Gladstone Commercial Corporation Completes Project to Reduce Energy Costs at Fort Lauderdale Office Property

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

[{"type":"text","content":"MCLEAN, Va., April 15, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (“Gladstone Commercial”) announced today that it has completed the first phase of a capital improvement program at 6363 NW Sixth Way in Fort Lauderdale, Florida, a five-story, 119,224 square foot office property leased to an investment-grade rated Fortune 1000 company through October 2025.\n Preliminary assessments indicate that the improvements, focused on high-efficient HVAC equipment, will significantly reduce energy usage at the building and is projected to reduce the property’s energy costs by approximately 15%. In addition to this capital investment, Gladstone Commercial is also in the process of modernizing the property’s elevator systems. The cost of these improvements was previously underwritten as a credit to the acquisition price in 2016. “We acquired the property in 2016 and are pleased to work with our engineering consultants, tenant, and stakeholders to provide improved building operations while reducing operating costs,” stated Brandon Flickinger, Managing Director of Gladstone Commercial Corporation. “Our JLL property management and engineering team has done an excellent job in identifying opportunities to upgrade the building,” remarked Greg Yayac, Asset Manager for Gladstone Commercial. “We feel confident that these improvements will help in the future in retaining and attracting tenants.” 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 December 31, 2019, Gladstone Commercial’s real estate portfolio consisted of 118 properties located in 28 states, totaling approximately 14.2 million square feet. For additional information please visit www.gladstonecommercial.com For Broker Submittals: South/Central:Southeast/West:Buzz Cooper Brandon FlickingerSenior Managing DirectorManaging Director(703) 287-5815(703) [email protected]@gladstonecompanies.com Midwest/Northeast: Matt Tucker Senior Managing Director (703) 287-5830 [email protected] Investor or Media Inquiries: Bob CutlipPresident – Gladstone Commercial Corporation(703) [email protected] All statements contain...

More updates from Gladstone Commercial Corporation - Real Estate Investment Trust