Exhibit 5.1
Christian E. Plaza
T: (703) 456-8006
cplaza@cooley.com
December 5, 2007
Gladstone Commercial Corporation
1521 Westbranch Drive, Suite 200
McLean, Virginia 22102
Ladies and Gentlemen:
We have acted as counsel to Gladstone Commercial Corporation, a Maryland corporation (the
Company), in connection with the Registration Statement on Form S-3 (the Registration
Statement) to be filed by the Company under the Securities Act of 1933, as amended (the
Securities Act). The Company has provided us with a prospectus (the Prospectus), which forms
part of the Registration Statement. The Prospectus provides that it will be supplemented in the
future by one or more prospectus supplements (each, a Prospectus Supplement). The Registration
Statement, including the Prospectus as supplemented from time to time by one or more Prospectus
Supplements, will provide for the registration by the Company of:
|
|
|
shares of common stock, par value $0.001 per share, of the Company (the Common Stock); and |
|
|
|
|
shares of preferred stock, par value $0.001 per share, of the Company (the Preferred Stock); |
The Common Stock and the Preferred Stock are collectively referred to herein as the
Securities. The Securities are being registered for offering and sale from time to time pursuant
to Rule 415 under the Securities Act. The aggregate public offering price of the Securities being
registered is $300 million.
In connection with this opinion, we have examined and relied upon originals, or copies certified to
our satisfaction, of such records, documents, certificates, opinions, memoranda and other
instruments as in our judgment are necessary or appropriate to enable us to render the opinion
expressed below. As to certain factual matters, we have relied upon certificates of the officers of
the Company and have not sought independently to verify such matters.
ONE FREEDOM SQUARE RESTON TOWN CENTER 11951 FREEDOM DRIVE RESTON VA 20190-5656 T: (703) 456-8000
F: (703) 456-8100 WWW.COOLEY.COM
Gladstone Commercial Corporation
December 5, 2007
Page Two
In rendering this opinion, we have assumed the genuineness and authenticity of all signatures on
original documents; the authenticity of all documents submitted to us as originals; the conformity
to originals of all documents submitted to us as copies; the accuracy, completeness and
authenticity of certificates of public officials; and the due authorization, execution and delivery of all documents where authorization,
execution and delivery are prerequisites to the effectiveness of such documents. With respect to
our opinion as to the Common Stock, we have assumed that, at the time of issuance and sale, a
sufficient number of shares of Common Stock is authorized and available for issuance and that the
consideration for the issuance and sale of such shares of Common Stock (or Preferred Stock
convertible into Common Stock) is not less than the par value of the Common Stock. With respect to
our opinion as to the Preferred Stock, we have assumed that, at the time of issuance and sale, a
sufficient number of shares of Preferred Stock is authorized, designated and available for issuance
and that the consideration for the issuance and sale of such shares of Preferred Stock is not less
than the par value of the Preferred Stock.
Our opinion herein is expressed solely with respect to the federal laws of the United States and
the laws of the State of Maryland. We express no opinion as to whether the laws of any jurisdiction
are applicable to the subject matter hereof. We are not rendering any opinion as to compliance with
any antifraud law, rule or regulation relating to securities, or to the sale or issuance thereof.
On the basis of the foregoing and in reliance thereon, and subject to the qualifications
herein stated, we are of the opinion that:
1. With respect to the Common Stock offered under the Registration Statement, provided that (i) the
Registration Statement and any required post-effective amendment thereto have all become effective
under the Securities Act and the Prospectus and any and all Prospectus Supplement(s) required by
applicable laws have been delivered and filed as required by such laws; (ii) the issuance of such
Common Stock has been duly authorized by all necessary corporate action on the part of the Company;
(iii) the issuance and sale of such Common Stock do not violate any applicable law, are in
conformity with the Companys then operative articles of incorporation (the Articles of
Incorporation) and bylaws (Bylaws), do not result in a default under or breach of any agreement
or instrument binding upon the Company and comply with any requirement imposed by any court or
governmental body having jurisdiction over the Company; and (iv) the certificates for such Common
Stock have been duly executed by the Company, countersigned by the transfer agent therefor and duly
delivered to the purchasers thereof against payment therefor (or in the case of uncertificated
securities, the Company has delivered, in accordance with Section 2-210 of the Maryland General
Corporation Law (MGCL), a written statement of the information required on certificates by
Section 2-211 of MGCL), then the shares of such Common Stock, when issued and sold in accordance
with a duly authorized, executed and delivered purchase, underwriting or similar agreement or upon
conversion of any convertible Preferred Stock will be duly authorized, validly issued, fully paid
and nonassessable.
ONE FREEDOM SQUARE RESTON TOWN CENTER 11951 FREEDOM DRIVE RESTON VA 20190-5656 T: (703) 456-8000
F: (703) 456-8100 WWW.COOLEY.COM
Gladstone Commercial Corporation
December 5, 2007
Page Three
2. With respect to the Preferred Stock offered under the Registration Statement, provided that (i)
the Registration Statement and any required post-effective amendment thereto have all become
effective under the Securities Act and the Prospectus and any and all Prospectus Supplement(s)
required by applicable laws have been delivered and filed as required by such laws; (ii) the terms
and issuance of such Preferred Stock have been duly authorized by all necessary corporate action on
the part of the Company; (iii) the terms of the shares of such Preferred Stock and their issuance
and sale do not violate any applicable law or result in a default under or breach of any agreement
or instrument binding upon the Company and comply with any requirement or restriction imposed by
any court or governmental body having jurisdiction over the Company; and (iv) the certificates for
such Preferred Stock have been duly executed by the Company, countersigned by the transfer agent
therefor and duly delivered to the purchasers thereof against payment therefor (or in the case of
uncertificated securities, the Company has delivered, in accordance with Section 2-210 of MGCL, a
written statement of the information required on certificates by Section 2-211 of MGCL), then the
shares of such Preferred Stock, when issued and sold in accordance with a duly authorized, executed
and delivered purchase, underwriting or similar agreement will be duly authorized, validly issued,
fully paid and nonassessable.
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to
the reference to our firm under the caption Legal Matters in the prospectus included in the
Registration Statement. This opinion is expressed as of the date hereof, and we disclaim any
undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any
subsequent changes in applicable law.
Sincerely,
Cooley Godward Kronish llp
By: /s/ Christian E. Plaza
Christian E. Plaza
cc: Gladstone Commercial Corporation
ONE FREEDOM SQUARE RESTON TOWN CENTER 11951 FREEDOM DRIVE RESTON VA 20190-5656 T: (703) 456-8000
F: (703) 456-8100 WWW.COOLEY.COM