Wells invests its trust in drug-maker's bldg.

Wells Real Estate Investment Trust II, Inc. has completed the purchase of 180 Park Ave., Building 105, a 221,706 s/f class A office property leased by Novartis Pharmaceuticals Corporation in Florham Park, N.J.

The property was purchased from Investcorp, a global investment group.

NPC is a subsidiary of Swiss drug giant Novartis AG, a company with an AAA credit rating by Standard & Poor's. Terms of the deal were not disclosed. Jeff Gilder and Keith Willby represented Wells Real Estate Funds in the transaction. Gary Gabriel, of Cushman & Wakefield, handled the transaction on behalf of Wells.

"Northern New Jersey is a key market for Wells," said David Steinwedell, chief investment officer with Wells Real Estate Funds. "With the purchase of this building, Wells REIT II now owns approximately 90 acres of property in this dynamic market."

In June 2004, Wells REIT II purchased buildings 103 and 104 in the 180 Park Avenue office park. The 180 Park Avenue property is part of an 840,000 s/f office campus formerly known as the Rockefeller Group Corporate Park. It features access to Route 24 and is near 1287, 1-78, 1-80, Route 10 and the Garden State Parkway.