The glass-and-granite tower, near Grand Central Terminal has views of the East River and the Chrysler Building. The office REIT acquired the property from Zeta-Ceres LP of Katonah, NY, with limited financing provided by Anglo Irish Bank.
The 391,000-sf building was designed by HOK, and was named the 2002 Build New York award winner for new construction. The tower currently has one floor available for lease, the 23rd.
"This is a true trophy property--a class A+ building in the nation's premier office market," says Jeff Gilder, CIO of Wells Real Estate Funds. "We're very pleased to add this valuable asset to the Wells REIT II portfolio."
This is the first New York acquisition for Wells REIT II, which owns more than 60 properties nationwide, including five in northern New Jersey. Wells was represented by Heather Griner, SVP of acquisitions.
Wells REIT II now has 63 buildings in 20 states, including Washington, DC, totaling more than $3 billion based on purchase price and covering 16 million sf. across the portfolio, Wells REIT II properties are 98% leased. Since its founding in 1984, Wells has invested more than $10 billion in real estate for more than 200,000 investors.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
