Document:

<PAGE>

                                 EXHIBIT 10.54

                   FIRST AMENDMENT TO GROUND LEASE AGREEMENT

                             FOR THE ASML BUILDING
<PAGE>

                  FIRST AMENDMENT TO ASU RESEARCH PARK LEASE
                  ------------------------------------------

     THIS FIRST AMENDMENT TO ASU RESEARCH PARK LEASE (the "Amendment") is
entered into as of February 24, 1998 by and between PRICE-ELLIOTT RESEARCH PARK,
INC., as Landlord, and RYAN COMPANIES US, INC., as Tenant.

                                   Recitals:

     A.   Landlord and Tenant entered into that certain ASU Research Park Lease
dated August 22, 1997 (the "Lease") for the "Demised Premises" as defined in the
Lease and generally referred to as Lot 44 of the ASU Research Park.

     B.   While the net square footage of the Demised Premises is correctly
stated in the definition of the term "Demised Premises" as 414,151 net square
feet, the calculation in Section 3(a) of the Lease of annual and monthly rent
based on such net square footage is incorrect.

     C.   Landlord and Tenant now wish to correct the annual and the monthly
rent figures in Section 3(a) of the Lease.

                                  Covenants:

     NOW, THEREFORE, for good and valuation consideration, the receipt and
sufficiency of which are hereby acknowledged, Landlord and Tenant agree as
follows:

     1.   The annual and monthly rent figures set forth in Section 3(a) in the
table at the top of page 2 are corrected and replaced by the following:

<TABLE>
<CAPTION>
               Lease Years     Per Net Sq. Foot     Annual         Monthly
               -----------     ----------------     ------         -------
               <S>             <C>                  <C>            <C>

               1-15            $0.45                $186,368       $15,531
               16-25           $0.66                $273,340       $22,778
               26-35           $0.86                $356,170       $29,681
               36-85           See (b) below
</TABLE>

     2.   Except as corrected and amended above, all other provisions of the
Lease remain in full force and effect without change.

                           [SIGNATURES ON NEXT PAGE]
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this First Amendment as of
the day and year first above written.

                                        PRICE-ELLIOTT RESEARCH PARK, INC.,
                                        An Arizona nonprofit corporation

                                        By:    A.J. Pfister
                                           --------------------------
                                               A.J. Pfister
                                               Its President

                                                            LANDLORD

                                        RYAN COMPANIES US, INC.,
                                        a Minnesota corporation

                                        By:    John Strittmatter
                                           --------------------------
                                               John Strittmatter
                                               Its Vice President

                                                                 TENANT<PAGE>

                                 EXHIBIT 10.55

                AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY

                           FOR THE MOTOROLA BUILDING
<PAGE>

                AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY
                -----------------------------------------------

     THIS AGREEMENT FOR THE PURCHASE AND SALE OF PROPERTY (the "Agreement"), is
made and entered into as of the 23/rd/ day of February, 2000, by and between
RYAN COMPANIES US, INC., a Minnesota corporation ("Seller") and WELLS CAPITAL,
INC., a Georgia corporation ("Purchaser").

                             W I T N E S S E T H:
                             - - - - - - - - - -

     WHEREAS, Seller desires to sell and Purchaser desires to purchase the
Property (as hereinafter defined) subject to the terms and conditions
hereinafter set forth.

     NOW, THEREFORE, for and in consideration of the premises, the mutual
agreements contained herein, the sum of Ten Dollars ($10.00) in hand paid by
Purchaser to Seller at and before the sealing and delivery of these presents and
for other good and valuable consideration, the receipt, adequacy, and
sufficiency which are hereby expressly acknowledged by the parties hereto, the
parties hereto do hereby covenant and agree as follows:

     1.   Purchase and Sale of Property. Subject to and in accordance with the
          -----------------------------
terms and provisions of this Agreement, Seller hereby agrees to sell to
Purchaser and Purchaser hereby agrees to purchase from Seller, the Property,
which term "Property" shall mean and include the following:

          (a) the tenant's interest under that certain ASU Research Park Lease
     dated November 19, 1997, (the "Ground Lease")between Price-Elliot Research
     Park, Inc. ("Lessor"), as Landlord, and Seller, as Tenant in and to all
     that tract or parcel of land (the "Land") located in the Northeast quarter
     of Section 13, Township 1 South, Range 4 East of the Gila and Salt river
     Base and Meridian, Maricopa County, Arizona, containing approximately 12.44
     acres, having an address of 8075 South River Parkway, Tempe, Arizona, and
     being more particularly described on Exhibit "A" hereto; and
                                          -----------

          (b) the tenant's interest under the Ground Lease in and to all rights,
     privileges, and easements appurtenant to the Land, including all water
     rights, mineral rights, reversions, or other appurtenances to said Land,
     and all right, title, and interest of Seller, if any, in and to any land
     lying in the bed of any street, road, alley, or right-of-way, open or
     proposed, adjacent to or abutting the Land; and

          (c) the tenant's interest under the Ground Lease in and to all
     buildings, structures, and improvements situated on the Land, including,
     without limitation, that certain two story office building containing
     approximately 133,225 square feet of leasable space, the parking areas
     containing approximately 800 parking spaces and other amenities located on
     the Land, and all apparatus, built-in appliances, equipment, pumps,
     machinery, plumbing, heating, air conditioning, electrical and other
     fixtures located on the Land (all of which are herein collectively referred
     to as the "Improvements"); and

          (d) all personal property now owned by Seller and located on or to be
     located on or in, or used in connection with, the Land and Improvements
     ("Personal Property"); and
<PAGE>

          (e) all of Seller's right, title, and interest, as landlord or lessor,
     in and to that certain lease agreement with Motorola, Inc., a Delaware
     corporation (the "Tenant"), dated November 17, 1997, as amended by First
     Amendment to Lease dated November 17, 1999 (the"Lease"); and

          (f) all of Seller's right, title, and interest in and to the plans and
     specifications with respect to the Improvements and any guarantees,
     trademarks, rights of copyright, warranties, or other rights related to the
     ownership of or use and operation of the Land, Personal Property, or
     Improvements, all governmental licenses and permits, and all intangibles
     associated with the Land, Personal Property, and Improvements, including
     the name of the Improvements and the logo therefor, if any.

