SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)


             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(b)

                                (Amendment No. 4)


                        Gladstone Commercial Corporation
--------------------------------------------------------------------------------
                                (Name of Issuer)


                          Common Stock, $.001 Par Value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    376536108
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2007
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the  appropriate  box to  designate  the rule  pursuant to which this
Schedule is filed:

          [_]  Rule 13d-1(b)

          [x]  Rule 13d-1(c)

          [_]  Rule 13d-1(d)


----------
The  information  required in the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 or otherwise  subject to the  liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).



CUSIP No. 376536108
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     A. Alex Porter

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [x]

3.   SEC USE ONLY



4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     484,833

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     484,833

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     484,833

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.66%

12.  TYPE OF REPORTING PERSON*

     IN

________________________________________________________________________________



CUSIP No. 376536108
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Paul Orlin

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [x]

3.   SEC USE ONLY



4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     484,833

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     484,833

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     484,833

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.66%

12.  TYPE OF REPORTING PERSON*

     IN

________________________________________________________________________________



CUSIP No. 376536108
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Geoffrey Hulme

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [x]

3.   SEC USE ONLY



4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     484,833

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     484,833

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     484,833

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.66%

12.  TYPE OF REPORTING PERSON*

     IN

________________________________________________________________________________



CUSIP No. 376536108
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     Jonathan W. Friedland

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [x]

3.   SEC USE ONLY



4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     484,833

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     484,833

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     484,833

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.66%

12.  TYPE OF REPORTING PERSON*

     IN

________________________________________________________________________________



CUSIP No. 376536108
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

     CF Advisors, LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [x]

3.   SEC USE ONLY



4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     DELAWARE

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     484,833

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     484,833

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     484,833

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     5.66%

12.  TYPE OF REPORTING PERSON*

     OO

________________________________________________________________________________



CUSIP No. 376536108
            ---------------------

Item 1(a).  Name of Issuer:


            Gladstone Commercial Corporation
            ____________________________________________________________________

Item 1(b).  Address of Issuer's Principal Executive Offices:


            1521 Westbranch Drive, Suite 200
            McLean, Virginia 22102
            ____________________________________________________________________


Item 2(a).  Name of Person Filing:


            A. Alex Porter
            Paul Orlin
            Geoffrey Hulme
            Jonathan W. Friedland
            CF Advisors, LLC
            ____________________________________________________________________

Item 2(b).  Address of Principal Business Office, or if None, Residence:


            666 5th Avenue, 34th Floor, New York, New York 10103
            666 5th Avenue, 34th Floor, New York, New York 10103
            666 5th Avenue, 34th Floor, New York, New York 10103
            666 5th Avenue, 34th Floor, New York, New York 10103
            666 5th Avenue, 34th Floor, New York, New York 10103
            ____________________________________________________________________

Item 2(c).  Citizenship or Place of Organization:

            USA
            USA
            USA
            USA
            Delaware
            ____________________________________________________________________

Item 2(d).  Title of Class of Securities:


            Common Stock, $.001 Par Value
            ____________________________________________________________________

Item 2(e).  CUSIP Number:


            376536108
            ____________________________________________________________________


Item 3.     If This Statement  is Filed  Pursuant to  Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

     (a)  [_]  Broker or dealer registered under Section 15 of the Exchange Act.

     (b)  [_]  Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c)  [_]  Insurance  company as defined in Section 3(a)(19) of the Exchange
               Act.

     (d)  [_]  Investment  company  registered under Section 8 of the Investment
               Company Act.

     (e)  [_]  An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

     (f)  [_]  An employee  benefit plan or endowment  fund in  accordance  with
               Rule 13d-1(b)(1)(ii)(F);

     (g)  [_]  A parent  holding  company or control  person in accordance  with
               Rule 13d-1(b)(1)(ii)(G);

     (h)  [_]  A savings  association  as defined in Section 3(b) of the Federal
               Deposit Insurance Act;

     (i)  [_]  A  church  plan  that  is  excluded  from  the  definition  of an
               investment  company  under  Section  3(c)(14)  of the  Investment
               Company Act;

     (j)  [_]  Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Item 4.  Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a)  Amount beneficially owned:

          A. Alex Porter: 484,833 shares
          Paul Orlin: 484,833 shares
          Geoffrey Hulme: 484,833 shares
          Jonathan W. Friedland: 484,833 shares
          CF Advisors, LLC: 484,833 shares
          ______________________________________________________________________

     (b)  Percent of class:

          A. Alex Porter: 5.66%
          Paul Orlin: 5.66%
          Geoffrey Hulme: 5.66%
          Jonathan W. Friedland: 5.66%
          CF Advisors, LLC: 5.66%
          ______________________________________________________________________

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote
                                               A. Alex Porter: 0
                                               Paul Orlin: 0
                                               Geoffrey Hulme: 0
                                               Jonathan W. Friedland: 0
                                               CF Advisors, LLC: 0
                                               _____________________________,


          (ii)  Shared power to vote or to direct the vote
                                               Alex Porter: 484,833
                                               Paul Orlin: 484,833
                                               Geoffrey Hulme: 484,833
                                               Jonathan W. Friedland: 484,833
                                               CF Advisors, LLC: 484,833
                                               ______________________________,


          (iii) Sole power to dispose or to direct the
                disposition of
                                               A. Alex Porter: 0
                                               Paul Orlin: 0
                                               Geoffrey Hulme: 0
                                               Jonathan W. Friedland: 0
                                               CF Advisors, LLC: 0
                                               ______________________________,


          (iv)  Shared power to dispose or to direct the
                disposition of
                                               A. Alex Porter: 484,833
                                               Paul Orlin: 484,833
                                               Geoffrey Hulme: 484,833
                                               Jonathan W. Friedland: 484,833
                                               CF Advisors, LLC: 484,833
                                               _______________________________.


