Press Release

Wells REIT Sells Frank Russell Building, Tacoma

Building Appreciated In 3 Years

NORCROSS, Ga. (Dec. 28, 2006) -- Wells Real Estate Investment Trust Inc. announced today the sale of the Frank Russell Building, a 12-story, Class-A office building in Tacoma, Wash.

The building was purchased by 909 A Street LLC. Terms were not disclosed.

Wells REIT purchased the 224,000-square-foot building in January 2004. It is the headquarters of the Russell Investment Group, a global leader in multi-manager investing.

"The Russell Building is an excellent office property that has served our portfolio well and appreciated in value," said Parker Hudson, managing director, Dispositions, for Wells Real Estate Funds. "We believed the time was right to realize the optimized gain from this property for our investors."

Proceeds from the sale will fund other portfolio activities for Wells REIT. Across all its portfolios, Wells Real Estate Funds has now exceeded $1 billion in successful property dispositions.

Wells was assisted by Eastdil Secured and Pacific Real Estate Partners.

Wells REIT is a public, nontraded REIT specializing in office properties. The REIT now has 86 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. 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. 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.