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$17,00,000

 
Third Pary Purchase  
Taylorsville, UT  

Gladstone Commercial acquired a three-story, 107,062 square foot, single-tenant office building located in Taylorsville, UT, a nearby suburb of the Salt Lake City central business district, for $17.0 million at an average cap rate of 8.40%. The property is located in the West Valley submarket of Salt Lake City, which has an office vacancy rate of 7.7%, which compares favorably to the overall Salt Lake City office vacancy rate of 9.8%.

The property is leased to Convergys Customer Management Group Inc., a wholly-owned subsidiary of Convergys Corporation, under a NNN lease. Convergys is the guarantor on the lease and is rated BB+ by S&P. Convergys is the second largest provider of business process outsourcing solutions in the United States and provides solutions across the customer lifecycle, including sales, customer service, technical support, customer retention, and collections.

"This acquisition marks our second acquisition in the Salt Lake City market and our sixth acquisition in the Western U.S., which continues our strategic expansion into both primary and strong secondary markets in the Western U.S.," said Andrew White, Managing Director of Gladstone Commercial's Western Region. "The NNN lease to Convergys and the S&P BB+ credit will provide attractive stable returns to our investors over the long term given the attributes of the real estate and strong macroeconomic fundamentals driving the Salt Lake City economy, including Utah's unemployment rate of 3.5%, which is one of the lowest unemployment rates in the country. The property's close proximity to retail, housing and public transportation is exactly what tenants are looking for when selecting an office location."

 
   
 
    For more information on this transaction, please contact:     
   

Andrew White
Managing Director
(310) 953-4960

Brandon Flickinger
Director
(703) 287-5819

   
   
 
    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. Gladstone seeks to expand its portfolio through acquisitions, joint venture development, and sale-leaseback transactions. Gladstone Commercial's real estate portfolio consists of 99 properties located in 24 states, totaling 11.1 million square feet. Gladstone's common shares are traded on the NASDAQ under the symbol "GOOD." For additional information please visit www.gladstonecommercial.com.

Investor or Media Inquiries:
Bob Cutlip
President - Gladstone Commercial Corporation
(703) 287-5878
Bob.Cutlip@gladstonecompanies.com

 
   
 
 

South/Southwest:
Buzz Cooper
Senior Managing Director
(703) 287-5815

Midwest/Northeast:
Matt Tucker
Managing Director
(703) 287-5830

West:
Andrew White
Managing Director
(310) 953-4960

Tennessee/Kentucky:
Brandon Flickinger
Director
(703) 287-5819

 
                                       
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1521 Westbranch Drive · Suite 100 · McLean, VA 22102
(703) 287-5800 · (703) 287-5801 fax