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Wells buys PA property.

Wells Real Estate Investment Trust II announced its acquisition of a three-story, Class-A office property in Chesterbrook Corporate Center in suburban Philadelphia, leased to Shire Pharmaceuticals until 2017.

Wells REIT II acquired the building, at 1200 Morris Drive in Tredyffrin Township, Pa., from Grosvenor Investment Management US Inc., on behalf of a pension fund client; terms were not announced.

Shire, headquartered in the United Kingdom, is a global specialty biopharmaceuticals company. The 114,000 s/f building, 100% occupied by Shire, is currently undergoing a major renovation.

"We're very pleased with this acquisition--a newly renovated property, in what we think is western Philadelphia's top suburban office park, with a long lease to a strong global tenant," said Heather Griner, senior vice president, acquisitions, who represented Wells Real Estate Funds.

"We're happy to welcome Shire to the Wells real estate family as a tenant, and we look forward to serving them for a long time to come."

The seller was represented by Michael Blunt and Robert Fahey of CB Richard Ellis.

This is Wells REIT II's third acquisition in Pennsylvania, and the first in metro Philadelphia.
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Publication:Real Estate Weekly
Date:Sep 26, 2007
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