Developed by Spaulding & Slye in 2001, the seven-story structure at 80 M St. sits near the Washington Navy Yard and Anacostia River in the Southeast Waterfront section of the District. The property is fully occupied by a stellar list of government contractors including BAE Systems Applied Technologies and Northrop Grumman, two of the building's largest tenants, as well as AT&T and LT Communications. Another upside to the tenancy is the fact that 85% of the leases will not expire until 2011. In addition to its office space, the property also features a fitness center and on-site deli.
For Wells REIT, which carries the distinction of being the largest purchaser of premiere office and industrial properties for 2002 and 2003, the deal was in line with its acquisition strategy.
"Washington, DC continues to lead the nation as one of the top cities for real estate investors, and we're big believers in the strength of this market," Wells Real Estate Funds chief investment officer David Steinwedell says. "This acquisition includes quality tenants on long-term leases in a nearly new building in one of the country's best real estate markets. That's a powerful combination that closely aligns with the interests of investors in Wells REIT II."
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