Wells buys in North Carolina

Gains class-A office space

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Wells Real Estate Investment Trust II purchased a 431,000-square-foot, class-A office building leased primarily to Wachovia in Winston-Salem, N.C. The value of the transaction was not disclosed. The property, One West Fourth Street, was built in 2002. It comprises 13 stories and sits directly across from the headquarters of RJR Tobacco and the local courthouses. It was the first major downtown development since the Wachovia headquarters was constructed in 1995. One West Fourth Street was 92 percent leased at the time of sale. Wachovia Bank, N.A. (which leases 46 percent of the building's space) provides a range of commercial and retail banking and trust services through full-service banking offices, and is one of three key subsidiaries of Wachovia Corp., one of the nation's largest banking institutions. The building also serves as the home for 128-year-old law firm Womble, Carlyle, Sandridge & Rice (which leases 40 percent of the building). The building is Womble Carlyle's tech...