Press Release

Wells REIT II Acquires Aetna Building in Metro Dallas

Insurance Giant's Regional Headquarters Leased to 2012

NORCROSS, Ga. (Sept. 20, 2006) - Wells Real Estate Investment Trust II Inc. announced today it has acquired Aetna's regional headquarters in Arlington, Texas, a three-story Class-A office building in a desirable metro Dallas locale.

"We think this is an excellent investment opportunity for our investors," said Jeff Gilder, managing director, acquisitions, for Wells Real Estate Funds. "We like the Dallas-Fort Worth region, and the Mid-Cities submarket is one of the healthiest office locations in the area."

Mid-Cities and Far North Dallas lead the region this year in terms of net absorption, Gilder noted. Wells REIT II owns more than 50 buildings nationwide, including four in metro Dallas.

Wells purchased the property from Principal Real Estate Investors, the real estate investment arm of Principal Global Investors. The building, located at 4300 Centreway Place in Arlington, was built in 1998. The tenant, Aetna Life Insurance Inc., is one of the nation's insurance leaders. Aetna is rated A+ by Standard & Poor's.

The 139,445-square-foot property is located along Interstate 20, with outstanding accessibility to Interstate 30, Texas 360 and Dallas/Fort Worth International Airport.

Wells was represented internally by Keith Willby, senior vice president, acquisitions. Principal Real Estate Investors was represented by Emily Kell, manager, acquisitions and dispositions, for The Principal, and by Russell Ingrum, executive vice president, and Gary Carr, executive vice president, both of CB Richard Ellis.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 52 buildings in 18 states (including Washington, D.C.), totaling more than $2.5 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 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, 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.