     2.   Earnest Money. Within two (2) business days after the full execution
          -------------
of this Agreement, Purchaser shall deliver to Old Republic Title Agency ("Escrow
Agent"), whose offices are at 3200 North Central Avenue, Suite 100, Phoenix, AZ
85012, Purchaser's check, payable to Escrow Agent, in the amount of $100,000
(the "Earnest Money"), which Earnest Money shall be held and disbursed by Escrow
Agent in accordance with this Agreement. The Earnest Money shall be paid by
Escrow Agent to Seller at Closing (as hereinafter defined) and shall be applied
as a credit to the Purchase Price (as hereinafter defined), or shall otherwise
be paid to Seller or refunded to Purchaser in accordance with the terms of this
Agreement. All interest and other income from time to time earned on the Earnest
Money shall belong to Purchaser and shall be disbursed to Purchaser at any time
or from time to time as Purchaser shall direct Escrow Agent. In no event shall
any such interest or other income be deemed a part of the Earnest Money.

     3.   Purchase Price. Subject to adjustment and credits as otherwise
          --------------
specified in this Agreement, the purchase price (the "Purchase Price") to be
paid by Purchaser to Seller for the Property shall be SIXTEEN MILLION AND 00/100
DOLLARS ($16,000,000.00). The Purchase Price shall be paid by Purchaser to
Seller at the Closing (as hereinafter defined) by (a) the execution and delivery
of a purchase money promissory note in the amount of $5,000,000.00, bearing
interest at the rate of nine percent (9%) per annum, payable in installments of
interest only beginning 30 days after Closing and on the same day of each month
thereafter with the outstanding balance being due and payable on or before the
first anniversary of Closing and allowing for prepayment at any time (the
"Note") and (b) the balance by cashier's check or by wire transfer of
immediately available federal funds, less the amount of Earnest Money and
subject to prorations, adjustments and credits as otherwise specified in this
Agreement. The Note shall be secured by a purchase money deed of trust (the
"Mortgage"), which shall be a first lien on the Property. The parties shall
agree upon the form of the Note and Mortgage on or before the end of the
Inspection Period (as hereinafter defined).

     4.   Purchaser's Inspection and Review Rights. Subject to the rights of the
          ----------------------------------------
Tenant, Purchaser and its agents, engineers, or representatives, with Seller's
reasonable, good faith cooperation, shall have the privilege of going upon the
Property as needed to inspect, examine, test, and survey the Property at all
reasonable times and from time to time. Purchaser hereby agrees to hold Seller
harmless from any liens, claims, liabilities, and damages incurred through the
exercise of such privilege, and Purchaser further agrees to repair any damage to
the Property caused by the exercise of such privilege. At all reasonable times
prior to the Closing (as hereinafter defined), Seller shall

                                       2
<PAGE>

make available to Purchaser, or Purchaser's agents and representatives, for
review and copying, all books, records, and files in Seller's possession
relating to the ownership and operation of the Property, including, without
limitation, title matters, surveys, tenant files, service and maintenance
agreements, and other contracts, books, records, operating statements, and other
information relating to the Property. Seller further agrees to in good faith
assist and cooperate with Purchaser in coming to a thorough understanding of the
books, records, and files relating to the Property. Seller further agrees to
provide to Purchaser (to the extent the same have not previously been provided
to Purchaser) prior to the date which is five (5) days after the effective date
of this Agreement (a) the most current boundary and "as-built" surveys of the
Land and Improvements and any title insurance policies, appraisals, occupancy
permits, building inspection reports and environmental reports relating thereto
and in the possession or under the control of Seller, and (b) a statement
setting forth all revenues from the Property and setting forth all costs and
expenses of operating, maintaining, and repairing the Property (and the costs of
replacing component parts thereof) incurred by Seller, in each case during the
entire period from September 1, 1998, through January 31, 2000, which statement
shall be certified by Seller to the best of Seller's knowledge after diligent
inquiry and review of records, to be complete and accurate in all material
respects. Seller acknowledges that Purchaser may be required by the Securities
and Exchange Commission to file audited financial statements for one to three
years with regard to the Property. At no cost or liability to Seller, Seller
shall (i) cooperate with Purchaser, its counsel, accountants, agents, and
representatives, provide them with access to Seller's books and records with
respect to the ownership, management, maintenance, and operation of the Property
for the applicable period, and permit them to copy the same, (ii) execute a form
of "rep" letter in form and substance reasonably satisfactory to Seller, and
(iii) furnish Purchaser with such additional information concerning the same as
Purchaser shall reasonably request. Purchaser will pay the costs associated with
any such audit.

