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Wells buys LA building.

Wells Real Estate Investment Trust II, Inc. has completed the purchase Of: Manhattan Towers; two Class-A office buildings totaling 310,000 s/f, located in Manhattan Beach, California: just outside Los Angeles. Terms were not disclosed.

The six-story multitenant buildings are 97% occupied by a high-quality, diversified business base.

Major tenants include Northrop Grumman Space Technology and Mission Systems sectors, a subsidiary Of Northrop Grumman Corporation, which occupies 76% of the building on a long-term lease.

"This is one of the highest quality and best located office buildings in the El Segundo/Manhattan Beach market," said David Steinwedell, Chief Investment Officer with Wells Real Estate Funds.
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Title Annotation:Finance: real estate
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Apr 21, 2004
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