REIT Takes 391,000-SF Office Asset for $320M

The glass-and-granite tower, near Grand Central Terminal has views of the East River and the Chrysler Building. The office REIT acquired the property from Zeta-Ceres LP of Katonah, NY, with limited financing provided by Anglo Irish Bank.

The 391,000-sf building was designed by HOK, and was named the 2002 Build New York award winner for new construction. The tower currently has one floor available for lease, the 23rd.

"This is a true trophy property--a class A+ building in the nation's premier office market," says Jeff Gilder, CIO of Wells Real Estate Funds. "We're very pleased to add this valuable asset to the Wells REIT II portfolio."

This is the first New York acquisition for Wells REIT II, which owns more than 60 properties nationwide, including five in northern New Jersey. Wells was represented by Heather Griner, SVP of acquisitions.

Wells REIT II now has 63 buildings in 20 states, including Washington, DC, totaling more than $3 billion based on purchase price and covering 16 million sf. across the portfolio, Wells REIT II properties are 98% leased. Since its founding in 1984, Wells has invested more than $10 billion in real estate for more than 200,000 investors.