News
LEO'S REASONING
March 2, 2011
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| We spoke by phone with Wells Real Estate's Leo Wells while he wasstrolling along the streets of Key West with his wife on vacation. And to think he made news in DC while basking in the sun a thousand miles south. As we reported yesterday, Leo's Wells REIT II purchased the 680k SF Market Square, above, for $615M. Leo tells us the reasoning behind the purchase is Market Square's unique feature—the only privately owned office project between the White House and Congress. Leo says he's willing to trade in someimmediate dividend for long-term growth potential. ?It's the location that will keep the building full,? he says. ?My bet is we can sell it for more now than we paid for it.? Leo will be one of our all-star panelists at Bisnow's Atlanta State of the Market event March 18 at the W Atlanta—Midtown (sign up here). On Atlanta's job growth, Leo is somewhat pessimistic, saying the state government needs to do something ?fairly dramatic"—such as get rid of state income tax—to attract jobs and people back to the metro area. |
