Wells to Buy International Financial Towers, Jersey City, NJ

Jersey City, NJ (September 15, 2006) -- Wells Real Estate has agreed to purchase International Financial Towers (IFT) a 622,000 square foot office building located at 95 Christopher Columbus Drive in Jersey City, NJ.  In an off-market deal, Wells is to pay $210 million or $338/sf, to the CommerzLeasing und Immobilien partnership, a partnership that was organized by Germania of America Inc. (GOA).  It is anticipated that this transaction will close by the end of October 2006.

The two primary tenants at IFT are Bank of New York subsidiary Pershing and NTT Data Systems. Pershing is IFT’s largest tenant, occupying 470,808 sf of office space.  Earlier this year, NTT Data Systems signed a 15-year lease extension for their 136,960 sf of office space at IFT. 

CommerzLeasing/GOA partnership purchased International Financial Tower from Mac-Cali, for $152.5 million, or $245/sf, in 2001.  The property was constructed in 1989 for Pershing, which at the time was a unit of Donaldson Lufkin & Jenrette by the predecessor to Mack-Cali.