     5.   Special Condition to Closing. Purchaser shall have thirty (30) days
          ----------------------------
from the effective date of this Agreement (the "Inspection Period") to make
investigations, examinations, inspections, market studies, feasibility studies,
lease reviews, and tests relating to the Property and the operation thereof in
order to determine, in Purchaser's sole opinion and discretion, the suitability
of the Property for acquisition by Purchaser. Purchaser shall have the right to
terminate this Agreement at any time prior to the expiration of the Inspection
Period by giving written notice to Seller of such election to terminate. In the
event Purchaser so elects to terminate this Agreement, Seller shall be entitled
to receive and retain the sum of Twenty-Five Dollars ($25.00) of the Earnest
Money, and the balance of the Earnest Money shall be promptly refunded by Escrow
Agent to Purchaser, whereupon, except as expressly provided to the contrary in
this Agreement, no party hereto shall have any other or further rights or
obligations under this Agreement. Seller acknowledges that the sum of $25.00 is
good and adequate consideration for the termination rights granted to Purchaser
hereunder.

     6.   General Conditions Precedent to Purchaser's Obligations Regarding the
          ---------------------------------------------------------------------
Closing. In addition to the conditions to Purchaser's obligations set forth in
-------
Paragraph 5 above, the obligations and liabilities of Purchaser hereunder shall
in all respects be conditioned upon the satisfaction of each of the following
conditions, any of which may be waived by written notice from

                                       3
<PAGE>

Purchaser to Seller:

          (a) Seller shall have complied in all material respects with and
     otherwise performed in all material respects each of the covenants and
     obligations of Seller set forth in this Agreement, as of the date of
     Closing (as hereinafter defined).

          (b) All representations and warranties of Seller as set forth in this
     Agreement shall be true and correct in all material respects as of the date
     of Closing.

          (c) There shall have been no adverse change to the title to the
     Property which has not been cured and the Title Company (as hereinafter
     defined) shall have issued the Title Commitment (as hereinafter defined) on
     the Land and Improvements without exceptions other than as described in
     paragraph 7 and the Title Company shall be prepared to issue to Purchaser
     upon the Closing a leasehold owner's title insurance policy on the Land and
     Improvements pursuant to such Title Commitment.

          (d)  Purchaser shall have received the Tenant Estoppel Certificate
     referred to in Paragraph 9(c) hereof, duly executed by the Tenant at least
     five (5) days prior to the end of the Inspection Period.

          (e) Purchaser shall have received the Lessor Estoppel Certificate
     referred to in Paragraph 9(d) hereof, duly executed by the Lessor at least
     five (5) days prior to the end of the Inspection Period.

     7.   Title and Survey.  Seller covenants and agrees that Seller, at its
          ----------------
sole cost and expense, shall, on or before ten (5) days after the Effective Date
of this Agreement, cause Old Republic National Title Insurance Company, or such
other such title insurance company acceptable to Purchaser (herein referred to
as the "Title Company"), to deliver to Purchaser its commitment (herein referred
to as the "Title Commitment") to issue to Purchaser, upon the recording of the
Assignment and Assumption of ASU Research Park Lease, the payment of the
Purchase Price, and the payment to the Title Company of the policy premium
therefor, an owner's policy of title insurance, in the amount of the Purchase
Price, insuring good and marketable record title to the Property to be in
Purchaser subject only to the Permitted Exceptions (as hereinafter defined),
with affirmative coverage over any mechanic's, materialman's and subcontractor's
liens and with full extended coverage over all general exceptions, and
containing the following endorsements: zoning (including affirmative coverage
against any violations of recorded covenants and restrictions), survey, and
access.  Such Title Commitment shall not contain any exception for rights of
parties in possession other than an exception for the right of the Tenant under
the Lease. If the Title Commitment shall contain an exception for the state of
facts which would be disclosed by a survey of the Property or an "area and
boundaries" exception, the Title Commitment shall provide that such exception
will be deleted upon the presentation of an ALTA/ASCM  survey acceptable to
Title Company, in which case the Title Commitment shall be amended to contain an
exception only for the matters shown on the as-built survey which Seller shall
obtain at its sole cost and expense for the benefit of Purchaser.  Said survey
shall include a certification that the Property is zoned in a classification
which will permit the operating of the Property as an office building and any
conditions to the granting of such zoning have been satisfied.  Seller shall
also cause to be

                                       4
<PAGE>

delivered to Purchaser together with such Title Commitment, legible copies of
all documents and instruments referred to therein. Purchaser, upon receipt of
the Title Commitment and the copies of the documents and instruments referred to
therein, shall then have ten (10) days during which to examine the same, after
which Purchaser shall notify Seller of any defects or objections affecting the
marketability of the title to the Property. Seller shall then have until the
Closing to cure such defects and objections and shall, in good faith, exercise
reasonable diligence to cure such defects and objections.

     8.   Representations and Warranties of Seller. Seller hereby makes the
          ----------------------------------------
following representations and warranties to Purchaser, each of which shall be
deemed material:

          (a) Lease. Seller has delivered to Purchaser a true, correct and
              -----
     complete copy of the Lease, together with all modifications and amendments
     thereto herein referred. Seller is the "landlord" under the Lease and owns
     unencumbered legal and beneficial title to the Lease and the rents and
     other income thereunder, subject only to the collateral assignment of the
     Lease and the rents thereunder in favor of the holder of an existing
     mortgage or deed of trust encumbering the Property, which mortgage or deed
     of trust shall be canceled and satisfied by Seller at the Closing. The term
     of the Lease commenced on August 17, 1998, and expires on August 31, 2005.
     The Tenant currently leases and occupies 100% of the rentable area of the
     Improvements.

          (b) Lease - Assignment. To the best of Seller's knowledge, the
              ------------------
Tenant has not assigned its interest in the Lease or sublet any portion   of the
premises leased to the Tenant under the Lease.