Item 5.  Ownership of Five Percent or Less of a Class.

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ].


         _______________________________________________________________________


Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

     If any other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified.  A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.


         Not Applicable
         _______________________________________________________________________


Item 7.  Identification and  Classification of the Subsidiary Which Acquired the
         Security  Being  Reported on by the Parent  Holding  Company or Control
         Person.

     If a parent holding company or Control person has filed this schedule,
pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an
exhibit stating the identity and the Item 3 classification of the relevant
subsidiary.  If a parent holding company or control person has filed this
schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating
the identification of the relevant subsidiary.

         Not Applicable
         _______________________________________________________________________


Item 8.  Identification  and  Classification  of Members of the Group.

     If a group has filed this schedule pursuant to s.240.13d-1(b)(1)(ii)(J), so
indicate under Item 3(j) and attach an exhibit stating the identity and Item 3
classification of each member of the group. If a group has filed this schedule
pursuant to s.240.13d-1(c) or s.240.13d-1(d), attach an exhibit stating the
identity of each member of the group.


         Not Applicable
         _______________________________________________________________________


Item 9.  Notice of Dissolution of Group.

     Notice of dissolution of a group may be furnished as an exhibit stating the
date of the dissolution and that all further filings with respect to
transactions in the security reported on will be filed, if required, by members
of the group, in their individual capacity.  See Item 5.


          Not Applicable
          ______________________________________________________________________

Item 10.  Certifications.



          By signing  below I certify  that,  to the best of my  knowledge  and
          belief, the securities referred to above were not acquired and are not
          held for the purpose of or with the effect of changing or  influencing
          the control of the issuer of the  securities and were not acquired and
          are not held in connection with or as a participant in any transaction
          having such purpose or effect.



                                    SIGNATURE

     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


                                               February 14, 2008
                                        ----------------------------------------
                                                        (Date)


                                               /s/ A. Alex Porter**
                                        ----------------------------------------
                                                      (Signature)


                                               A. Alex Porter
                                        ----------------------------------------
                                                      (Name/Title)


                                               /s/ Paul Orlin**
                                        ----------------------------------------
                                                      (Signature)


                                               Paul Orlin
                                        ----------------------------------------
                                                      (Name/Title)


                                               /s/ Geoffrey Hulme**
                                        ----------------------------------------
                                                      (Signature)


                                               Geoffrey Hulme
                                        ----------------------------------------
                                                      (Name/Title)


                                               /s/ Jonathan W. Friedland**
                                        ----------------------------------------
                                                      (Signature)


                                               Jonathan W. Friedland
                                        ----------------------------------------
                                                      (Name/Title)


                                               CF Advisors, LLC

                                               By: /s/ A. Alex Porter
                                        ----------------------------------------
                                                       (Signature)


                                               A. Alex Porter/Principal
                                        ----------------------------------------
                                                       (Name/Title)



** The reporting persons hereby disclaim beneficial ownership over the shares
reported herein except to the extent of their pecuniary interest therein.

Note.  Schedules  filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
for whom copies are to be sent.

Attention.  Intentional  misstatements  or omissions of fact constitute  federal
criminal violations (see 18 U.S.C. 1001).



Exhibit 1
                             Joint Filing Statement

                     Statement Pursuant to Rule 13d-1(k)(1)


     The undersigned hereby consent and agree to file a joint statement on
Schedule 13G under the Securities Exchange Act of 1934, as amended, with respect
to shares of common stock of Gladstone Commercial Corporation beneficially owned
by them, together with any or all amendments thereto, when and if appropriate.
The parties hereto further consent and agree to file this Statement Pursuant to
Rule 13d-1(k)(1)(iii) as an exhibit to Schedule 13G, thereby incorporating the
same into such Schedule 13G.


Dated:  February 14, 2008                      /s/ A. Alex Porter**
                                               ---------------------------------
                                                 A. Alex Porter


Dated:  February 14, 2008                      /s/ Paul Orlin**
                                               ---------------------------------
                                                 Paul Orlin


Dated:  February 14, 2008                      /s/ Geoffrey Hulme**
                                               ---------------------------------
                                                 Geoffrey Hulme


Dated:  February 14, 2008                      /s/ Jonathan W. Friedland**
                                               ---------------------------------
                                                 Jonathan W. Friedland


Dated:  February 14, 2008                      CF Advisors, LLC

                                               By: /s/ A. Alex Porter
                                               ---------------------------------
                                                 Name: A. Alex Porter
                                                 Title: Principal


SK 02903 0001 854619