Press Release

Wells Real Estate Funds Opens Detroit Property Services Office

DETROIT (Feb. 21, 2007) - Wells Real Estate Funds, one of the nation's top 10 office landlords, has opened a new office in Detroit to manage its properties in the metropolitan area.

Cynthia McDonell, a 19-year veteran of Detroit real estate, leads the office as senior property manager. Her responsibilities will include management at 150 West Jefferson - where the new Wells office is based - as well as Auburn Hills Corporate Center and five other Wells buildings in the area.

McDonell, the first female president of the Detroit chapter of BOMA, was most recently general manager of the Detroit portfolio for Colonnade Properties.

"We are thrilled to welcome Cyndi to the Wells family," said Scott Meadows, managing director, Property Services. "With her experience, she will be a great representative of our business in the Detroit area and a real asset to our tenants." Wells Real Estate Funds, based in suburban Atlanta, purchases and manages real estate nationwide on behalf of Wells-sponsored investment programs. More than 200,000 people have, through their financial representatives, invested in Wells-sponsored programs to help diversify their portfolios. Wells-sponsored programs own some $9.5 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 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. 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. To obtain a prospectus, please call Wells Real Estate Funds at 800-448-1010. Please read the prospectus carefully before investing. Wells ranks as a top 10 U.S. office landlord by square footage, according to National Real Estate Investor, 2006.