Wells REIT II Acquires 1200 Morris Drive, Suburban Philadelphia

Wells REIT II Acquires 1200 Morris Drive, Suburban Philadelphia

Property Fully Leased to Shire Pharmaceuticals to 2017

NORCROSS, Ga. (Sept. 18, 2007) - Wells Real Estate Investment Trust II announced today its acquisition of a three-story, Class-A office property in Chesterbrook Corporate Center in suburban Philadelphia, leased to Shire Pharmaceuticals until 2017.

Wells REIT II acquired the building, at 1200 Morris Drive in Tredyffrin Township, Pa., from Grosvenor Investment Management US Inc., on behalf of a pension fund client; terms were not announced.

Shire, headquartered in the United Kingdom, is a global specialty biopharmaceuticals company. The 114,000-square-foot building, 100 percent occupied by Shire, is currently undergoing a major renovation.

"We're very pleased with this acquisition - a newly renovated property, in what we think is western Philadelphia's top suburban office park, with a long lease to a strong global tenant," said Heather Griner, senior vice president, acquisitions, who represented Wells Real Estate Funds. "We're happy to welcome Shire to the Wells real estate family as a tenant, and we look forward to serving them for a long time to come."

The seller was represented by Michael Blunt and Robert Fahey of CB Richard Ellis.

This is Wells REIT II's third acquisition in Pennsylvania, and the first in metro Philadelphia. The property is near numerous amenities, including Valley Forge National Historical Park and the King of Prussia Mall.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II now has 65 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.

About Wells Real Estate Funds
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 $11 billion in real estate for more than 200,000 investors. For more information, see www.wellsref.com.

About Grosvenor Investment Management
Based in Philadelphia, GIM serves as Grosvenor's real estate investment management operation in North America. GIM is part of Grosvenor Fund Management, established in 2005 as a vehicle for third-party participation in Grosvenor-managed investments. As of June 30, 2007, Grosvenor Fund Management (including GIM) had total funds under management of approximately $6.1 billion internationally. For more information, please visit: www.grosvenor.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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