Wells Continues Buying Spree with Glenridge Highlands Deal

ATLANTA-Racing to meet its self-imposed 2003 acquisition quota of $2.5 billion in new assets, Wells Real Estate Investment Trust Inc. has picked off another trophy asset in the 19-story, three-year-old, 436,000-sf Glenridge Highlands Two, headquarters of Cingular Wireless LLC.

Wells declined to disclose the contract price or the seller’s identity. “We are bound by the acquisition agreement to not disclose either of those bits of information,” Wells corporate information director Ben Johnson tells GlobeSt.com.

But area brokers in a position to know tell GlobeSt.com the Atlanta REIT paid New York-based TIAA-CREF an estimated $82.84 million, based on Wells’ recent acquisitions which have been averaging about $185 per sf.