NORCROSS, Ga.--(BUSINESS WIRE)--Wells Real Estate Investment Trust II (Wells REIT II) announced today that it has signed a purchase and sale agreement for Market Square, a 679,710 square foot, class A office property located on Pennsylvania Avenue between the U.S. Capitol and the White House in downtown Washington D.C. The transaction is anticipated to close in early March.
“We are very proud to add Market Square as a new centerpiece in Wells REIT II’s impressive national office portfolio,” said Nelson Mills, President, Wells REIT II. “This is an outstanding property whose premier location, enduring architectural design, and highly rated tenant roster exemplify the qualities that we seek for our investors’ portfolio."
Confirming the property’s appeal, Fred Seigel, President and Chief Operating Officer of the seller, which is an affiliate of Beacon Capital Partners LLC said, “This was an extremely competitive process with strong interest from around the globe. It resulted in a very good outcome for Beacon's investors and for Wells REIT II, which has acquired a timeless asset in one of the strongest markets worldwide. This is truly an irreplaceable property."
Built in 1990, the thirteen-story office property is a modern day work of art whose timeless design blends seamlessly into Washington D.C.’s classic architectural style and offers panoramic views of many of the city’s national monuments. Built on a 97,000 square foot plot at 701 & 801 Pennsylvania Avenue, N.W., Market Square is located on prime capitol city real estate at the meeting point of Pennsylvania Avenue, 7th, 9th, and D Streets, and is the home to the United States Navy Memorial. Consistent with many other environmentally responsible properties in Wells REIT II’s portfolio, the property is certified LEED silver and is ENERGY STAR® rated.
One of the premier office complexes in the world and among the most prominent business addresses in Washington D.C., Market Square is the Washington D.C. headquarters of leading global law firms, Fulbright & Jaworski, Shearman and Sterling and Mintz Levin. Renowned FORTUNE 500 companies represented on the tenant roster include Procter & Gamble, Novartis, AstraZeneca, Bayer Corporation, Florida Power & Light and Waste Management. Other prominent tenants include Edison Electric Institute, the association of shareholder–owned electric companies in the United States and health insurer, United Healthcare.
The seller was represented by the Washington D.C. office of Eastdil Secured, and Heather Griner of Wells Real Estate Funds represented the purchaser.
Currently, the Wells REIT II portfolio includes 92 office buildings in 24 states and Washington, D.C., covering more than 22 million square feet. Wells REIT II closed to new investments on June 30, 2010. For information on Wells REIT II, visit www.WellsREITII.com.
Wells Real Estate Funds, advisor to Wells REIT II, is a national real estate investment company founded in suburban Atlanta in 1984. In its history, Wells investment offerings — current and closed — have invested more than $11 billion in real estate for more than 250,000 investors. For more information on Wells Real Estate Funds, visit www.WellsREF.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this press release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, failure to satisfy certain closing conditions. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. For SEC filings: www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001252849&owner=include.