Terms of the sale, including the price, were not disclosed. However, industry sources estimate that the building likely traded for a number in the $45-million range. The price of the earlier acquisition was similarly not disclosed, but a source with knowledge of the transaction confirmed to GlobeSt.com at the time that the two buildings, totaling 385,000 sf and fully leased to AT&T, sold for more than $75 million.
Building 105, meanwhile, is fully leased to Novartis Pharmaceuticals Corp. The tenant is a subsidiary of Swiss drug giant Novartis AG, a company with an AAA credit rating with Standard & Poor's.
"Northern New Jersey is a key market for us," says David Steinwedell CIO of Wells Real Estate Funds. With this purchase, Wells REIT II now owns approximately 90 acres of property in the market. The larger 180 Park Ave. campus, originally developed by Rockefeller, encompasses 840 sf of office space.
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