ATLANTA-Wells Real Estate Investment Trust II has changed its name to Columbia Property Trust Inc. after separating from Wells Real Estate Funds.

The company, now headquartered at One Glenlake Parkway in Atlanta, internalized its management and is now a self-advised REIT. The company states that it will pay fees to Norcross, GA-based Wells Real Estate Funds for transition services, consulting and investor services agreements through 2013.

The company's board also determined that having an independent director as chairman would be in the best interest of Columbia Property Trust. On December 31, 2012, Leo Wells stepped down as chairman of the board, a position he had held since 2003, and John L. Dixon, an independent director since 2008, was appointed in his place.

“We have reached a major milestone for the REIT,” states Nelson Mills, president and chief executive officer of Columbia Property Trust. “With close to $6 billion in Class-A office properties, we believe we are well-positioned to advance to the next phase in the REIT's lifecycle.”

Columbia Property Trust's portfolio consists of 82 operational buildings in 19 states and Washington, DC and one international property, collectively totaling approximately 21 million square feet. The REIT was closed to new investments on June 30, 2010. The company states it has approximately 100 employees nationwide.

Instant Insights /

Wells REIT II Now Columbia Property Trust

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