Wells REIT II Completes Build-to-Suit Project for Westinghouse
Largest Build-to-Suit in Pennsylvania History
NORCROSS, Ga. (July 22, 2010) - Wells Real Estate Investment Trust II has completed its build-to-suit project for Westinghouse Electric Company's corporate campus in suburban Pittsburgh.
Wells acquired 82 acres in 2007 for the project in Cranberry, Pa., the largest build-to-suit in the state's history. Wells recently received its certificate of occupancy with the completion of its final two buildings; the first building was completed in 2009.
This concludes Wells' portion of the three-year development project; an additional office building for Westinghouse, under separate ownership, remains under construction nearby.
"We are thrilled to have Westinghouse on the Wells roster of tenants, and we look forward to helping meet their real estate needs for many years to come," said Don Henry, chief real estate officer, Wells Real Estate Funds.
Westinghouse has signed a 15-year lease with Wells for three connected Class?A office buildings totaling 824,000 square feet. Trammell Crow served as developer for Wells; Turner Construction served as general contractor.
The Cranberry project followed a strong push by Gov. Ed Rendell and other officials to keep Westinghouse Electric based in Pennsylvania. About 20 miles north of downtown Pittsburgh, Cranberry is one of the state's fastest-growing real estate submarkets in recent years.
The Westinghouse campus is Wells REIT II's second property in metro Pittsburgh; the REIT also owns 2000 Park Lane, a 230,000-square-foot Class-A office property in North Fayette Township.
Wells REIT II owns 92 office and industrial buildings in 23 states; Washington, D.C.; and Moscow, Russia, covering more than 22 million square feet. For more information on the REIT, visit http://www.wellsreitii.com/.
Wells REIT II is a program of Wells Real Estate Funds, a national real estate investment company founded in suburban Atlanta in 1984. Since its inception, Wells investment offerings - current and closed - have invested more than $12 billion in real estate for more than 250,000 investors. For more information about Wells Real Estate Funds, see http://www.wellsref.com/.
Westinghouse Electric Company, a group company of Toshiba Corporation, is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.
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. The identifier "Wells Real Estate Funds" is used generally in this communication, and not always in reference to Wells Real Estate Funds, Inc. The portfolios referenced are separate entities, as explained in the products' prospectuses. 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. 30092-3365 (tel. 800-448-1010). SEC filings:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001252849&owner=include.
