Exhibit 5.1
[LETTERHEAD OF VENABLE LLP]
March 28, 2011
Gladstone Commercial Corporation
Suite 200
1521 Westbranch Drive
McLean, Virginia 22102
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Re: |
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Registration Statement on Form S-3 (File No. 333-169290) |
Ladies and Gentlemen:
We have served as Maryland counsel to Gladstone Commercial Corporation, a Maryland corporation
(the Company), in connection with certain matters of Maryland law arising out of the registration
of 3,500,000 shares (the Shares) of Senior common stock, par value $0.001 per share (the Common
Stock), of the Company, covered by the above-referenced Registration Statement, and all amendments
thereto (the Registration Statement), filed by the Company with the United States Securities and
Exchange Commission (the Commission) under the Securities Act of 1933, as amended (the 1933
Act). 3,000,000 Shares (the Public Offering Shares) are issuable pursuant to the Dealer Manager
Agreement, dated as of March 25, 2011 (the Sale Agreement), by and between the Company and
Gladstone Securities, LLC and 500,000 Shares (the Plan Shares) are issuable pursuant to the
Companys Distribution Reinvestment Plan (the Plan).
In connection with our representation of the Company, and as a basis for the opinion
hereinafter set forth, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (hereinafter collectively referred to as the
Documents):
1. The Registration Statement;
2. The Prospectus, dated September 27, 2010, as supplemented by a Prospectus Supplement, dated
March 28, 2011, filed with the Commission pursuant to Rule 424(b) of the General Rules and
Regulations promulgated under the 1933 Act;
3. The charter of the Company (the Charter), certified by the State Department of
Assessments and Taxation of Maryland (the SDAT);
4. The Bylaws of the Company, as amended, certified as of the date hereof by an officer of the
Company;
5. A certificate of the SDAT as to the good standing of the Company, dated as of a recent
date;
6. Resolutions adopted by the Board of Directors of the Company relating to, among other
matters, the authorization of the sale and issuance of the Shares (the Resolutions), certified as
of the date hereof by an officer of the Company;
Gladstone Commercial Corporation
March 28, 2011
Page 2
7. The Plan;
8. A certificate executed by an officer of the Company, dated as of the date hereof; and
9. Such other documents and matters as we have deemed necessary or appropriate to express the
opinion set forth below, subject to the assumptions, limitations and qualifications stated herein.
In expressing the opinion set forth below, we have assumed the following:
1. Each individual executing any of the Documents, whether on behalf of such individual or
another person, is legally competent to do so.
2. Each individual executing any of the Documents on behalf of a party (other than the
Company) is duly authorized to do so.
3. Each of the parties (other than the Company) executing any of the Documents has duly and
validly executed and delivered each of the Documents to which such party is a signatory, and such
partys obligations set forth therein are legal, valid and binding and are enforceable in
accordance with all stated terms.
4. All Documents submitted to us as originals are authentic. The form and content of all
Documents submitted to us as unexecuted drafts do not differ in any respect relevant to this
opinion from the form and content of such Documents as executed and delivered. All Documents
submitted to us as certified or photostatic copies conform to the original documents. All
signatures on all Documents are genuine. All public records reviewed or relied upon by us or on
our behalf are true and complete. All representations, warranties, statements and information
contained in the Documents are true and complete. There has been no oral or written modification
of or amendment to any of the Documents, and there has been no waiver of any provision of any of
the Documents, by action or omission of the parties or otherwise.
5. The Shares will not be issued in violation of any restriction or limitation contained in
Article EIGHTH of the Charter.
6. Upon the issuance of any of the Shares, the total number of shares of Common Stock issued
and outstanding will not exceed the total number of shares of Common Stock that the Company is then
authorized to issue under the Charter.
Based upon the foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that:
Gladstone Commercial Corporation
March 28, 2011
Page 3
1. The Company is a corporation duly incorporated and existing under and by virtue of the laws
of the State of Maryland and is in good standing with the SDAT.
2. The issuance of the Public Offering Shares has been duly authorized and, when and if issued
and delivered against payment therefor in accordance with the Registration Statement, the Sale
Agreement and the Resolutions, the Public Offering Shares will be validly issued, fully paid and
nonassessable.
3. The issuance of the Plan Shares has been duly authorized and, when and if issued and
delivered against payment therefor in accordance with the Registration Statement, the Plan and the
Resolutions, the Plan Shares will be validly issued, fully paid and nonassessable.
The foregoing opinion is limited to the laws of the State of Maryland and we do not express
any opinion herein concerning any other law. We express no opinion as to the applicability or
effect of federal or state securities laws, including the securities laws of the State of Maryland,
or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to
which our opinion is expressed herein would be governed by the laws of any jurisdiction other than
the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein
is subject to the effect of any judicial decision which may permit the introduction of parol
evidence to modify the terms or the interpretation of agreements.
The opinion expressed herein is limited to the matters specifically set forth herein and no
other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to
supplement this opinion if any applicable law changes after the date hereof or if we become aware
of any fact that might change the opinion expressed herein after the date hereof.
This opinion is being furnished to you for submission to the Commission as an exhibit to the
Companys Current Report on Form 8-K relating to the Shares (the Current Report). We hereby
consent to the filing of this opinion as an exhibit to the Current Report and to the use of the
name of our firm therein. In giving this consent, we do not admit that we are within the category
of persons whose consent is required by Section 7 of the 1933 Act.
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Very truly yours,
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/s/ Venable LLP |
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