Wells REIT II Acquires IBM Littleton Campus, Suburban Boston
State's Largest Software Campus Includes Two Buildings, 490,000 s/f
NORCROSS, Ga. (April 1, 2010) - Wells REIT II announced today it has acquired IBM's regional headquarters complex in suburban Boston, the largest software campus in Massachusetts.
The 490,000-square-foot Class-A office complex is located in a popular technology corridor in Littleton, Mass., and is leased to IBM until 2020.
"This is a great acquisition for our portfolio, and we are thrilled to add IBM Littleton to the Wells family of tenants," said Don Henry, chief real estate officer. "IBM is one of the strongest names in international business, and we look forward to serving their real estate needs in Massachusetts for many years to come."
Wells REIT II acquired the property from a joint venture of Angelo Gordon and National Development. Wells was represented internally by Heather Griner, senior vice president, Capital Markets. Wells negotiated the transaction off-market with the sellers.
"We like the property, and we felt it was an especially good opportunity in the current real estate environment," Henry said.
The IBM Littleton campus, at 550 King Street, Littleton, was built for Digital Equipment Corp. in 1984. The property was vacated prior to acquisition by Angelo Gordon and National Development in 2006, and then underwent a major renovation in 2008. Built with New England red brick, it features two connected three-story buildings, new lobbies, extensive tenant improvements, a cafeteria, a fitness center and an auditorium. IBM has consolidated roughly half of its 5,000 regional employees to the site.
IBM, a global leader in technology, is rated A+ by Standard & Poor's. The surrounding I-495 submarket is also home to other tech giants as well.
Wells REIT II, a public nontraded REIT specializing in office properties, now has 91 buildings in 23 states and Washington, D.C., covering more than 21 million square feet. Across the portfolio, Wells REIT II properties are 93 percent leased.
Wells Real Estate Funds, manager of Wells REIT II, is a national real estate investment company based in suburban Atlanta. Since its founding in 1984, Wells investment programs - current and closed - have invested more than $12 billion in real estate for more than 250,000 investors. For more information, see http://www.wellsref.com/; for more information on Wells REIT II, visit http://www.wellsreitii.com/.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this press release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, changes in general economic and business conditions, industry trends, changes in government rules and regulations (including changes in tax laws), and increases in interest rates. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus. For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092 (tel. 800-448-1010). SEC filings:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001252849&owner=include.