          (c) Lease - Default. (i) Seller has not received any notice of
              ---------------
     termination or default under the Lease, (ii) there are no existing or
     uncured defaults by Seller or by the Tenant under the Lease, (iii) to the
     best of Seller's knowledge, there are no events which with the passage of
     time or notice, or both, would constitute a default by Seller or by the
     Tenant, and Seller has complied with each and every undertaking, covenant,
     and obligation of Seller under the Lease, and (iv) Tenant has not asserted
     any defense, set-off, or counterclaim with respect to its tenancy or its
     obligation to pay rent, additional rent, or other charges pursuant to the
     Lease.

          (d) Lease - Rents and Special Consideration. Tenant: (i) has not
              ---------------------------------------
     prepaid rent for more than the current month under the Lease, (ii) has not
     received and is not entitled to receive any rent concession in connection
     with its tenancy under the Lease other than as described in the Lease,
     (iii) is not entitled to any special work (not yet performed), or
     consideration (not yet given) in connection with its tenancy under the
     Lease, and (iv) does not have any deed, option, or other evidence of any
     right or interest in or to the Property, except for the Tenant's tenancy as
     evidenced by the express terms of the Lease.

          (e) Lease - Commissions. No rental, lease, or other commissions with
              -------------------
     respect to the Lease are payable to Seller, any partner of Seller, any
     party affiliated with or related to Seller or any partner of Seller or any
     third party whatsoever. All commissions payable under, relating to, or as a
     result of the Lease have been cashed-out and paid and

                                       5
<PAGE>

    satisfied in full by Seller or by Seller's predecessor in title to the
    Property.

          (f) Lease - Acceptance of Premises. (i) Tenant has accepted its leased
              ------------------------------
     premises located within the Property, including any and all work performed
     therein or thereon pursuant to the Lease, (ii) Tenant is in full and
     complete possession of its premises under the Lease, and (iii) Seller has
     not received notice from the Tenant that the Tenant's premises are not in
     full compliance with the terms and provisions of Tenant's Lease or are not
     satisfactory for Tenant's purposes.

          (g) No Other Agreements. Other than the Lease and the Permitted
              -------------------
     Exceptions, there are no leases, service contracts, management agreements,
     or other agreements or instruments in force and effect, oral or written, to
     which Seller is a party and that grant to any person whomsoever or any
     entity whatsoever any right, title, interest or benefit in or to all or any
     part of the Property or any rights relating to the use, operation,
     management, maintenance, or repair of all or any part of the Property.

          (h) No Litigation. There are no actions, suits, or proceedings
              -------------
     pending, or, to the best of Seller's knowledge, threatened by any
     organization, person, individual, or governmental agency against Seller
     with respect to the Property or against the Property, nor does Seller know
     of any basis for such action. Seller has no knowledge of any pending or
     threatened application for changes in the zoning applicable to the Property
     or any portion thereof.

          (i) Condemnation. No condemnation or other taking by eminent domain of
              ------------
     the Property or any portion thereof has been instituted and, to the best of
     Seller's knowledge, there are no pending or threatened condemnation or
     eminent domain proceedings (or proceedings in the nature or in lieu
     thereof) affecting the Property or any portion thereof or its use.

          (j) Proceedings Affecting Access. The Property is served by curb
              ----------------------------
cuts for direct vehicular access to and from Research Drive and South River
Parkway adjoining the Property. Said street(s) are public streets. There are no
pending or, to the best of Seller's knowledge, threatened proceedings that could
have the effect of impairing or restricting access between the Property and
either of such adjacent public roads.

          (k) Intentionally Omitted.
              ----------------------

          (l) Conditions of Improvements.  Seller is not aware of any structural
              --------------------------
     or other defects, in the Improvements. The heating, ventilating, air
     conditioning, electrical, plumbing, water, elevator(s), roofing, storm
     drainage and sanitary sewer systems at or servicing the Land and
     Improvements are, to the best of the Seller's knowledge, in good condition
     and working order and Seller is not aware of any defects or deficiencies,
     latent or otherwise, therein. The Improvements have been constructed in
     compliance with applicable provisions of the Lease, Ground Lease, ABR
     Lease, City of Tempe building regulations, and any recorded covenants,
     conditions and restrictions.

          (m) Certificates. To the best of Seller's knowledge, there are
              ------------

                                       6
<PAGE>

     presently in effect permanent certificates of occupancy,licenses, and
     permits as may be required for the Property, and the present use and
     occupation of the Property is in compliance and conformity with the
     certificates of occupancy and all licenses and permits. There has been no
     notice or request of any municipal department, insurance company or board
     of fire underwriters (or organization exercising functions similar
     thereto), or mortgagee directed to Seller and requesting the performance of
     any work or alteration to the Property which has not been complied with.

          (n) Violations. To the best of Seller's knowledge, there are no
              ----------
     violations of law, municipal or county ordinances, or other legal
     requirements with respect to the Property, and the Improvements thereon
     comply with all applicable legal requirements with respect to the use,
     occupancy, and construction thereof. The Property is zoned in a
     classification which permits the use thereof in the present manner.  The
     Property is not located in a flood hazard area.

