Press Release

Wells REIT II Acquires International Financial Tower, Jersey City

"Wall Street West" HQ of BoNY's Pershing Unit, Leased to 2021

NORCROSS, Ga. (Nov. 2, 2006) - Wells Real Estate Investment Trust II Inc. announced today its acquisition of the International Financial Tower in Jersey City, N.J., a Class-A office property in an area known as "Wall Street West."

The building is the headquarters of Pershing LLC, a leading service provider to the financial industry, owned by A+ rated Bank of New York.

The property, featuring a striking five-story atrium with waterfall, is 100 percent leased - including 75 percent by Pershing, under lease to 2021. Jersey City, across the Hudson River from lower Manhattan, also hosts numerous other financial services leaders.

"This is a fine addition to the Wells REIT II portfolio - a true Class-A property in a desirable financial center with a very strong lead tenant," said David Steinwedell, chief investment officer for Wells Real Estate Funds. "The Hudson Waterfront submarket is showing strong office absorption, and we feel very good about this area."

This is Wells REIT II's second major acquisition in northern New Jersey in recent weeks. In September, the REIT acquired 80 Park Plaza in Newark, the headquarters of Public Service Electric and Gas Co.

The seller is a closed-end real estate fund set up by CommerzLeasing und Immobilien Group, based in Germany. "There were a number of competitive offers, and we were successful in making the deal," said Jeff Gilder, Wells managing director, acquisitions. "Our relationship with CLI, coupled with our proven ability to close major transactions, enabled us to make this acquisition, at what we think is a good value for both parties."

Wells was represented by Gilder and Heather Griner, vice president, acquisitions.

The 629,922-square-foot property, at 95 Christopher Columbus Drive, is well located, adjacent to the Grove Street PATH transit station and just five minutes from lower Manhattan. The building was constructed in 1989 for a predecessor firm of Pershing.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 55 buildings in 18 states (including Washington, D.C.), totaling approximately $3 billion based on purchase price and covering more than 14 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 $8 billion in assets totaling approximately 39 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.