GLADSTONE COMMERCIAL CORP — Director's Dealing 2004

May 27, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLADSTONE COMMERCIAL CORP (GOOD)
CIK: 0001234006
Period of Report: 2004-05-26

Reporting Person: ADELGREN PAUL W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-26	Stock Option (Right to Buy)	$15.99	A	10000	Acquired	2014-05-25	Common Stock (10000)	Direct

Footnotes

F1: Shares subject to the option vest in two equal annual installments of 5,000 shares on the first and second anniversaries of the Date of Grant