Wells REIT II makes first NYC purchase

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Wells Real Estate Investment Trust II this week announced it made its first purchase in New York -- a 25-story, class A+ office building in midtown Manhattan. The value of the transaction was not disclosed. Wells REIT II acquired the property -- 222 East 41st St. -- from Zeta-Ceres LP of Katonah, N.Y. The building comprises 391,000 square feet. At the time of sale, the property was 97 percent leased; the principal tenant is Jones Day, the nation's fourth-largest law firm, which holds a long-term lease. ...