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TACOMA, WA-Wells Real Estate Investment Trust Inc. has sold the 224,000-sf headquarters of locally based Russell Investment Group for $63.67 million. The public, non-traded REIT acquired the 12-story, class A building in January 2004 for $52 million. Wells acquired the asset from Stellar International, which paid $29.8 million for the property in 1998. It was built in 1988 for approximately $18 million.

Located on a 1.3-acre site at 909 A St., the Russell Building is the second largest building in the city. It is net leased in its entirety to Russell Investment Group through 2013. Prior to being acquired by Milwaukee-based Northwestern Mutual Insurance Co., the tenant was known as Frank Russell Co.

The new owner of the granite-skinned building is 909 A Street LLC, an investment group from Seattle. Ilahie Holdings Inc. is managing the asset for the new owner.

Eastdil Secured and Pacific Real Estate Partners handled the sale for Wells REIT. The REIT owns 21 million sf in 86 buildings in 24 states.

“We believed the time was right to realize the optimized gain from this property for our investors,” says Parker Hudson, managing director of dispositions for Wells Real Estate Funds.

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