Wells REIT II Takes Ownership of Newell Rubbermaid Global HQ
- Sep 26, 2008
Wells Real Estate Investment Trust II today announced it has taken majority ownership at the newly built global headquarters building of Newell Rubbermaid in suburban Atlanta. With the completion of the property, Wells REIT II owns a majority stake in Three Glenlake, the 354,963-square-foot office tower recently completed on Glenlake Parkway, near Georgia 400 in Sandy Springs. The new headquarters was dedicated in ceremonies with Georgia Gov. Sonny Perdue, Newell Rubbermaid President & CEO Mark Ketchum and Wells Real Estate Funds President Leo Wells.The new tower is next door to UPS’ world headquarters, in Atlanta’s Central Perimeter submarket. The modern, energy-efficient 14-story reflective-glass tower is a sister building to One Glenlake next door, another Wells REIT II property. Amenities include a full fitness center, company store, auditorium and terrace café.Greenstone Properties, Granite Properties and Pope & Land, who also developed One Glenlake, purchased the Three Glenlake site in 2005. The lease with Newell Rubbermaid was executed in the fall of 2006, and construction on the $100 million project began in January of 2007. The developers will retain a minority stake in the joint venture. The closing was brokered by Randy Evans and Mike McDonald of Eastdil. Wells was represented internally by Keith Willby, senior vice president, Capital Markets.Wells REIT II, a public nontraded REIT specializing in office properties, now has 83 buildings in 23 states and Washington, D.C., totaling more than $4 billion based on purchase price and covering 20 million square feet.