Exhibit 5.1
June 10, 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 (Registration 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 up to 1,380,000 shares (the Shares) of common stock, par value $0.001 per share,
of the Company (including up to 180,000 Shares which the underwriters in the Offering (as defined
herein) have the option to purchase solely to cover over-allotments), 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). The Shares are to be issued in an
underwritten public offering (the Offering) pursuant to the Prospectus Supplement (as defined
herein).
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
June 10, 2011 (the Prospectus Supplement), 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;
Gladstone Commercial Corporation
June 10, 2011
Page 2
6. Resolutions adopted by the Board of Directors of the Company or a duly authorized
committee thereof relating to, among other matters, the authorization of the sale, issuance and
registration of the Shares (the Resolutions), certified as of the date hereof by an officer of
the Company;
7. A certificate executed by an officer of the Company, dated as of the date hereof; and
8. 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
any other 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 such 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.
Gladstone Commercial Corporation
June 10, 2011
Page 3
Based upon the foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that:
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 Shares has been duly authorized and, when and to the extent issued against
payment therefore in accordance with the Registration Statement, the Prospectus Supplement and the
Resolutions, the 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 compliance with
any 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 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 judicial decisions 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 Offering (the Current Report), which is
incorporated by reference in the Registration Statement. We hereby consent to the filing of this
opinion as an exhibit to the Current Report and the said incorporation by reference 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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