The 20-year-old buildings are 100% leased to the tenant until 2020, said Wells in a statement. "Given the slowdown in class A real estate transactions in 2009, we are especially thrilled to add a property of this caliber to the Wells REIT II portfolio," said Don Henry, chief real estate officer for the trust, in the statement. The sale price was not disclosed. Sources say that office space in Dublin has sold for about $100 per square foot in the past two years. Dublin is one of the most desirable suburbs, being the only market that has any new development ongoing (about 108,000 square feet), and rental rates at about $19 per square foot, according to a Q4 Grubb & Ellis market report.
Atlanta-based Wells, affiliated with Wells Real Estate Funds, has 89 buildings in 29 states, Washington, DC and Moscow, covering more than 20 million square feet. This includes a Wells II purchase of the five-building, one-million-square foot AT&T offices in the Lenox Park complex in the Atlanta area, as well as the trust-owned buildings leased by AT&T at Emerald Point in Oakland and at the Sterling Commerce building in Irving, TX.
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