Unlisted REIT Buys Washington, DC Office Building

Wells Real Estate Investment Trust has bought a 238,000 sq. ft. office building in Arlington, Virginia for $82 million. The property, 3100 Clarendon Boulevard, is fully leased to the General Services Administration (GSA). With this acquisition, Wells now owns more than 2.5 million sq. ft. of metropolitan D.C office space. Wells is the largest office REIT in the nation.

"This building is another example of the type of quality we look for in every acquisition for our Wells REIT investors," says David Steinwedell, chief investment officer at Wells Real Estate Funds [which sponsors the REIT].

Adds Steinwedell: "Washington, DC and northern Virginia continue to be some of the most stable office markets in the nation, and 3100 Clarendon adds to the continued diversification of the 25 million sq. ft. Wells portfolio."

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