Press Release

Wells REIT II Acquires Pasadena Corporate Park

IndyMac Signs for 10 Years in California Sale-Leaseback

NORCROSS, Ga. (July 12, 2007) -- Wells Real Estate Investment Trust II Inc. has acquired Pasadena Corporate Park, a three-building, Class-A office/retail development, in a sale-leaseback with IndyMac Bank.

The park, located in Pasadena, Calif., near I-210 and the 605 Freeway, was awarded the 2000 Grand Prize for innovative and creative adaptive renovation by the Southern California Development Forum. Bounded by N. Halstead Street and E. Foothill Blvd., the park includes two three-story office buildings and a retail building.

IndyMac Bank, the seller, occupies 71 percent of the property, and has signed a new 10-year lease; the bank is rated BBB, or investment-grade, by Standard & Poor's. Overall, the property includes 265,000 square feet and is fully occupied.

"We feel this is an exceptional investment opportunity - a great location in a very popular market, a superb renovation and a strong principal tenant," said Jeff Gilder, chief investment officer for Wells Real Estate Funds.

"We have a relationship with IndyMac as a Wells tenant in Texas, and that relationship helped us structure a deal that worked for both parties," Gilder added. "We're thrilled to acquire the property and expand our existing relationship."

Wells was represented by Joe Oglesby, senior vice president, acquisitions. Terms of the sale were not announced.

Pasadena, in Los Angeles' prestigious Tri-Cities submarket, had an extraordinarily low office vacancy rate of less than 4 percent as of the end of 2006, according to industry data. This is Wells REIT II's second property in metro Los Angeles; the REIT also owns Manhattan Towers in Manhattan Beach.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 61 buildings in 19 states (including Washington, D.C.), totaling more than $3 billion based on purchase price and covering more than 15 million square feet. Across the portfolio, Wells REIT II properties are 98 percent leased.

Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. Since its founding in 1984, Wells has invested more than $10 billion in real estate for more than 200,000 investors. 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.