WELLS REIT ACQUIRES LINDBERGH CENTER
ATLANTA — Wells Real Estate Investment Trust II has acquired Lindbergh Center in a sale-leaseback from AT&T. The acquisition price was not disclosed.
It is Wells REIT II’s second acquisition from AT&T in Atlanta in as many months. This spring the REIT acquired five buildings at nearby Lenox Park from AT&T.
Lindbergh Center features twin 14-story, Class A office buildings totaling 955,000 square feet. The buildings are connected by a four-story atrium and are located at Piedmont Road and Lindbergh Drive.
“We said a month ago it was rare to acquire a million square feet of prime office property, full leased to a world-class tenant, in the top submarket of a top 10 city,” said Don Henry, chief real estate office with Wells REIT. “A month later, we’ve done it again,” he said.
Built in 2002, Lindbergh Center is part of Lindbergh City Center, a 47-acre live/work/play transit-oriented development.
“They (AT&T) had the vision to locate by accessible mass transit — and with soaring gas prices and increasing sensitivity to the environment, properties like this are now extremely desirable,” said Keith Willby, senior vice president with Wells REIT.
AT&T will continue to occupy 100 percent of the property under a new lease from Wells REIT through 2020. The property was marketed by CB Richard Ellis.