Gladstone Commercial Stockholders Approve All Proposals at the Annual Meeting of Stockholders

Gladstone Commercial Corp. (Nasdaq:GOOD) (the "Company")announced today that its stockholders approved all proposals at theannual meeting of stockholders, including the proposal for the Amendedand Restated Investment Advisory Agreement with Gladstone ManagementCorporation and an Administration Agreement with GladstoneAdministration LLC, a wholly owned subsidiary of Gladstone ManagementCorp.

The approved agreements call for the removal of the Company'sstock option plan and replacing the incentive program previouslyprovided by the stock options with an incentive fee. These newagreements will go into effect on the later of: January 1, 2007, orthe first day of the fiscal quarter following the termination orexercise of the last outstanding stock options under the Company'sstock option plan. The definitive proxy statement describing theproposals was filed with the U.S. Securities and Exchange Commissionon March 24, 2006, and it was mailed to stockholders of record as ofMarch 17, 2006. The proxy statement is available on the Company'swebsite at www.GladstoneCommercial.com.

Gladstone Commercial Corporation is a publicly traded real estateinvestment trust that focuses on investing in and owning triple-netleased industrial and commercial real estate properties andselectively making long-term mortgage loans. Additional informationcan be found at www.GladstoneCommercial.com.

For further information contact our Investor Relations Manager,Kelly Sargent at 703.287.5835.

This press release may include statements that may constitute"forward-looking statements" within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended, including statements with regard tothe future performance of the Company and the closing of anytransaction. Words such as "may," "will," "believes," "anticipates,""intends," "expects," "projects," "estimates" and "future" or similarexpressions are intended to identify forward-looking statements. Theseforward-looking statements inherently involve certain risks anduncertainties, although they are based on the Company's current plans,expectations and beliefs that are believed to be reasonable as of thedate of this press release. Factors that may cause the Company'sactual results, levels of activity, performance or achievements to bematerially different from any future results, levels of activity,performance or achievements expressed or implied by suchforward-looking statements include, among others, those factors listedunder the caption "Risk Factors" of the Company's Annual Report onForm 10-K for the year ended, December 31, 2005, as filed with theSecurities and Exchange Commission on February 28, 2006. The riskfactors set forth in the Form 10-K under the caption "Risk Factors"are specifically incorporated by references into this press release.All forward-looking statements are based on current plans,expectations and beliefs and speak only as of the date of suchstatements. The Company undertakes no obligation to publicly update orrevise any forward-looking statements, whether as a result of newinformation, future events or otherwise.