Frank Russell Building sold

Wells Real Estate Investment Trust Inc. recently sold the 12-story Frank Russell Building in Tacoma, Wash., after nearly three years of ownership.

The value of the transaction was not disclosed.

Wells REIT, which purchased the 224,000-square-foot building in January 2004, sold it last month to 909 A Street LLC. The property serves as the headquarters of the Russell Investment Group, which specializes in multi-manager investing.

"The Russell Building is an excellent office property that has served our portfolio well and appreciated in value," said Parker Hudson, managing director, Dispositions, for Wells Real Estate Funds. "We believed the time was right to realize the optimized gain from this property for our investors."

Proceeds from the sale will fund other portfolio activities for Wells REIT, which now owns 86 buildings in 24 states, including Washington, D.C.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.