Wells REIT II Acquires Bannockburn Lake III, Suburban Chicago

Wells REIT II Acquires Bannockburn Lake III, Suburban Chicago

Property Fully Leased to TAP Pharmaceutical

NORCROSS, Ga. (Sept. 11, 2007) - Wells Real Estate Investment Trust II announced today its acquisition of Bannockburn Lake III, a 106,000-square-foot office building in suburban Chicago, fully leased to TAP Pharmaceutical Products.

TAP, a joint venture of U.S.-based Abbott Laboratories and Japan-based Takeda Pharmaceuticals, is under lease until 2013, with an option to renew.

Bannockburn Lake III is one of five buildings in the Bannockburn Lake Office Park, located in Bannockburn, a northern suburb of Chicago and part of the Tri-State Corridor section, home to such corporations as Abbott Laboratories, Allstate and Walgreen.

"This is an established business market, and we are always on the lookout for quality, well-leased properties," said Peter Mitchell, Wells' new vice president, Midwest acquisitions, who represented the company. "TAP is a joint venture of two strong pharmaceutical corporations, and a great addition to our roster of quality tenants."

Wells purchased the three-story property from The Broe Group; terms were not announced. It's the sixth Chicagoland acquisition for Wells REIT II.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 64 buildings in 20 states (including Washington, D.C.), totaling more than $3 billion based on purchase price and covering 16 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.

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