Press Release

WELLS REIT II DECLARES 4th QUARTER 2006 DISTRIBUTION

NORCROSS, Ga. (Sept. 6, 2006) - Wells Real Estate Investment Trust II Inc. (Wells REIT II) announced today its Board of Directors has declared a quarterly distribution of $0.15 per share for its fourth quarter of 2006.

Wells REIT II is the largest nontraded REIT currently open to investors.

The distribution will be calculated on a daily basis and paid in December 2006 to shareholders of record during the period from Sept. 16, 2006, through Dec. 15, 2006. The distribution is unchanged from the previous quarter.

Currently, the Wells REIT II portfolio includes more than 12 million square feet of space in 50 Class-A office and industrial buildings in 24 real estate markets in 16 states and Washington, D.C. The weighted-average credit rating of those tenants rated by Standard & Poor's is "A-," and the portfolio is 97 percent leased.

REIT quarterly distributions may include dividend income as well as return of capital and capital gains. Wells REIT II is a public, nontraded REIT focused primarily on Class-A office and industrial properties.

Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. Since 1984, more than 200,000 people have invested in Wells-sponsored investment programs through their financial representatives. Collectively, these programs own more than $7.5 billion in assets totaling more than 35 million square feet of space. For more information, 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. 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. To obtain a prospectus, please contact Wells Investment Securities, Inc., 6200 The Corners Parkway, Norcross, Ga. 30092-3365 (tel. 800-448-1010). For SEC filings: www.wellsref.com/investmentproducts/reit/secfilings.html.