Gladstone Commercial Executes 8-Year Lease Extension at Flex / R&D Property in Raleigh, NC

MCLEAN, VA / ACCESSWIRE / September 3, 2024 / Gladstone Commercial Corporation (NASDAQ:GOOD) announced an 8-year lease extension with Elster Solutions, LLC at its 58,926 square foot flex/R&D building in Raleigh, North Carolina. Elster is a subsidiary of Honeywell International Inc., which guarantees the lease. The property has been leased to Elster since its purchase by Gladstone in 2003.

Elster, a specialist in metering and control systems for gas, was acquired by Honeywell in 2016. Honeywell, a major conglomerate, operates in several sectors including aerospace, building automation, energy solutions, and industrial automation.

Greg Yayac, Senior Vice President of Gladstone Commercial, stated, "We are pleased to have executed another lease extension with Elster." Buzz Cooper, President of Gladstone Commercial, added, "This extension validates our approach of investing in mission-critical facilities with quality tenancy."