          (o) Underlying Leases. Seller has delivered to Purchaser a true,
              -----------------
     correct and complete copy of the Ground Lease and the Arizona State
     University Ground Lease between The Arizona Board of Regents acting for and
     on behalf of Arizona State University, as landlord, and Lessor, as tenant
     (the "ABR Lease", dated October 8, 1984, and all amendments thereto (the
     "Underlying Leases"). (i) Seller has not received any notice of termination
     or default under the Underlying Leases, (ii) to the best of Seller's
     knowledge, there are no existing or uncured defaults by any party to the
     Underlying Leases, (iii) Seller has no direct obligation under the ABR
     Lease, and (iv) Sellers only obligations under the Ground Lease are to pay
     (A) rent in the amount of $20,320.44 per month (increasing to $29,803.31
     per month on January 1, 2012, and thereafter further increasing as provided
     therein), which amount is not passed through to the Tenant; (B) a Municipal
     Service Fee, currently estimated to be $977.04 per month, which amount is
     passed through to the Tenant; (c) Common Area Maintenance charges,
     currently estimated to be $3,925.71 per month, which amount is passed
     through to Tenant, and (d) insurance, the cost of which is passed through
     to Tenant.

          (p) Bankruptcy. Seller is "solvent" as said term is defined by
              ----------
     bankruptcy law and has not made a general assignment for the benefit of
     creditors nor been adjudicated a bankrupt or insolvent, nor has a receiver,
     liquidator, or trustee for any of Seller's properties (including the
     Property) been appointed or a petition filed by or against Seller for
     bankruptcy, reorganization, or arrangement pursuant to the Federal
     Bankruptcy Act or any similar Federal or state statute, or any proceeding
     instituted for the dissolution or liquidation of Seller.

          (q) Pre-existing Right to Acquire.  No person or entity has any right
              -----------------------------
     or option to acquire the Property or any portion thereof which will have
     any force or effect after the execution of this Agreement, other than
     Purchaser.

          (r) Effect of Certification. To the best of Seller's knowledge,
              -----------------------
     neither this Agreement nor the transactions contemplated herein will
     constitute a breach or violation of, or default under, or will be

                                       7
<PAGE>

modified, restricted, or precluded by the Lease or the Permitted Exceptions.

          (s) Authorization. Seller is a duly organized and validly existing
              -------------
     corporation under the laws of the State of Minnesota. This Agreement has
     been duly authorized and executed on behalf of Seller and constitutes the
     valid and binding agreement of Seller, enforceable in accordance with its
     terms, and all necessary action on the part of Seller to authorize the
     transactions herein contemplated has been taken, and no further action is
     necessary for such purpose.

          (t) Seller Not a Foreign Person. Seller is not a "foreign person"
              ---------------------------
     which would subject Purchaser to the withholding tax provisions of Section
     1445 of the Internal Revenue Code of 1986, as amended.

          (u) Hazardous Substances. Seller hereby warrants and represents,
              --------------------

     to the best of Seller's knowledge, and except as otherwise disclosed in
     that certain Phase I Environmental Site Assessment of Lots 35, 36 & 37, ASU
     Research Park, by Liesch Southwest, Inc., dated September 22, 1998, that
     (i) no "hazardous substances", as that term is defined in the Comprehensive
     Environmental Response, Compensation and Liability Act of 1980, as amended,
     42 U.S.C. Section 9601, et. seq., the Resource Conservation and Recovery
                             --  ---
     Act, as amended, 42 U.S.C. Section 6901 et. seq., and the rules and
                                             --  ---
     regulations promulgated pursuant to these acts, any so-called "super-fund"
     or "super-lien" laws or any applicable state or local laws, nor any other
     pollutants, toxic materials, or contaminants have been or shall prior to
     Closing be discharged, disbursed, released, stored, treated, generated,
     disposed of, or allowed to escape on the Property, (ii) no asbestos or
     asbestos containing materials have been installed, used, incorporated into,
     or disposed of on the Property, (iii) no polychlorinated biphenyls are
     located on or in the Property, in the form of electrical transformers,
     fluorescent light fixtures with ballasts, cooling oils, or any other device
     or form, (iv) no underground storage tanks are located on the Property or
     were located on the Property and subsequently removed or filled, (v) no
     investigation, administrative order, consent order and agreement,
     litigation, or settlement with respect to Hazardous Substances is proposed,
     threatened, anticipated or in existence with respect to the Property, and
     (vi) the Property has not previously been used as a landfill, cemetery, or
     as a dump for garbage or refuse. Seller hereby indemnifies Purchaser and
     holds Purchaser harmless from and  against any loss, cost, damage,
     liability or expense due to or arising out of the breach of any
     representation or warranty contained in this Paragraph.

EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY HEREIN, PURCHASER IS ACQUIRING THE
PROPERTY IN ITS "AS IS" CONDITION AS OF THE DATE OF THE CLOSING.

     9.   Seller's Additional Covenants.  Seller does hereby further covenant
          -----------------------------
and agree as follows:

          (a) Operation of Property.  Seller hereby covenants that, from the
              ---------------------
     date of this Agreement up to and including the date of Closing, Seller
     shall: (i) not negotiate with any third party respecting the sale of the
     Property or any interest therein, (ii) not modify, amend, or terminate the
     Lease or Ground Lease, or enter into any new lease,

                                       8
<PAGE>

     contract, or other agreement respecting the Property, (iii) not grant or
     otherwise create or consent to the creation of any easement, restriction,
     lien, assessment, or encumbrance respecting the Property, and (iv) cause
     the Property to be operated, maintained, and repaired in the same manner as
     the Property is currently being operated, maintained, and repaired.

