FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BRUBAKER TERRY LEE
  2. Issuer Name and Ticker or Trading Symbol
GLADSTONE COMMERCIAL CORP [GOOD]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
COO
(Last)
(First)
(Middle)
1521 WESTBRANCH DRIVE, SUITE 200
3. Date of Earliest Transaction (Month/Day/Year)
11/27/2006
(Street)

MCLEAN, VA 22102
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/27/2006   M   500 A $ 15 27,714.62 (2) D  
Common Stock 11/27/2006   S   500 D $ 20.47 27,214.62 (2) D  
Common Stock 11/27/2006   M   300 A $ 15 27,514.62 (2) D  
Common Stock 11/27/2006   S   300 D $ 20.4167 27,214.62 (2) D  
Common Stock 11/27/2006   M   200 A $ 15 27,414.62 (2) D  
Common Stock 11/27/2006   S   200 D $ 20.39 27,214.62 (2) D  
Common Stock 11/27/2006   M   600 A $ 15 27,814.62 (2) D  
Common Stock 11/27/2006   S   600 D $ 20.38 27,214.62 (2) D  
Common Stock 11/27/2006   M   300 A $ 15 27,514.62 (2) D  
Common Stock 11/27/2006   S   300 D $ 20.3541 27,214.62 (2) D  
Common Stock 11/27/2006   M   1,000 A $ 15 28,214.62 (2) D  
Common Stock 11/27/2006   S   1,000 D $ 20.2537 27,214.62 (2) D  
Common Stock 11/27/2006   M   2,800 A $ 15 30,014.62 (2) D  
Common Stock 11/27/2006   S   2,800 D $ 20.25 27,214.62 (2) D  
Common Stock 11/28/2006   M   4,000 A $ 15 31,214.62 (2) D  
Common Stock 11/28/2006   S   4,000 D $ 20.15 27,214.62 (2) D  
Common Stock 11/28/2006   M   5,000 A $ 15 32,214.62 (2) D  
Common Stock 11/28/2006   S   5,000 D $ 20.1518 27,214.62 (2) D  
Common Stock 11/28/2006   M   5,400 A $ 15 32,614.62 (2) D  
Common Stock 11/28/2006   S   5,400 D $ 20.16 27,214.62 (2) D  
Common Stock 11/28/2006   M   2,000 A $ 15 29,214.62 (2) D  
Common Stock 11/28/2006   S   2,000 D $ 20.1857 27,214.62 (2) D  
Common Stock 11/28/2006   M   2,000 A $ 15 29,214.62 (2) D  
Common Stock 11/28/2006   S   2,000 D $ 20.19 27,214.62 (2) D  
Common Stock 11/28/2006   M   2,000 A $ 15 29,214.62 (2) D  
Common Stock 11/28/2006   S   2,000 D $ 20.198 27,214.62 (2) D  
Common Stock 11/28/2006   M   100 A $ 15 27,314.62 (2) D  
Common Stock 11/28/2006   S   100 D $ 20.29 27,214.62 (2) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock $ 15 11/27/2006   M     5,700   (1) 12/31/2006 Common Stock 5,700 $ 0 94,300 D  
Common Stock $ 15 11/28/2006   M     20,500   (1) 12/31/2006 Common Stock 20,500 $ 0 73,800 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BRUBAKER TERRY LEE
1521 WESTBRANCH DRIVE
SUITE 200
MCLEAN, VA 22102
  X     COO  

Signatures

 Paula Novara, attorney-in-fact   11/29/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The options vested in two equal installments of 50,000 shares on 8/12/03 and 8/12/04.
(2) Includes 12,500 shares of common stock which are held in the name of Mr. Brubakers spouse. Mr. Brubaker disclaims beneficial ownership of these 12,500 shares and this report shall not be deemed an admission that Mr. Brubaker is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

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