Press Release

Wells Real Estate Funds Sells Gainesville, Fla., Property

ATLANTA (December 7, 2005) - Wells Real Estate Funds has sold a 61,494-square-foot Class-A office building in Gainesville, Fla., for $8.2 million. Fund VII & Fund VIII Associates, a joint venture that shares ownership between Wells Real Estate Fund VII, L.P. (approximately 37 percent) and Wells Real Estate Fund VIII, L.P. (approximately 63 percent), developed and leased the property in 1995.

Marcent Development, an Orlando-based real estate firm, purchased the property from Fund VII & Fund VIII Associates.

The two-story building, constructed in 1995, is located at 3011 SW Williston Road. It currently is 82 percent occupied by CH2M HILL, a global fullservice engineering, construction, and operations firm.

"CH2M HILL has been a great tenant, and they recently recommitted to the property. Marcent Development recognized the value of a building of this quality in Gainesville, and they have been great to work with," said Parker Hudson, managing director of dispositions at Wells Real Estate Funds. Dale Peterson and John McRae of Trammell Crow, along with Mike Ryals of Bosshardt Realty, handled the sale for Wells.

Wells Real Estate Funds is a national real estate investment management company that purchases, manages, and disposes of real estate on behalf of Wells-sponsored investment programs. Since 1984, over 200,000 individuals across the country have, through their financial representatives, invested in Wells-sponsored investment programs to help diversify their investment portfolios. Collectively, Wells -sponsored programs own approximately $7 billion in assets (based on purchase price) totaling more than 32 million square feet of space.

To find out more, visit Wells online at www.wellsref.com.

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.