The multi-million-dollar transaction comes almost exactly one year after Monument acquired the building for $72 million from IBM, which entered into a sale-leaseback agreement with Monument. Wells REIT II relied on representation from Wells Real Estate Funds' Jeff Gilder and Keith Willby, senior vice president of acquisitions and vice president of acquisitions, respectively. Holliday Fenoglio Fowler LP's Stephen C. Conley, John E. Duffy and James H. Kraft stood in for Monument on the deal.

Sandwiched between Interstate 270 and Route 355 at 800 N. Frederick, Wells REIT II's newly acquired asset boasts a spot in a conclave of high-tech companies. The state-of-the-art secured building was developed specifically for IBM's use nearly two decades ago. For Wells REIT II, the acquisition fits perfectly into its portfolio of well-located class A facilities under long-term lease agreements. "Gaithersburg is one of Montgomery County's fastest-growing communities," says Wells Real Estate Funds' David Steinwedell, chief investment officer with Wells Real Estate Funds. "The proximity of the property to Interstate 270 and its immediate access to Route 355 make this an attractive property from a location standpoint. The tenant's reputation in the integrated information technology field helps diversify our portfolio and strengthen our position in this market."