The seller was a closed-end real estate fund set up byCommerzLeasing und Immobilien Group, Duesseldorf, Germany. CIG hadteamed up with the Atlanta-based Germania of America to buy thebuilding in 2000 from its original developer, Mack-Cali RealtyCorp., Cranford, NJ, for a reported $153 million.

The building, located at 95 Christopher Columbus Dr., iscurrently 100% leased. The Bank of New York-owned Pershing LLC, aservice provider for the financial industry, occupiesthree-quarters of what is commonly referred to as "the PershingBuilding" as its headquarters, with a lease that runs into 2021.The asset, which features a waterfall-dominated five-story atrium,was completed in 1989 as the headquarters for a predecessor firm ofPershing.

'This is a fine addition to the Wells REIT II portfolio, a trueclass A property in a desirable financial center with a very stronglead tenant," says David Steinwedell, chief investment officer forWells Real Estate Funds. "The Hudson waterfront submarket isshowing strong office absorption and we feel very good about thisarea."

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