          (b) Preservation of Lease and Ground Lease. Seller shall, from and
              --------------------------------------
     after the date of this Agreement to the date of Closing, use its good faith
     efforts to perform and discharge all of the duties and obligations and
     shall otherwise comply with every covenant and agreement of the landlord
     under the Lease and of the tenant under the Ground Lease, at Seller's
     expense, in the manner and within the time limits required thereunder.
     Furthermore, Seller shall, for the same period of time, use diligent and
     good faith efforts to cause the Tenant under the Lease to perform all of
     its duties and obligations and otherwise comply with each and every one of
     its covenants and agreements under such Lease and shall take such actions
     as are reasonably necessary to enforce the terms and provisions of the
     Lease.

          (c) Tenant Estoppel Certificate.  At least five (5) days prior to
              ---------------------------
     expiration of the Inspection Period, Seller shall obtain and deliver to
     Purchaser a fully completed estoppel certificate with respect to the Lease
     in substantially the form of Exhibit "B" (the "Tenant Estoppel
                                  -----------
     Certificate"), duly executed by the Tenant thereunder. The Tenant Estoppel
     Certificate shall be executed as of a date not more than thirty (30) days
     prior to Closing.

          (d) Lessor Estoppel Certificate.  At least five (5) days prior
              ---------------------------

     to expiration of the Inspection Period, Seller shall obtain and deliver to
     Purchaser a fully completed estoppel certificate with respect to the Ground
     Lease in substantially the form of Exhibit "C" (the "Lessor Estoppel
                                        -----------
     Certificate"), duly executed by the Lessor thereunder. The Lessor Estoppel
     Certificate shall be executed as of a date not more than thirty (30) days
     prior to Closing.

          (e) Insurance. From and after the date of this Agreement to the date
              ---------
     and time of Closing, Seller shall, at its expense, continue to maintain the
     all risk fire and extended coverage insurance policy covering the Property
     which is currently in force and effect.

     10.  Closing.  Provided that all of the conditions set forth in this
          -------
Agreement are theretofore fully satisfied or performed, it being fully
understood and agreed, however, that Purchaser may expressly waive in writing,
at or prior to Closing, any conditions that are unsatisfied or unperformed at
such time, the consummation of the sale by Seller and purchase by Purchaser of
the Property (herein referred to as the "Closing") shall be held at 2:00 p.m.,
local time, on the first business day which is at least five (5) days after the
end of the Inspection Period, at the offices of Escrow Agent, or at such earlier
time as shall be designated by Purchaser in a written notice to Seller not less
than two (2) business days prior to Closing.

     11.  Seller's Closing Documents.  For and in consideration of, and as a
          --------------------------
condition precedent to, Purchaser's delivery to Seller of the Purchase Price
described in Paragraph 3 hereof, Seller shall obtain or execute, at Seller's

                                       9
<PAGE>

expense, and deliver to Purchaser at Closing the following documents (all of
which shall be duly executed, acknowledged, and notarized where required and
shall survive the Closing):

          (a) Assignment and Assumption of Ground Lease.  An Assignment and
              -----------------------------------------
     Assumption of Ground Lease in substantially the form of Exhibit "D";
                                                             ----------

          (b) Bill of Sale. A Bill of Sale conveying to Purchaser marketable
              ------------
     title to the Personal Property in the form and substance of Exhibit "E";
                                                                 -----------

          (c) Blanket Transfer. A Blanket Transfer and Assignment in the form
              ----------------
     and substance of Exhibit "F";
                      ----------

          (d) Assignment and Assumption of Lease. An Assignment and Assumption
              ----------------------------------
     of Lease in the form and substance of Exhibit "G", assigning to Purchaser
                                           -----------
     all of Seller's right, title, and interest in and to the Lease and the
     rents thereunder (and which shall provide among other things that Seller
     shall remain liable for its environmental indemnity to Tenant under the
     Lease);

          (e) Seller's Affidavit. A customary seller's affidavit in the form
              ------------------
     required by the Title Company to satisfy the requirements of its commitment
     and the endorsements contemplated by paragraph 7 hereof;

          (f) FIRPTA Certificate. A FIRPTA Certificate in such form as Purchaser
              ------------------
     shall reasonably approve;

          (g) Certificates of Occupancy. The original Certificates of occupancy
              -------------------------
     for all space within the Improvements;

          (h) Marked Title Commitment. The Title Commitment, marked to change
              -----------------------
     the effective date thereof through the date and time of recording the
     Assignment and Assumption of Ground Lease, to reflect that Purchaser is
     vested with a subleasehold interest in the Land and the Improvements, and
     to reflect that all requirements for the issuance of the final title policy
     pursuant to such Title Commitment have been satisfied;

          (i) Keys and Records. All of the keys to any doors or locks on the
              ----------------
     Property and the original tenant files and other books and records relating
     to the Property in Seller's possession;

          (j) Tenant Notice. Notice from Seller to the Tenant of the sale of the
              -------------
     Property to Purchaser in such form as Purchaser shall reasonably approve;

          (k) Settlement Statement. A settlement statement setting forth the
              --------------------
     amounts paid by or on behalf of and/or credited to each of Purchaser and
     Seller pursuant to this Agreement;

          (l)  Other Documents. Such other documents as shall be reasonably
               ---------------
required by Purchaser's counsel.

     12.  Purchaser's Closing Documents. Purchaser shall obtain or execute and
          -----------------------------
deliver to Seller at Closing the following documents, all of which shall be duly
executed and acknowledged where required and shall survive the

                                       10
<PAGE>

Closing:

          (a) Assignment and Assumption of Ground Lease. The Assignment
              -----------------------------------------
and Assumption of Ground Lease;

          (b) Blanket Transfer. The Blanket Transfer and Assignment;
              ----------------

          (c) Assignment and Assumption of Lease. The Assignment and Assumption
              ----------------------------------
of Lease;

          (d) Settlement Statement. A settlement statement setting forth the
              --------------------
amounts paid by or on behalf of and/or credited to each of Purchaser and Seller
pursuant to this Agreement;

          (e) Note. The Note;
              ----

          (f) Mortgage. The Mortgage; and
              --------

          (g) Other Documents. Such other documents as shall be reasonably
              ---------------
required by Seller's counsel.

