Maryland
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26-0500668
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The Westway One Building is currently 100% leased to four tenants and anchored by NATCO Group, Inc., a division of Cameron Corp. Cameron Corp is a Fortune 500 global provider of pressure control, processing, flow control and compression systems as well as project management and aftermarket services for the oil and gas processing industries. NATCO Group, Inc. occupies approximately 67% of the Westway One Building.
The current aggregate annual effective base rent is approximately $2.6 million. The current weighted-average rental rate over the lease term is approximately $16.49 per square foot. The current weighted-average remaining lease term is approximately six years. NATCO Group, Inc utilizes the location to provide executive administration support for their processing and filtering activities. Each of the four tenants have the right to extend the term of its lease for one additional five-year renewal period at 95% of the then-current market rate.
Based on the current condition of the Westway One Building, we do not believe it will be necessary to make significant renovations to the Westway One Building. Our management believes that the Westway One Building is adequately insured.
Since it is impracticable to provide the required financial statements for the acquired real property described above at the time of this filing, and no financial statements (audited or unaudited) are available at this time, the Registrant hereby confirms that it intends to file the required financial statements on or before April 12, 2011, by amendment to this Form 8-K.
(b) Pro Forma Financial Information.
See Paragraph (a) above.
WELLS CORE OFFICE INCOME REIT, INC.
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Date: January 27, 2011
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By:
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/s/ Douglas P. Williams
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Douglas P. Williams
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Executive Vice President
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