"It extends our relationship with AT&T," Oglesby, chief investment officer of Wells Real Estate Funds, tells GlobeSt.com. "Both properties are in the bull's-eye of what we look for-long term leases with credit tenants."
Originally built for BellSouth (now AT&T) in 2002, Lindbergh Center consists of two 14-story, class A office buildings connected by an atrium. The buildings are located within a 47-acre transit-oriented, live-work-play development called Lindbergh City Center.
Proximity to transport made the deals even more attractive, says Oglesby. MARTA stations are directly adjacent to the Lindbergh property and a short shuttle bus from the Lenox Park property.
Calls to an AT&T real estate representative were not returned Wednesday, but Oglesby comments that it is well known that the company has been involved in sale-leasebacks of several properties across the country. In January, the company completed a similar deal with its 900,000-sf West Loop office in Chicago for a reported $275 million.
Wells Real Estate Funds now has six properties encompassing 14 buildings in metropolitan Atlanta, according to a spokesperson. Five of the six properties, including the new Lindbergh property, are owned by Wells REIT II, the company's largest fund.
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