     13.  Closing Costs. Seller shall pay the cost of the Title Commitment,
          -------------
including the cost of the examination of title to the Property made in
connection therewith, the premium for the owner's policy of title insurance
issued pursuant thereto, the cost of any transfer or documentary tax imposed by
any jurisdiction in which the Property is located, the cost of the as-built
survey, the attorneys' fees of Seller, and all other costs and expenses incurred
by Seller in closing and consummating the purchase and sale of the Property
pursuant hereto. Purchaser shall pay the cost of recording the Mortgage, the
attorneys' fees of Purchaser, and all other costs and expenses incurred by
Purchaser in closing and consummating the purchase and sale of the Property
pursuant hereto.  Each party shall pay one-half of any escrow fees.

     14.  Prorations.  The following items shall be prorated and/or credited
          ----------
between Seller and Purchaser as of Midnight preceding the date of Closing:

          (a) Rents. Rents, additional rents, and other income of the Property
              -----
     (other than security deposits, which shall be assigned and paid over to
     Purchaser) collected by Seller from Tenant for the month of Closing.
     Purchaser shall also receive a credit against the Purchase Price payable by
     Purchaser to Seller at Closing for any rents or other sums (not including
     security deposits) prepaid by Tenant for any period following the month of
     Closing, or otherwise. All rents and other amounts paid by Seller pursuant
     to the Ground Lease for the month of Closing.

          (b) Property Taxes. To the extent the same are not paid by Tenant,
              --------------
     City, state, county, and school district ad valorem taxes based on the ad
     valorem tax bills for the Property, if then available, or if not, then on
     the basis of the latest available tax figures and information. Should such
     proration be based on such latest available tax figures and information and
     prove to be inaccurate upon receipt of the ad valorem tax bills for the
     Property for the year of Closing, either Seller or Purchaser, as the case
     may be, may demand at any time after Closing a payment from the other
     correcting such malapportionment. In

                                       11
<PAGE>

     addition, if after Closing there is an adjustment or reassessment by any
     governmental authority with respect to, or affecting, any ad valorem taxes
     for the Property for the year of Closing or any prior year, any additional
     tax payment for the Property required to be paid with respect to the year
     of Closing shall be prorated between Purchaser and Seller and any such
     additional tax payment for the Property for any year prior to the year of
     Closing shall be paid by Seller. This agreement shall expressly survive the
     Closing.

          (c) Utility Charges. Except for utilities which are the responsibility
              ---------------
     of Tenant, Seller shall pay all utility bills received prior to Closing and
     shall be responsible for utilities furnished to the Property prior to
     Closing. Purchaser shall be responsible for the payment of all bills for
     utilities furnished to the Property subsequent to the Closing. Seller and
     Purchaser hereby agree to prorate and pay their respective shares of all
     utility bills received subsequent to Closing, which agreement shall survive
     Closing.

     15.  Purchaser's Default. In the event of default by Purchaser under the
          -------------------
terms of this Agreement, Seller's sole and exclusive remedy shall be to receive
the Earnest Money as liquidated damages and thereafter the parties hereto shall
have no further rights or obligations hereunder whatsoever. It is hereby agreed
that Seller's damages will be difficult to ascertain and that the Earnest Money
constitutes a reasonable liquidation thereof and is intended not as a penalty,
but as fully liquidated damages. Seller agrees that in the event of default by
Purchaser, it shall not initiate any proceeding to recover damages from
Purchaser, but shall limit its recovery to the retention of the Earnest Money.

     Seller's Initial /s/ DB            Purchaser's Initials /s/ LW
                      -----------------                      -----------------

     16.  Seller's Default.  In the event of default by Seller under the terms
          ----------------
of this Agreement, including, without limitation, the failure of Seller to cure
any title defects or objections, except as otherwise specifically set forth
herein, at Purchaser's option: (i) if any such defects or objections arose by,
through, or under Seller or if any such defects or objections consist of taxes,
mortgages, deeds of trust, deeds to secure debt, mechanic's or materialman's
liens, or other such monetary encumbrances, Purchaser shall have the right to
cure such defects or objections, in which event the Purchase Price shall be
reduced by an amount equal to the costs and expenses incurred by Purchaser in
connection with the curing of such defects or objections, and upon such curing,
the Closing hereof shall proceed in accordance with the terms of this Agreement;
or (ii) Purchaser shall have the right to terminate this Agreement by giving
written notice of such termination to Seller, whereupon Escrow Agent shall
promptly refund all Earnest Money to Purchaser, and Purchaser and Seller shall
have no further rights, obligations, or liabilities hereunder, except as may be
expressly provided to the contrary herein; or (iii) Purchaser shall have the
right to accept title to the Property subject to such defects and objections
with no reduction in the Purchase Price, in which event such defects and
objections shall be deemed "Permitted Exceptions"; or (iv) Purchaser may elect
to seek specific performance of this Agreement.

