Press Release

Wells REIT II Acquires 80 Park Plaza, Newark

PSE&G HQ in Resurgent Downtown, Leased to 2015

NORCROSS, Ga. (Sept. 22, 2006) - Wells Real Estate Investment Trust II Inc. announced today it has acquired 80 Park Plaza, the 26-story headquarters of Public Service Electric and Gas Co. in Newark, N.J.

The Class-A property, a landmark in Newark's resurgent downtown, was named Office Building of the Year for Northern New Jersey in 2000 by the Building Owners and Managers Association.

PSE&G is the sole tenant at 80 Park Plaza, under a lease running into 2015; the company is rated BBB by Standard and Poor's. The property was purchased from Newark Urban Renewal Investors LP.

"This is a fine addition to the portfolio for our investors," said Jeff Gilder, managing director, acquisitions, for Wells Real Estate Funds. "It's a quality property with a very stable tenant in PSE&G."

"Newark is undergoing a notable resurgence. It's a strong Class-A market with limited availability, excellent transit and proximity to New York City," noted Heather Griner, investment officer, who, with Gilder, represented Wells in the transaction.

The 1,026,844-square-foot property, consisting of a 26-story tower and a three-story plaza building, was built for PSE&G in 1979 by the Rockefeller Group. Significant improvements have been completed in the past three years.

The seller was represented by Gary Gabriel and Andrew Merin of Cushman & Wakefield.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 54 buildings in 18 states (including Washington, D.C.), totaling more than $2.5 billion based on purchase price and covering more than 13 million square feet. Across the portfolio, Wells REIT II properties are 97 percent leased.

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 37 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.