Senior vice presidents Michael G. Smith and Cappy F. Daume of the Spaulding& Slye Colliers Capital Markets Group represented the seller and introducedthe buyer in the sale/leaseback transaction.

The building, which was completely renovated in 2002, is located directly across from Harvard Yard. The five-story building is 97% leased. It consists of 49,522 sf of first class office space occupied by Harvard University on floors two through five, and 26,417 sf ofnew retail banking space on the lower and mezzanine levels which serves as Fleet's flagship retail bank. Both tenants are on long-term leases. Another 2,281 sf of retail space is under construction and is slated to be completed in 2004.

"This continues Wells' tradition of completing sale/leaseback transactions with quality credit companies," says David Steinwedell, chief investment officer with the Atlanta-based Wells Real Estate Funds, who adds that he anticipates that these types of deals will increase as businesses begin to "see clarity in [their] space needs and ownershiprequirements."