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Wells To Buy 100 E. Pratt

Property To Go for $316/SF
May 3, 2005
Wells Real Estate Investment Trust II, Inc. entered into a purchase and sale agreement with Boston Properties Inc. and East Pratt Street Associates LP to purchase all of the two entities interest in 100 E. Pratt St. in Baltimore, MD, for a gross purchase price of $207.5 million, plus closing cost or approximately $316/square foot.

The property is a 28-story office building containing approximately 656,000 rentable square feet. Earlier this year, Baltimore-based T. Rowe Price, a global investment management firm, renewed its lease to remain in its headquarters at 100 E. Pratt. The lease is for 376,000 square feet, 76,000 square feet more than what T. Rowe previously occupied.

In connection with the execution of the agreement, Wells paid a non-refundable deposit of $6 million to an escrow agent, which will be applied to the purchase price.

Under the agreement, the closing is expected to occur a week from today; however, Wells and the sellers have the right to mutually agree on an earlier closing date.
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