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Exhibit 5.1 |
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ATTORNEYS AT LAW
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Broomfield, CO |
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720 566-4000 |
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One Freedom Square
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Palo Alto, CA |
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Reston Town Center
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650 843-5000 |
April 12, 2006
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11951 Freedom Drive
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San Diego, CA |
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Reston, VA
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858 550-6000 |
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20190-5656
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San Francisco, CA |
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415 693-2000 |
Gladstone Commercial Corporation
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AARON VELLI
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Washington, DC |
1521 Westbranch Drive
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(703) 456-8074
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202 842-7800 |
Suite 200
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avelli@cooley.com |
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McLean, Virginia 22102 |
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Ladies and Gentlemen:
You have requested our opinion with respect to certain matters in connection with the filing by
Gladstone Commercial Corporation (the Company) of a Registration Statement on Form S-8 (the
Registration Statement) with the Securities and Exchange Commission (the Commission) covering
the offering of up to Nine Hundred and Sixteen Thousand (916,000) shares of the Companys Common
Stock, $0.001 par value (the Shares) pursuant to the 2003 Equity Incentive Plan, as amended (the
Plan).
In connection with this opinion, we have examined the Registration Statement and related
prospectus, the Plan, your Articles of Incorporation, as amended, and Bylaws, and such other
documents, records, certificates, memoranda and other instruments as we deem necessary as a basis
for this opinion. We have assumed the genuineness and authenticity of all documents submitted to
us as originals, the conformity to originals of all documents submitted to us as copies thereof,
and the due execution and delivery of all documents where due execution and delivery are a
prerequisite to the effectiveness thereof.
On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares to be
issued, when sold and issued in accordance with the Registration Statement, related prospectus and
the Plan, will be, validly issued, fully paid and non-assessable.
The opinion rendered herein is only as of the date hereof and we undertake no obligation to update
this opinion. We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement.
Very truly yours,
Cooley Godward llp
/s/ Aaron Velli
Aaron Velli