Regions Midatlantic | Philadephia
Wells REIT Takes Suburban Philly Office
Sept 18, 2007

Wells Real Estate Investment Trust II has acquired 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 from Grosvenor Investment Management US Inc., on behalf of a pension fund client. Financial terms were not disclosed. Shire, headquartered in the United Kingdom, is a global specialty biopharmaceuticals company.  The 114,000-square-foot building, 100 percent occupied by Shire, is currently undergoing a major renovation. The deal is Wells REIT II’s third acquisition in Pennsylvania, and the first in Metro Philadelphia.

 
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