Press Release

Wells REIT II Opens Build-to-Suit for HSBC Mortgage Unit

Decision One HQ Launches New Suburban Charlotte Office Park

NORCROSS, Ga. (Sept. 8, 2006) - Wells Real Estate Investment Trust II Inc. announced today it has taken ownership of its latest build-to-suit project, a new headquarters facility for HSBC Finance's Decision One Mortgage unit in suburban Charlotte's new EdgeWater Corporate Center.

The 180,000-square-foot, Class-A property is located in Lancaster, S.C., south of Charlotte, N.C., on Highway 521, near Interstate 485. It was completed by Lauth Property Group less than one year after groundbreaking.

With the completion, Wells REIT II adds the facility to its portfolio of more than 40 properties nationwide. The property is leased to Decision One, an arm of A-rated HSBC Finance, into 2016.

"This is an excellent facility, and we're glad we could help Decision One with their real estate needs," said Joe Oglesby, senior vice president of Wells Real Estate Funds. "We're very pleased to be associated with HSBC, and it's a fine addition to the REIT II portfolio."

Nationwide, Wells has participated in more than $300 million in office and industrial developments. The Decision One headquarters is Wells Real Estate Funds' second build-to-suit office project in the Charlotte area. Wells Real Estate Investment Trust completed a 165,000-square-foot building for Citigroup at Fort Mill, S.C., last fall, in partnership with Childress Klein Properties.

"The Wells philosophy is great real estate and great tenants," said chief real estate officer Don Miller. "That's not always just acquisitions -- where it's warranted, we have the scope and capability to help create the real estate for our tenants."

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 51 buildings in 18 states (including Washington, D.C.), totaling more than $2.6 billion based on purchase price and covering more than 12 million square feet. Across the portfolio, Wells REIT II properties are 97 percent leased.

Wells Real Estate Funds 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 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 $7.5 billion in assets (based on purchase price) totaling more than 35 million square feet of space. For more information, see 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. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this press release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, changes in general economic and business conditions, industry trends, changes in government rules and regulations (including changes in tax laws), and increases in interest rates. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus. For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092 (tel. 800-448-1010). SEC filings: www.wellsref.com/investmentproducts/reit/secfilings.html.