Wells buys Parsippany building

Real Estate Weekly, Oct 9, 2002

Wells Real Estate Investment Trust (REIT) purchased its 59th property (and 20th year-to-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 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 tenants."

Key Bank U.S.A. conducts consumer loan activities nationally, including automobile lending and leasing, home equity financing, 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, and HVAC 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.