"The development of the Merck property fits into our desired objectives of consistent income backed by a high-quality tenant in a high-quality building," says Joe Oglesby, director of build-to-suit projects for the Atlanta-based Wells REIT. He notes that Merck is rated AAA by Standard & Poor's, and Aaa by Moody's Investors Service.

Merck's new building is situated near both I-78 and US Route 22. Adevco handled the actual development of the building on behalf of Wells. Bovis Lend Lease served as the general contractor, while the architectural and engineering firm of Smallwood, Reynolds, Stewart, Stewart and Associates Inc., also based in Atlanta, did the design work.

Wells REIT is a national real estate investment management firm that buys real estate on behalf of its various sponsored investment programs. The company's programs own more than $6.2 billion in assets totaling in the 30 million sf range.