Wells REIT II to Be Majority Partner in JV for $100M Office Tower near Atlanta
Wells Real Estate Investment Trust II has teamed up again with Greenstone Properties, Granite Properties and Pope & Land Enterprises, agreeing to become the majority owner of Three Glenlake in suburban Atlanta. When completed in the second quarter of 2008, the $100 million, Class A office tower will become the new headquarters of Newell Rubbermaid.
The partners announced the joint venture today and said it will close upon completion of the 14-story, 355,000-square-foot building in Sandy Springs, Ga., which has been under construction since January. The amount Wells REIT II will pay for its majority stake was not released.
Newell Rubbermaid will be the only tenant to lease the property. The company has said it plans to consolidate three Atlanta area offices and will eventually have about 650 employees at Three Glenlake. Newell Rubbermaid will have a long-term lease for the property but the terms were not available today.
The property is located on Glenlake Parkway, near Abernathy Road and Georgia 400 in Atlanta’s Central Perimeter submarket. Greenstone, Granite, and Pope & Land also developed One Glenlake. They sold that 353,000-square-foot office property to Wells REIT II in 2004.
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Thursday, October 11, 2007
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