Wells REIT II has bought a 385,000 sq. ft. office park in Florham Park, N.J., for roughly $80 million. The property, 180 Park Ave., is leased entirely by AT&T on a long-term lease. The properties were sold by joint owners Investcorp and Lincoln Equities.
"The northern New Jersey market is the sixth-largest office market in the country, and is home to many of America’s top corporate facilities," says David Steinwedell, chief investment officer at Wells Real Estate Funds. "With the purchase of 180 Park Ave., Wells Real Estate Funds now owns nearly $400 million of Class-A property in this dynamic market."
The property is located on 63 acres of land and is part of the 840,000 sq. ft. office park formerly known as the Rockefeller Group Corporate Park.