Wells Real Estate Funds Acquires Two Park Center in Chicago Area

ATLANTA, Sept. 19 -- A joint venture between the Wells Real Estate Investment Trust, Inc. (Wells REIT) and Wells Real Estate Fund XIII has acquired a 194,000-square-foot, Class-A office building in suburban Chicago's Hoffman Estates. Terms were not disclosed.

The four-story building, known as Two Park Center, was completed in 2000. It is leased primarily to two major tenants -- American InterContinental University (AIU), which leases approximately 135,000 square feet (or 70%) of the building for its online division, and Philips Medical Systems, a division of Philips Electronics North America, which leases nearly 33,000 square feet (17% of the building).

AIU is a subsidiary of Career Education Corporation. The AIU online division offers a master's degree, a bachelor's degree, and associate degree programs in information technology, business administration, visual communication, and education. Philips Medical Systems is the second-largest manufacturer of medical diagnostic equipment.

"This acquisition underscores our corporate philosophy to buy buildings with quality tenants in place on long-term leases," said Wells Chief Investment Officer David Steinwedell. "We are purchasing the property well below replacement cost, and it is well-positioned in the marketplace to be a quality, long-term portfolio asset that we expect to generate income for our investors."

The building is located on 2.7 acres at 5550 Prairie Stone Parkway in Hoffman Estates, just off I-90 and approximately 30 minutes from O'Hare International Airport. Due to its proximity to executive housing, Hoffman Estates is attractive to large corporate users, as evidenced by the world headquarters location of Sears in this submarket.

Wells Real Estate Funds is an Atlanta-based national real estate investment management firm that purchases existing Class-A office and industrial properties, as well as corporate sale/leasebacks and build-to-suit projects, leased long term to creditworthy tenants and professional services firms. In 2002, Wells Real Estate Funds was the largest purchaser of Class-A office buildings in the United States according to New York-based Real Capital Analytics, completing 30 transactions totaling more than $1.4 billion. Wells is targeting 2003 acquisitions of $2.5 billion.

In its investment products -- the Wells REIT, the Wells S&P REIT Index Fund, and the Wells limited partnerships -- Wells manages more than $3.5 billion in assets for more than 125,000 investors nationwide.

For more information regarding acquisitions, please contact David Steinwedell, Chief Investment Officer, at 800-448-1010. Wells is online at www.wellsref.com .

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934, including discussions regarding Wells' use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. This is neither an offer nor a solicitation to purchase securities. Such an offer can only be made by prospectus. To obtain a prospectus, please call Wells Real Estate Funds at 800-448-1010. Please read the prospectus carefully before investing.