Print this page
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...
Log In or



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“