Wells REIT II Acquires Wells Fargo Building, Milwaukee

Wells REIT II Acquires Wells Fargo Building, Milwaukee

230,000-Square-Foot Building Leased to 2016

NORCROSS, Ga. (March 4, 2008) - Wells Real Estate Investment Trust II announced today the acquisition of a three-story property in Milwaukee's Park Place office park, fully leased to Wells Fargo until 2016.

The boomerang-shaped, 230,000-square-foot building, at 11200 West Parkland Ave., was built in 1990 and recently renovated. The seller was Washington Mutual; terms were not announced.

"The Wells REIT II portfolio strategy is based on desirable real estate and quality, creditworthy tenants - and they don't come any higher in quality than Wells Fargo," said Peter Mitchell, senior vice president, acquisitions, Wells Real Estate Funds. "A credit rating of `Aaa' is as good as it gets. Wells Fargo is a tenant at two other Wells REIT II properties, and we're thrilled to expand our relationship."

(Despite the similarity in names, Wells Real Estate Funds is not otherwise affiliated with Wells Fargo.)

Park Place is one of Milwaukee's top business locations, 20 minutes northwest of downtown. In addition to Wells Fargo, neighboring companies include Mutual of Omaha and Wausau Insurance.

"We were very pleased to acquire this well-leased property below the projected replacement value," added Mitchell, who represented Wells.

Wells REIT II, a public nontraded REIT specializing in office properties, now has 73 buildings in 23 states and Washington, D.C., totaling more than $4 billion based on purchase price and covering 17 million square feet. Across the portfolio, Wells REIT II properties are 98 percent leased.

This is the REIT's first property in Wisconsin.

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.

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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