Gladstone Inks Full-Building Raleigh Lease Renewal

In addition to the nearly 60,000-square-foot renewal, Elster Solutions will continue to occupy space in one of the landlord's other nearby properties.
201 S. Rogers Lane. Image courtesy of Gladstone

Gladstone Commercial Corp. has signed a lease renewal with tenant Elster Solutions, a subsidiary of Honeywell International Inc., for a 58,926-square-foot office building in Raleigh, N.C. Elster Solutions, a provider of gas, electricity and water meters, will continue to fully occupy the property at 208 S. Rogers Lane. 

Alongside the office deal, Gladstone and Elster agreed to a 22,198-square-foot lease extension at an adjacent manufacturing facility. The property is located at 201 S. Roger Lane, and its remaining space is leased to another tenant through 2027.

Gladstone paid $5.8 million for the office building in 2003, according to Yardi Matrix, and acquired the manufacturing facility in 2007. Elster has been a long-term tenant at both properties: The firm has occupied the office structure since its completion in 1997.

In March, Gladstone acquired a newly built distribution center for more than $30 million in Crandall, Ga. The 504,000-square-foot property is fully occupied by GE Appliances.