Wells Takes UnitedHealthcare Services Building in Metro St. Louis
- Feb 04, 2008
Wells Real Estate Investment Trust II has taken UnitedHealthcare Services’ five-story office building in suburban St. Louis, the fund has reported. The deal is a sale-leaseback, and UnitedHealthcare has signed a long-term lease for 100 percent of the property.The building has 188,500 square feet on five floors, and was built for UnitedHealthcare a decade ago in Riverpor-Earth City, the area’s largest mixed-use business park, northeast of St. Louis. The park offers direct access to Interstates 70 and 270, and is just five minutes from Lambert-St. Louis International Airport. No other terms of the deal were disclosed.Wells REIT II specializes in office properties. It now owns 72 buildings in 23 states (including Washington, D.C.), totaling more than $4 billion based on purchase price. The portfolio contains, in all, 17 million square feet. The properties are, cumulatively, 98 percent leased. This is the REIT’s first acquisition in Missouri.