Wells paid Atlanta developer Griffin Co. a total $50.5 million, or an average $174.74 per sf for the asset. In the July 7 closing, Wells paid $10 million, or an average $198.41 per sf, for the newly-completed 50,400-sf phase. The REIT bought the two existing five-story, 238,600-sf office buildings in July 2002 for $40.5 million, or an average $169.74 per sf.

"This transaction is a great example of how corporations can best meet their space needs through innovative real estate solutions and by working with experienced partners," says David Steinwedell, chief investment officer at Wells Real Estate Funds. "ISS is a respected company in its industry and will have all the benefits of occupying a new office building."

Wells is racing to complete a targeted $2.5 billion in 2003 acquisitions. Year-to-date, the REIT has purchased $900 million in properties. In 2002, Wells Real Estate Funds was the largest purchaser of class A office buildings in the US, completing 30 transactions totaling $1.4 billion, the company confirms.