Wells REIT II to Acquire Majority Interest in New HQ For Newell Rubbermaid

WELLS REIT II TO ACQUIRE MAJORITY INTEREST IN NEW HQ FOR NEWELL RUBBERMAID

Joins Greenstone, Granite, and Pope & Land in JV; Building Opens 2008

SANDY SPRINGS, Ga. (Oct. 9, 2007) - Wells Real Estate Investment Trust II will be majority partner in a joint venture with Greenstone Properties, Granite Properties, and Pope & Land, owning Three Glenlake, future headquarters of Newell Rubbermaid in suburban Atlanta.

The joint venture agreement, announced today by the partners, will close upon the property's completion in 2008.

Newell Rubbermaid will be sole tenant of the 14-story, 354,963-square-foot, Class-A office tower, currently under construction. The property is located on Glenlake Parkway, near Abernathy Road and Georgia 400 in suburban Sandy Springs, in Atlanta's Central Perimeter submarket.

Greenstone, Granite, and Pope & Land also developed One Glenlake, selling that 353,000-square-foot property to Wells REIT II in 2004.

"Three Glenlake is a great fit for our strategy - a fully leased core asset in a fine location," said Don Henry, managing director, Wells Real Estate Funds. "We're thrilled to add another FORTUNE 500 company to our tenant roster with Newell Rubbermaid - and given our past experience with Greenstone, Granite, and Pope & Land, this JV was a natural fit."

Construction of the $100 million project began in January. Newell Rubbermaid has announced plans to consolidate its three Atlanta area offices to provide a true headquarters for 300 existing employees, as well as some 350 more.

"We're pleased to once again work with Wells, which is known throughout the U.S. for the quality of its real estates assets," said De Little, president of Greenstone Properties.

"Capital markets' demand for high quality office properties is intense and competitive, but we knew we had the right partner in Wells."

Little formed Greenstone after a successful stint at Pope & Land, one of the Southeast's leading developers and a partner with Granite in the acquisition, redevelopment and disposition of Cumberland Office Park.

"Adding Wells is like adding another great player to a championship squad," said Larry Kelly, president of Pope & Land. "We think it makes for a real winner on the field of real estate."

Added Granite's Steve Martin, "This was yet another opportunity for our team to fulfill its investment objectives. With a long-term lease in place with Newell Rubbermaid in a dynamic marketplace, we believe Three Glenlake's prospects for long-term success are bright."

Randy Evans of Eastdil Secured represented the Greenstone/Granite/Pope & Land partnership in the transaction. Keith Willby, senior vice president, acquisitions, represented Wells.

Architects for the project are Connecticut-based Pickard Chilton and Norcross-based Wakefield Beasley. The general contractor is Brasfield & Gorrie.

This is the second major build-to-suit venture announced by Wells REIT II in as many months. The REIT last month announced its acquisition of a build-to-suit site for Westinghouse Electric Corp. near Pittsburgh.

Wells REIT II is a public nontraded REIT specializing in office properties. Wells REIT II has 64 buildings in 20 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 $11 billion in real estate for more than 200,000 investors. For more information, see www.wellsref.com.

Greenstone Properties began operations in January 2005. Its primary real estate focus is land speculation and office development, predominantly in the metro Atlanta area. For more information, visit www.greenstone-properties.com.

Founded in 1991, Granite Properties is a diversified real estate investment and management company with offices in Atlanta, Dallas, Denver and Houston. Granite currently owns and manages more than 10 million square feet of office, industrial and retail properties in five states. Granite Properties is unique among developers in that it works on an all cash basis and can move quickly to fund deals. For more information on the company, visit its web site at www.graniteprop.com.

Pope & Land Enterprises specializes in developing mixed-use properties in the Southeast. Since its founding in 1979, Pope & Land has developed some of Atlanta's best-known properties. Pope & Land develops properties singularly, through subsidiaries and partnerships, and through joint ventures. For more information on the company, visit its web site at www.popeandland.com.

Wells Real Estate Funds Notice: 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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