The property celebrated its opening Wednesday with ceremonies attended by Georgia Gov. Sonny Perdue, Newell Rubbermaid president and CEO Mark D. Ketchum and Wells Real Estate Funds president Leo Wells, along with a number of the 550 Newell Rubbermaid employees that will work in the building. Keith Willby, senior vice president of acquisitions with Wells REIT, says the deal was inked over a year ago but was not closed until the tenant took occupancy.
Newell Rubbermaid, parent company of well-known brands including Rubbermaid, Sharpie and Graco, will occupy the entire building under a lease until 2020 and has two five-year renewal options. The building, located near Georgia 400, has been recognized for sustainable design and construction under the Green Globes standard for commercial buildings.
The REIT also owns the building next door, One Glenlake. "We thought it was a strategic play so we could get some efficiencies by owning both buildings and can leverage service contracts," Willby tells GlobeSt.com, adding that the fund plans to hold the asset long term, in line with its overall strategy.
The closing was brokered by Randy Evans and Mike McDonald of Eastdil, while Wells was represented by Willby. Wells REIT II specializes in office properties, with current assets totaling 83 buildings in 23 states. The properties in the portfolio are an average of 99% leased and are worth $4 billion based on purchase price.
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