X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NORCROSS, GA-Locally based Wells Real Estate Investment Trust II has acquired the 955,000-sf Lindbergh Center in the company’s second sale-leaseback deal with AT&T Services Inc. in the Buckhead area in the last few months. The communications giant will continue to occupy 100% of the property under a lease through 2020. As reported by GlobeSt.com in May, Wells REIT II acquired Lenox Park, a one million-sf, five building office campus, in a similar deal with AT&T.

“It extends our relationship with AT&T,” Oglesby, chief investment officer of Wells Real Estate Funds, tells GlobeSt.com. “Both properties are in the bull’s-eye of what we look for-long term leases with credit tenants.”

Originally built for BellSouth (now AT&T) in 2002, Lindbergh Center consists of two 14-story, class A office buildings connected by an atrium. The buildings are located within a 47-acre transit-oriented, live-work-play development called Lindbergh City Center.

Proximity to transport made the deals even more attractive, says Oglesby. MARTA stations are directly adjacent to the Lindbergh property and a short shuttle bus from the Lenox Park property.

Calls to an AT&T real estate representative were not returned Wednesday, but Oglesby comments that it is well known that the company has been involved in sale-leasebacks of several properties across the country. In January, the company completed a similar deal with its 900,000-sf West Loop office in Chicago for a reported $275 million.

Wells Real Estate Funds now has six properties encompassing 14 buildings in metropolitan Atlanta, according to a spokesperson. Five of the six properties, including the new Lindbergh property, are owned by Wells REIT II, the company’s largest fund.

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?

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