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Sunday, 04 January 2004

Wells Closes 3 Office Buys at Year-end

The Atlanta REIT capped off 2003 with three office building acquisitions totaling nearly $300 million. From Prudential, Wells bought the Bank of America Building in Orange County, Calif., for $94 million and the Independence Blue Cross building in Philade
January 5, 2004

By Susanna Potter, Commercial Real Estate Direct Staff Writer

Wells Real Estate Investment Trust Inc. has purchased the Bank of America office building in Orange County, Calif., for $94 million, or about $147/sf – one of three office acquisitions totaling nearly $300 million that the Atlanta-based REIT closed in December.

The Bank of America Building is at 275 Valencia Ave. in Brea, Calif. Built in 1983, the three-story, 638,000-square-foot office building is fully occupied by Bank of America. The current annual base rent payable under the net lease, which runs through 2009, is about $7.6 million.

Wells has the option to extend the lease for an additional three years, while Bank of...
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