The building is best known by its address, 2000 Park Lane Dr. It was completed in 1993. Wells has no plans to make significant renovations or improvements to the building, according to its SEC filing.
Islandia, NY-based Computer Associates is leasing back 25% of the seven-story building. The only other tenant in the building is Fisher Scientific Co. of Hampton, NH, which leases another 64% of the building. According to SEC filings posted late yesterday and this morning, the weighted-average remaining lease term for the two tenants is seven years. The combined annual base rent from the two tenants is $4 million.
Fisher Scientific is publicly held provider of products and services to the scientific community. Computer Associates is a publicly held maker of IT management software. Both have net worth's in the $4-billion range.
Fisher Scientific has the right, at its option, to extend the term of its lease for two additional five-year periods. Computer Associates has the right, at its option, to extend the initial term of its lease for two additional five-year periods.
Atlanta-based Wells REIT II is public but not traded. Wells REIT II funded the acquisition with proceeds from its ongoing public offering and its $400-million line of credit with Wachovia Bank.
Brad Heming of Jones Lang LaSalle had the disposition assignment. Wells REIT II was represented in-house by Jeff Gilder and Heather Griner.
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