Press Release

Wells REIT II Reaches $1.5 Billion in Assets under Management

ATLANTA (September 14, 2005) -- Wells Real Estate Funds announced today that total assets under management for its second REIT - Wells Real Estate Investment Trust II, Inc. (Wells REIT II) - reached $1.5 billion. Wells REIT II currently owns 28 properties in 15 states (including the District of Columbia) covering 7.5 million square feet of office space. Collectively, Wells-sponsored programs now own over $6.5 billion in assets (based on purchase price) totaling more than 30 million square feet. "Wells REIT II has reached the $1.5 billion milestone despite a challenging year for purchasing commercial real estate," said David Steinwedell, chief investment officer for Wells Real Estate Funds. "Driven by dual objectives of quality in the real estate and quality of the tenant, we are continuing to exercise strict discipline when purchasing real estate."

The second most successful launch of a nontraded REIT in history (in terms of funds raised)1, Wells REIT II expects to achieve over $2.5 billion in total transactions by the end of 2005, which includes over $2 billion in acquisitions of core and select valueadded properties.

1 As measured by DPP products launched in 2003 and tracked by Robert Stanger & Co., through Sept. 30, 2004. Wells REIT II is a member of the Wells Real Estate Funds family of investment products. Wells-sponsored products (including Wells' first REIT, Wells REIT II, and Wells LPs) have engaged in over $2 billion in capital transactions thus far in 2005 (through August 31), including:

Eight acquisitions in eight states, representing more than 30 million square feet valued at $450 million
Two development projects totaling more than $36 million, with over 200,000 square feet
Establishment of a $400 million line of credit and close to $350 million in new financing
Three disposition deals of 29 properties totaling $804.5 million By the end of 2005, Wells Real Estate Funds expects to achieve $3.5 billion in total transactions for all Wells-sponsored products, including $1.5 billion in acquisitions of core and value-added properties, $1 billion in dispositions, and another $100 million in development.

"To reach our year-end goals, we are diligently investigating the marketplace to find the best properties for our investors. While our focus has remained core real estate, we have expanded the universe to include first-rate value-added properties as well. As always, o ur goal is to construct a highly diversified portfolio for our investors," said Donald A. Miller, CFA, chief real estate officer for Wells Real Estate Funds.

Wells Real Estate Funds is a national real estate investment management company that purchases and manages real estate on behalf of Wells-sponsored investment programs. Since 1984, more than 200,000 individuals across the country have invested (through their financial representatives) in Wells -sponsored investment programs to help diversify their investment portfolios.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding Wells' use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus. To obtain a prospectus, please contact Wells Investment Securities, Inc., 6200 The Corners Parkway, Norcross, GA 30092-3365 (tel. 800-448-1010, www.wellsref.com).