Wells Real Estate Investment Trust II Inc. purchased the International Financial Tower in Jersey City, N.J., for an undisclosed price.

The 629,922-square-foot building, located at 95 Christopher Columbus Drive, is the headquarters of Pershing LLC, a service provider to the financial industry, owned by Bank of New York. It was constructed in 1989 for a predecessor firm of Pershing.

The property was 100 percent leased at the time of sale — including 75 percent by Pershing, under lease to 2021.

“This is a fine addition to the Wells REIT II portfolio — a true class A property in a desirable financial center with a very strong lead tenant,” said David Steinwedell, chief investment officer for Wells Real Estate Funds. “The Hudson Waterfront submarket is showing strong office absorption, and we feel very good about this area.”

This is Wells REIT II’s second major acquisition in northern New Jersey in recent weeks. In September, the REIT acquired 80 Park Plaza in Newark, the headquarters of Public Service Electric and Gas Co.

The seller is a closed-end real estate fund set up by CommerzLeasing und Immobilien Group, based in Germany.

Wells REIT II is a public, nontraded REIT specializing in office properties, and now has 55 buildings in 18 states, including Washington, D.C.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Will you attend ICLV virtually or in-person? The agenda is packed with stellar speakers and sessions.Learn More×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription