Totaling a million sf of class A space in the Lenox Park office complex near Interstate 85 and Peachtree Road, the acquisition represents "a rare real estate opportunity," says Don Henry, Wells' chief real estate officer. All five buildings are fully leased to AT&T Services Inc. under terms ranging from ten to 15 years.
"It's unusual to find a large, modern office park directly in a top urban submarket," adds Keith Willby, senior vice president of acquisitions for Wells. "And Buckhead is, in many ways, Atlanta's jewel, with the top rents in the city."
AT&T's Lenox Park campus is located at 1025, 1055, 1057 and 1277 Lenox Park Blvd., plus 2180 Lake Blvd. The buildings opened between 1992 and 2002, with each ranging from four to 12 floors.
AT&T also leases offices at Emerald Point, a Wells REIT II property near Oakland, CA, and at the Sterling Commerce building in Irving, TX. The telecommunications giant was represented by Staubach Capital Markets in the Atlanta transaction.
Wells REIT II now has 77 buildings in 23 states and Washington, DC, totaling more than $4 billion, based on purchase price with 18 million sf that are 98% leased. Wells Real Estate Funds, based in Norcross, GA, was established in 1984 and has invested at least $11 billion in real estate for more than 200,000 investors.
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