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Wells REIT II Acquires AT&T Office Campus

ATLANTA-The five-building sale-leaseback at Lenox Park represents a rare opportunity in prestigious Buckhead.

By Carl Cronan | Updated on May 12, 2008

ATLANTA-Wells Real Estate Funds has acquired a five-building office campus in the city’s prestigious Buckhead area in a sale-leaseback transaction from AT&T Corp. The value of the purchase by Wells Real Estate Investment Trust II was not disclosed.

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.”

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