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Wells Ups Parkway West Stake With $12M Buy

PITTSBURGH-Wells Real Estate Funds adds the 3000 Park Lane office building and 16 surrounding acres to the company's earlier $25-million buy of 2000 Park Lane.

By Marita Thomas | Updated on January 18, 2007

PITTSBURGH-Norcross, GA-based Wells Real Estate Funds has acquired 3000 Park Lane, a five-story, 105,000-sf class A office building in the Parkway West corridor. It was an off-market transaction, and Wells declined to disclose the price. However, the seller, the Hague, Netherlands-based Wereldhave NV, issued a statement saying the price was $12 million.

This sale includes 16 surrounding acres between 3000 Park Lane and 2000 Park Lane, a seven-story, 235,0000-sf office building that Wells acquired for more than $25 million in December 2005. “In essence, what Wells’ funds have done with this acquisition is create a private, class A office complex at this location, with better amenities, visibility and access than any other location in the Airport corridor,” says Jeremy Kornman, executive vice president of CB Richard Ellis/Pittsburgh.

Kornman represented Wells in the transaction, working with Heather Griner, Well’s vice president of acquisitions. Kornman tells GlobeSt.com that both 3000 and 2000 Park Lane are 98% occupied. Intracorp, a subsidiary of Philadelphia-based Cigna Corp., is the major tenant at 3000 Park Lane, while Thermo, Fisher Scientific and Computer Associates are lead tenants at 2000 Park Lane. The asking rental rate is $23.50 per sf, according to Kornman.

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