Press Release

Laura P. Moon Joins Wells Real Estate Funds As Vice President and Corporate Controller

ATLANTA (May 2, 2005) - Wells Real Estate Funds today announced that Laura P. Moon has joined the company as Vice President and Corporate Controller. In this role, Ms. Moon will report directly to Robert E. Bowers, Chief Financial Officer at Wells, and will oversee the general ledger, financial reporting, regulatory and compliance issues, and tax and property accounting. Within this framework, she will be responsible for the accurate and timely reporting of all financial data required by management for certain Wells Real Estate Funds reporting entities, including the Wells REIT and Wells REIT II, and Wells Limited Partnerships.

"Laura's strong accounting background, considerable strategic planning experience and overall professionalism made her the ideal candidate for this position," said Mr. Bowers. "We are looking forward to her contributions and are confident that she will be an invaluable asset to our company."

Ms. Moon brings nearly 10 years of financial services and accounting experience to her new position. Prior to joining Wells Real Estate Funds, she was most recently a Senior Director of Financial Planning and Analysis with ChoicePoint, Inc. While acting as the primary liaison between the Chief Strategy Officer and CFO, she performed valuation and advisory services on all acquisition activity and maintained overall responsibility for the annual budget process, among other duties. Previously, Ms. Moon was Executive Vice President and Chief Accounting Officer at NetBank Inc., CFO for NetBank, FSB, and before that an Audit Manager with Deloitte & Touche LLP. She earned a BBA in Accounting, magna cum laude, from the University of Georgia.

Wells Real Estate Funds is a national real estate investment management firm that purchases real estate on behalf of Wells-sponsored investment programs. Since 1984, more than 180,000 individuals across the country have invested (through their financial representatives) in Wells-sponsored investment programs to help diversify their investment portfolios. Collectively, Wells-sponsored programs own more than $6.2 billion in assets (valued at cost) totaling more than 29 million square feet of space.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 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.