Situated on a 1.4-acre parcel a couple of miles northwest of the Arlington National Cemetery, 3100 Clarendon Blvd. boasts a location in the Rosslyn/Clarendon/Ballston submarket just outside of DC. And the 17-year-old structure's status is also bolstered by the fact that it offers direct access to the Metro from within the building itself. The tenant base at 3100 Clarendon makes its purchase an even more sound investment for Wells REIT; the 14-story tower's office space, accounting for 210,000 sf, is 100% occupied by the General Services Administration under a 10-year lease that is scheduled for renewal in 2008.

The 28,000-sf ground-level retail segment was 88% occupied at the time of the sale, with a letter of intent from an additional retailer that will take the remaining space. "This building is another example of the type of quality we look for in every acquisition for our Wells REIT investors," says David Steinwedell, chief investment officer of Wells Real Estate Funds. "Washington, DC and Northern Virginia continue to be some of the strongest and most stable office markets in the nation, and 3100 Clarendon adds to the continued diversification of the 25 million-sf Wells REIT portfolio."

The new owner left the acquisition negotiations to Jeff Gilder and Heather Griner of Wells Real Estate Funds, which is the Wells REIT sponsor; while Spaulding & Slye Colliers' Brian Dawson and Steve Collins represented Jamestown. Ownership of 3100 Clarendon last changed hands in 1998, when Jamestown purchased the property for $61 million.