Wells REIT buys Eagle Center.Wells Real Estate Investment Trust II Inc. announced its acquisition of Eagle Rock Executive Office Center IV, a Class-A office building in northern New Jersey. The three-story, 178,000-square-foot building's tenants include Ceridian, a multinational human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and payment solutions leader. It features a two-story atrium atrium (ā`trēəm), term for an interior court in Roman domestic architecture and also for a type of entrance court in early Christian churches. The Roman atrium was an unroofed or partially roofed area with rooms opening from it. with waterfall and is located in Eagle Rock Executive Park, in northern New Jersey's desirable Morristown submarket. Wells, one of the nation's top 10 office landlords, acquired the building from Invesco; terms were not announced. "This is a strong, well-leased building, with a great mix of creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor tenants," said Jeff Gilder gild 1 tr.v. gild·ed or gilt , gild·ing, gilds 1. To cover with or as if with a thin layer of gold. 2. To give an often deceptively attractive or improved appearance to. 3. , managing director, acquisitions, for Wells Real Estate Funds. "It's also in an area that has shown strength in rental rates." The property, built in 1990, is currently 95% leased. This is Wells REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). II's fifth property in northern New Jersey. Wells was represented by Gilder and by Heather Griner, vice president, acquisitions. |
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