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by CareyBot

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, an...