Wells REIT Acquires State Street Corp. Affiliate Building

QUINCY, MA-Wells Real Estate Investment Trust acquired an office building here a 1200 Crown Colony Drive. The 234,668-sf building is 100% leased to SSB Realty, an affiliate of State Street Corporation.

The seven-story building is situated on 11 acres in the Crown Colony Office Park and is 10 miles from downtown Boston. According to Leah Ward, spokesperson for Wells REIT, this is the company’s first foray into the Boston area. “We work with a nationwide network of brokers and the Boston market was right for this acquisition,” Ward tells Globest.com. that SSB Realty’s lease is pre-existing and runs through March 2011. Ward notes that the average cap rate on this acquisition (the return of the investment over the life of the lease) is 10.22%. “Our investments usually fall in that range,” says Ward.