Press Release

Wells REIT II Signs Lease with SAP in Suburban Chicago

Software Giant Takes Two Floors at Highland Landmark III, Downers Grove

NORCROSS, Ga. (Dec. 20, 2006) - Wells Real Estate Investment Trust II has signed SAP America, Inc. to a 10-year lease at Highland Landmark III, its Class-A office property in Downers Grove, Ill.

The lease with SAP will begin on Feb. 1, 2008. SAP will lease the top two floors, more than 63,000 square feet, at the nine-story building west of Chicago, which Wells REIT II acquired in 2004.

"This is in keeping with our longtime real-estate strategy, which is that great properties attract great tenants," said Bo Reddic, managing director, asset management, for Wells Real Estate Funds. "SAP is one of the unquestioned leaders in the global software field, and we're thrilled to welcome them to Highland Landmark."

The 275,000-square-foot building, built in 2000, is located in Chicago's East-West Corridor submarket and is currently 97 percent leased. SAP will move into space coming available in 2007. Highland Landmark III is one of 15 buildings owned by Wells investment funds in the metro Chicago area. Lincoln Property Co. is a minority joint-venture partner in the building.

Wells REIT II is a public, nontraded REIT specializing in Class-A office properties. Wells REIT II owns 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 98 percent leased.

Wells was represented internally by Bert Collins, with Bill Elwood and Pete Adamo of CB Richard Ellis.

About Wells
Wells REIT II is managed by Wells Real Estate Funds, 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. Wells will not always revise dated, publicly released, forward-looking statements whether as a result of new information, future events or otherwise. 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.