Press Release

Wells REIT Buys Gallagher Centre, Chicagoland Trophy Office Building

Corporate HQ of Arthur Gallagher & Co., Leading Insurance Broker

NORCROSS, Ga. (Dec. 8, 2006) - Wells Real Estate Investment Trust Inc. announced today it has acquired the Gallagher Centre in Itasca, Ill., one of the finest office towers in suburban Chicago.

The 487,000-square-foot, 27-story Class-A building is the corporate headquarters of Arthur J. Gallagher & Co., the world's fourth largest insurance broker.

Gallagher Centre at Two Pierce Place, built in 1991, was acquired from a joint venture of Gallagher and Hamilton Partners. It is the trophy asset of the Chancellory at Hamilton Lakes office park; features include polished granite exterior and mahogany lobby interior decor, marble floors, lake views, walking paths, and underground, heated executive parking. The property is located in the North DuPage submarket, near Interstate 290 and convenient to the regional Woodfield Mall and O'Hare International Airport.

Gallagher, which occupies more than 60 percent of the building, has extended its lease to 2018. Other tenants include Sun Microsystems.

"This is another real jewel in a REIT portfolio built on quality real estate," said Jeff Gilder, managing director, acquisitions, for Wells Real Estate Funds. "There is a lot to like about this deal ż a very desirable property, at a price significantly below replacement cost, with great amenities and solid tenants. At the same time, a fraction of the building is vacant and the market has strengthened, giving us an opportunity to lease that space at today's rents."

The property is the 15th building owned by Wells Real Estate Funds in the Chicagoland area.

Wells was represented internally by Spencer Patton, senior vice president, acquisitions. Paul Lundstedt of Cushman & Wakefield represented the seller. Wells was not the initial high bidder, but was awarded the deal based on experience and strength of offering.

Wells REIT is a public nontraded REIT specializing in office properties. The REIT now has 87 buildings in 24 states (including Washington, D.C.), totaling approximately $4.5 billion based on purchase price and covering more than 21 million square feet. Across the portfolio, Wells REIT properties are 95 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 more than 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, including discussions regarding Wells' use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. Wells REIT is closed to new investors.