Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Wells Real Estate Investment Trust Inc. has completed the third and final acquisition phase of the three-building, 289,000-sf Mount Vernon Place corporate campus leased to Atlanta-based Internet Security Systems Inc.

Wells paid Atlanta developer Griffin Co. a total $50.5 million, or an average $174.74 per sf for the asset. In the July 7 closing, Wells paid $10 million, or an average $198.41 per sf, for the newly-completed 50,400-sf phase. The REIT bought the two existing five-story, 238,600-sf office buildings in July 2002 for $40.5 million, or an average $169.74 per sf.

“This transaction is a great example of how corporations can best meet their space needs through innovative real estate solutions and by working with experienced partners,” says David Steinwedell, chief investment officer at Wells Real Estate Funds. “ISS is a respected company in its industry and will have all the benefits of occupying a new office building.”

Wells is racing to complete a targeted $2.5 billion in 2003 acquisitions. Year-to-date, the REIT has purchased $900 million in properties. In 2002, Wells Real Estate Funds was the largest purchaser of class A office buildings in the US, completing 30 transactions totaling $1.4 billion, the company confirms.

Steinwedell says ISS is the security provider for 11,000 corporate customers, including all of the Fortune 50, the 10 largest US securities firms, 10 of the world’s largest telecommunications companies and major local, state and federal agencies and departments.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.