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Wells II Grabs Shire-Leased Office Asset

WAYNE, PA-Acquisition of the 114,000-sf building at 1200 Morris Dr. follows a new 10-year lease by Shire, which is investing $30 million in renovations.

By Marita Thomas | Updated on September 19, 2007

WAYNE, PA-On behalf of a pension fund client, Wells Real Estate Investment Trust II has acquired the three-story, 114,000-sf office building at 1200 Morris Dr. in Chesterbrook Corporate Center. The move follows a 10-year lease agreement by Shire Pharmaceuticals Group PLC for all of the previously vacant building.

Dan Goodier, acquisitions associate with Norcross, GA-based Wells Real Estate Funds, declines to disclose the price paid for the asset, and, as yet, the terms of the acquisition have not been filed with the SEC. According to records obtained by GlobeSt.com, the price was $29.7 million, which translates to nearly $261 per sf.

At the time of its July lease agreement, a Shire spokesman told GlobeSt.com that his UK-based firm planned to invest approximately $30 million in renovations. The state has provided Shire with nearly $2.1 million in incentives for the project. The aggregate value of the Shire lease is undisclosed. The published asking rate for office space in the Chesterbrook park is $27 per sf.

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