal of the lease with Bosch at our Burnsville property. It is a good reflection of our quality properties that our leasing activity has continued through this environment.” “It is remarkable that a property as terrific as 6499 University Avenue can be offered so close to the city – just minutes to downtown with abundant parking and at a discount to downtown rental rates. BHS was introduced to the opportunity by Gerry Driessen of CBRE and immediately recognized the unparalle...

More updates from Gladstone Commercial Corporation - Real Estate Investment Trust