Atlanta Business Chronicle - July 1, 2008
Wells Real Estate Investment Trust II has acquired Lindbergh Center in Atlanta's Buckhead submarket in a sale-leaseback from AT&T Inc.
Financial terms were not released.
Lindbergh Center has twin 14-story, class-A office buildings connected by a four-story atrium, totaling 955,000 square feet. It is at Piedmont Road and Lindbergh Drive, next to MARTA's Lindbergh station. The development is part of Lindbergh City Center, a 47-acre live/work/play development.
AT&T Services Inc. will continue to occupy 100 percent of the property under a new lease from Wells through 2020.
The deal marks Norcross, Ga.-based Wells REIT II's second recent acquisition from AT&T (NYSE: T) in Buckhead. In May, it bought a five-building, 1-million-square-foot office campus in Buckhead through a sale-leaseback.
"We said a month ago it was rare to acquire a million square feet of prime office property, fully leased to a world-class tenant, in the top submarket of a top-10 city," said Don Henry, chief real estate officer of Wells Real Estate Funds. "A month later, we've done it again."
(Note: SEC filing dated August 21, 2008 indicates a purchase price of $285 million and an initial annual rent of $19.9 million for an initial cap rate of approximately 7.0%.)
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