Press Release

Wells Real Estate Funds Announces Executive Promotions

Jeff Gilder Named Managing Director, Capital Markets;
Spencer Patton, Keith Willby Promoted to Senior VP

NORCROSS, Ga. (April 6, 2006) - Wells Real Estate Funds, one of the nation's largest owners of commercial office properties, today announced the promotions of three executives.

Jeff Gilder was named managing director, Capital Markets. Spencer Patton and Keith Willby were promoted to senior vice president, Acquisitions. Mr. Gilder assumes a newly created position overseeing three of the company's five regional acquisition teams. He will lead those teams in sourcing, structuring, negotiating and closing transactions throughout the United States, which typically total $1.5 billion to $3 billion annually. He also will continue to build relationships for the Company with the brokerage community and other investment organizations.

Mr. Gilder has been with Wells since 2002, and has personally closed in excess of $4 billion in acquisitions for Wells. Previously, he held investment management positions with Baita International, a U.S.-based European investment advisory firm, ING Investment Management and BVT Institutional Investments. Altogether, he has more than 18 years of experience in property transactions, asset management and lending.

Mr. Patton will be responsible for acquisitions in the Midwest/North Region, including Ohio, Kentucky, Michigan, Indiana, Illinois, Wisconsin, Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Kansas, Wyoming, Montana and Idaho. He joined Wells in 2002 as vice president of Midwest Region acquisitions. In the past year, he was responsible for over $300 million in transactions. He began his career at Wachovia Bank and also has held key positions at RecoverDebt.com, an Atlanta-based debt consolidation broker, and The Walker Companies, Atlanta-based commercial real estate consultants.

Mr. Willby is responsible for acquisitions in the South Region, including North Carolina, South Carolina, Georgia, Tennessee, Alabama, Mississippi, Arkansas, Louisiana, Oklahoma, Texas and New Mexico. Since joining Wells in 2002, he has held increasingly senior acquisitions positions in the company's East and South Regions. In the past year, he was responsible for over $350 million in transactions. Before joining Wells, Mr. Willby was with BVT Institutional Investments and ACG Professionals.

"Jeff, Spencer and Keith are outstanding real estate investment professionals who bring a wealth of knowledge and experience to their new roles on behalf of our investors," said David Steinwedell, chief investment officer. As we continue to grow, they will play increasingly important roles."

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. Since Leo Wells founded the company in 1984, 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.

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.