Press Release

SENIOR COGSWELL TEAM NAMED LEASING AGENTS FOR 60 BROAD STREET

Class-A Building In New York's Financial District

NEW YORK, March 22, 2006 -- Wells Real Estate Funds Inc. today announced that Arthur Stern, CEO of Cogswell Realty Group LLC, and Anthony Stapleton, Cogswell principal, have been named exclusive leasing agents for 60 Broad Street, a 39-story Class-A office building in New York City's Financial District.

"We're delighted Arthur and Anthony have taken the lead as the exclusive leasing agents for 60 Broad Street," said George Wells, senior vice president, Asset Management, for Wells' East Coast Region. "Their intimate knowledge of the property and deep understanding of New York City's downtown real estate market will help to establish a strong level of high-quality tenant interest in the building's remaining rentable space."

Already that interest has been evidenced by a new 22,135-square-foot lease expansion by International Securities Exchange Inc. (NYSE: ISE), the world's largest equity options exchange, which now will occupy nearly 65,000 square feet at 60 Broad Street.

Mr. Stern has more than 17 years of experience in the commercial real estate markets of the New York tri-state area and graduated from New York University and New York Law School. He is a board member of the Association for a Better New York and the Newark Special Improvement District.

Mr. Stapleton, a co-founding partner and managing member of Cogswell Realty Group, has 22 years experience in commercial real estate in the New York metro area and graduated from the Northeastern School of Business.

On the corner of Broad Street and Beaver Street, 60 Broad Street stands in close proximity to several financial institutions including the New York Stock Exchange. Owned by Wells Real Estate Investment Trust, the property has approximately 990,000 square feet of rentable space and boasts panoramic views over New York's metropolitan region. The property was developed in 1963 and underwent $64 million in renovations starting in 1997. Cogswell provides leasing and management services. Current tenants at 60 Broad Street include the State of New York and the City of New York. Others include the international accounting firm Grant Thornton, insurer Guardian Life, and the world's largest equity options exchange, International Securities Exchange.

About Wells Real Estate Funds: Wells Real Estate Funds (www.wellsref.com) is a national real estate investment management company, based in suburban Atlanta, which purchases and manages real estate on behalf of Wells-sponsored investment programs. Leo Wells founded the company in 1984; since then, more than 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 more than $7 billion in assets, based on purchase price.

About Cogswell Realty Group LLC:
Cogswell Realty Group LLC made its debut in commercial real estate in 1996. The firm soon established itself as a leader in brokerage and management, and its principals began acquiring a portfolio of properties throughout the East Coast. Today, Cogswell offers comprehensive brokerage, property and asset management, construction, retail and corporate advisory services in New York and New Jersey. Through its subsidiaries CRG Management LLC and CRG Real Estate Services LLC, Cogswell manages and leases over 4 million square feet of property.

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.