Wells buys Parsippany building. (Suburban Markets).Wells Real Estate Investment Trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) purchased its 59th property (and 20th year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ), a 404,517-SF, four-story, class "A" office building located in Parsippany, N.J. Wells purchased the property for $101.35 million The building is 100% occupied by Key Bank U.S.A. National Association, a subsidiary of KeyCorp, and Gemini Technology Services, a subsidiary of Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank AG. "This purchase moves Wells a major step toward our goal of achieving over $1 billion in acquisitions during 2002," commented David Steinwedell, Wells' chief investment officer. "Just as important, we have maintained our strategy of purchasing Class "A" properties leased long-term to highly creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor tenants."
Key Bank U.S.A. conducts consumer loan activities nationally, including automobile lending and leasing, home equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , education lending, and marine and recreational vehicle financing. Its parent company, KeyCorp, is currently #257 on the FORTUNE 500 list. Key Bank U.S.A. has 13 years and 6 months remaining on its lease. For more information, visit their website at www.keybank.com. Gemini Technology Services is an information technology division of Deutsche Bank AG, which provides a broad range of banking, investment, fund management, securities, credit card, mortgage, leasing, and insurance services worldwide. Deutsche Bank is currently ranked #27 on the FORTUNE Global 500 list. Gemini Technology Services has 11 years and 4 months remaining on its lease. Visit www.deutsche-bank.com for more information. The building is equipped with state-of-the-art security, fire detection and suppression suppression /sup·pres·sion/ (su-presh´un) 1. the act of holding back or checking. 2. sudden stoppage of a secretion, excretion, or normal discharge. 3. , and HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free systems, as well as highly redundant fiber optic networks and power sources. The 19-acre property has direct access to Route 10 and Route 202, and is located in the 58-acre Gatehall Corporate Center, within a half-mile of Cendant's World Headquarters and regional offices of Nabisco/Kraft, Federal Express, and other large corporations. |
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