Wells Real Estate Investment Trust has acquired a pair of Class-A, office buildings in the heart of Washington, D.C. for $345 million, its single largest property acquisition to date. Independence Square I and II are both fully leased by government agencies with long-term leases running through 2012.
Boston Properties, a Boston-based REIT, was the seller of the 948,813 sq. ft. complex.
"This property is truly a great asset in every sense and represents a tremendous value to our investors. This is a premier property in an outstanding location and clearly meets our primary investment criteria," says Wells Chief Investment Officer David Steinwedell.
According to Wells, an Atlanta-based REIT, the purchase is the largest commercial office transaction in the D.C area so far this year.
Wells invests primarily in Class-A office and industrial properties with long-term, Fortune 500 caliber tenants. The firm boasts quick closings because its policy to pay cash for all acquisitions. Year to date, Wells has completed 26 transactions worth more than $1.1 billion.