X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Wells Real Estate Funds has acquired a five-building office campus in the city’s prestigious Buckhead area in a sale-leaseback transaction from AT&T Corp. The value of the purchase by Wells Real Estate Investment Trust II was not disclosed.

Totaling a million sf of class A space in the Lenox Park office complex near Interstate 85 and Peachtree Road, the acquisition represents “a rare real estate opportunity,” says Don Henry, Wells’ chief real estate officer. All five buildings are fully leased to AT&T Services Inc. under terms ranging from ten to 15 years.

“It’s unusual to find a large, modern office park directly in a top urban submarket,” adds Keith Willby, senior vice president of acquisitions for Wells. “And Buckhead is, in many ways, Atlanta’s jewel, with the top rents in the city.”

AT&T’s Lenox Park campus is located at 1025, 1055, 1057 and 1277 Lenox Park Blvd., plus 2180 Lake Blvd. The buildings opened between 1992 and 2002, with each ranging from four to 12 floors.

AT&T also leases offices at Emerald Point, a Wells REIT II property near Oakland, CA, and at the Sterling Commerce building in Irving, TX. The telecommunications giant was represented by Staubach Capital Markets in the Atlanta transaction.

Wells REIT II now has 77 buildings in 23 states and Washington, DC, totaling more than $4 billion, based on purchase price with 18 million sf that are 98% leased. Wells Real Estate Funds, based in Norcross, GA, was established in 1984 and has invested at least $11 billion in real estate for more than 200,000 investors.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.