Regions West | Denver
Sept 27, 2007
By: Gail Kalinoski, Contributing Editor
Wells Real Estate Investment Trust II has purchased the world headquarters of CH2M Hill near Denver in a $138.5 million sale-leaseback, not including closing costs, according to the SEC filing for the transaction.
The Class A, four-building complex on South Jamaica Street in Englewood, Colo., has about 478,000 square feet of space. Built between 2002 and 2007, it is located on nearly 31 acres in the Meridian Business Center, which has direct access to the region’s light rail system.
CH2M Hill, a global full-service engineering, construction and operations firm, will pay $10 million in annual rent, according to the SEC document. The firm will occupy the entire four-building complex in the net-lease transaction that covers 10 years. CH2M Hill has the right to extend the lease for two periods of five or 10 years each, the SEC filing noted.
“This is a good example of our acquisition strategy in action--a strong global tenant and a fine piece of real estate in a very desirable submarket,” Joe Oglesby, senior vice president of Wells Real Estate Funds, said in a press release.
The acquisition was funded with net proceeds of the REIT’s ongoing public offering and proceeds of its $400 million line of credit with Wachovia, N.A., the SEC filing stated.
Wells REIT II does not expect to make significant renovations to the property because it is a fairly new construction, according to its SEC document. It is the REIT’s first purchase in Colorado. The fund specializes in office properties and now has 69 buildings with more than 16 million square feet in 21 states. The Norcross, Ga.-based REIT’s holdings are worth more than $3 billion.
CPN reported Sept. 18 that Wells REIT II had acquired a three-story, Class A office property in Chesterbrook Corporate Center outside Philadelphia. The 114,000-square-foot building is fully leased by Shire Pharmaceuticals until 2017. That building was acquired from Grosvenor Investment Management US Inc. on behalf of a pension fund client. The purchase price was not available.
Last month, Wells REIT II acquired 222 East 41st Street, a 25-story, Class A office building in Manhattan from Zeta-Ceres L.P. for about $320 million, according to an Aug. 21 CPN report on the deal. That was the REIT’s first New York City purchase.
By: Gail Kalinoski, Contributing Editor
Wells Real Estate Investment Trust II has purchased the world headquarters of CH2M Hill near Denver in a $138.5 million sale-leaseback, not including closing costs, according to the SEC filing for the transaction.
The Class A, four-building complex on South Jamaica Street in Englewood, Colo., has about 478,000 square feet of space. Built between 2002 and 2007, it is located on nearly 31 acres in the Meridian Business Center, which has direct access to the region’s light rail system.
CH2M Hill, a global full-service engineering, construction and operations firm, will pay $10 million in annual rent, according to the SEC document. The firm will occupy the entire four-building complex in the net-lease transaction that covers 10 years. CH2M Hill has the right to extend the lease for two periods of five or 10 years each, the SEC filing noted.
“This is a good example of our acquisition strategy in action--a strong global tenant and a fine piece of real estate in a very desirable submarket,” Joe Oglesby, senior vice president of Wells Real Estate Funds, said in a press release.
The acquisition was funded with net proceeds of the REIT’s ongoing public offering and proceeds of its $400 million line of credit with Wachovia, N.A., the SEC filing stated.
Wells REIT II does not expect to make significant renovations to the property because it is a fairly new construction, according to its SEC document. It is the REIT’s first purchase in Colorado. The fund specializes in office properties and now has 69 buildings with more than 16 million square feet in 21 states. The Norcross, Ga.-based REIT’s holdings are worth more than $3 billion.
CPN reported Sept. 18 that Wells REIT II had acquired a three-story, Class A office property in Chesterbrook Corporate Center outside Philadelphia. The 114,000-square-foot building is fully leased by Shire Pharmaceuticals until 2017. That building was acquired from Grosvenor Investment Management US Inc. on behalf of a pension fund client. The purchase price was not available.
Last month, Wells REIT II acquired 222 East 41st Street, a 25-story, Class A office building in Manhattan from Zeta-Ceres L.P. for about $320 million, according to an Aug. 21 CPN report on the deal. That was the REIT’s first New York City purchase.
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