     17.  Condemnation.  If, prior to the Closing, all or any part of the
          ------------
Property is subjected to a bona fide threat of condemnation by a body having

                                       12
<PAGE>

the power of eminent domain or is taken by eminent domain or condemnation (or
sale in lieu thereof), or if Seller has received notice that any condemnation
action or proceeding with respect to the Property is contemplated by a body
having the power of eminent domain, Seller shall give Purchaser immediate
written notice of such threatened or contemplated condemnation or of such taking
or sale, and Purchaser may by written notice to Seller given within thirty (30)
days of the receipt of such notice from Seller, elect to cancel this Agreement.
If Purchaser chooses to cancel this Agreement in accordance with this Paragraph
17, then the Earnest Money shall be returned immediately to Purchaser by Escrow
Agent and the rights, duties, obligations, and liabilities of the parties
hereunder shall immediately terminate and be of no further force and effect. If
Purchaser does not elect to cancel this Agreement in accordance herewith, this
Agreement shall remain in full force and effect and the sale of the Property
contemplated by this Agreement, less any interest taken by eminent domain or
condemnation, or sale in lieu thereof, shall be effected with no further
adjustment and without reduction of the Purchase Price, and at the Closing,
Seller shall assign, transfer, and set over to Purchaser all of the right,
title, and interest of Seller in and to any awards that have been or that may
thereafter be made for such taking.

     18.  Damage or Destruction.  If any of the Improvements shall be destroyed
          ---------------------
or damaged prior to the Closing, and the estimated cost of repair or replacement
exceeds $100,000.00 or if the Lease shall terminate as a result of such damage,
Purchaser may, by written notice given to Seller within twenty (20) days after
receipt of written notice from Seller of such damage or destruction, elect to
terminate this Agreement, in which event the Earnest Money shall immediately be
returned by Escrow Agent to Purchaser and except as expressly provided herein to
the contrary, the rights, duties, obligations, and liabilities of all parties
hereunder shall immediately terminate and be of no further force or effect. If
Purchaser does not elect to terminate this Agreement pursuant to this Paragraph
18, or has no right to terminate this Agreement (because the damage or
destruction does not exceed $100,000.00 and the Lease remains in full force and
effect), and the sale of the Property is consummated, Purchaser shall be
entitled to receive all insurance proceeds paid or payable to Seller by reason
of such destruction or damage under the insurance required to be maintained by
Seller pursuant to Paragraph 9(d) hereof (less amounts of insurance theretofore
received and applied by Seller to restoration). If the amount of said casualty
or rent loss insurance proceeds is not settled by the date of Closing, Seller
shall execute at Closing all proofs of loss, assignments of claim, and other
similar instruments to ensure that Purchaser shall receive all of Seller's
right, title, and interest in and under said insurance proceeds.

     19.  Assignment.  Purchaser's rights and duties under this Agreement shall
          ----------
not be assignable except to an affiliate of Purchaser without the consent of
Seller which consent shall not be unreasonably withheld.

     20.  Broker's Commission.  Seller has by separate agreement agreed to pay a
          -------------------
brokerage commission to CB Commercial Real Estate Group (the "Broker").
Purchaser and Seller hereby represent each to the other that they have not
discussed this Agreement or the subject matter hereof with any real estate
broker or agent other than Broker so as to create any legal right in any such
broker or agent to claim a real estate commission with respect to the conveyance
of the Property contemplated by this Agreement. Seller shall and does hereby
indemnify and hold harmless Purchaser from and against any claim,

                                       13
<PAGE>

whether or not meritorious, for any real estate sales commission, finder's fees,
or like compensation in connection with the sale contemplated hereby and arising
out of any act or agreement of Seller, including any claim asserted by Brokers
and any broker or agent claiming under Broker. Likewise, Purchaser shall and
does hereby indemnify and hold harmless Seller from and against any claim,
whether or not meritorious, for any real estate sales commission, finder's fees,
or like compensation in connection with the sale contemplated hereby and arising
out of any act or agreement of Purchaser, except any such claim asserted by
Broker and any broker or agent claiming under Broker. This Paragraph 21 shall
survive the Closing or any termination of this Agreement.

     21.  Notices.  Wherever any notice or other communication is required or
          -------
permitted hereunder, such notice or other communication shall be in writing and
shall be delivered by telecopy, overnight courier, by hand, or sent by U.S.
registered or certified mail, return receipt requested, postage prepaid, to the
addresses set out below or at such other addresses as are specified by written
notice delivered in accordance herewith:

     PURCHASER:          c/o Wells Capital, Inc.
                         6200 The Corners Parkway, Suite 250
                         Norcross, Georgia 30092
                         Attn: Chief Investment Officer

     with a copy to:     O'Callaghan & Stumm LLP
                         127 Peachtree Street, N. E., Suite 1330
                         Atlanta, Georgia 30303
                         Attn: William L. O'Callaghan, Esq.

     SELLER:             Ryan Companies US, Inc.
                         700 International Centre
                         900 Second Avenue South
                         Minneapolis, MN 55402-3387
                         Attn: Timothy M. Gray

     with a copy to :    Ryan Companies US, Inc.
                         700 International Centre
                         900 Second Avenue South
                         Minneapolis, MN 55402-3387
                         Attn: Dennis Buratti

Any notice or other communication mailed as herein above provided shall be
deemed effectively given or received on the date of delivery, if delivered by
telecopy, hand or by overnight courier, or otherwise on the third (3rd) business
day following the postmark date of such notice or other communication.

     22.  Possession.  Possession of the Property shall be granted by Seller to
          ----------
Purchaser on the date of Closing, subject only to the Lease and the Permitted
Exceptions.

     23.  Time Periods.  If the time period by which any right, option, or
          ------------
election provided under this Agreement must be exercised, or by which any act
required hereunder must be performed, or by which the Closing must be held,
expires on a Saturday, Sunday, or holiday, then such time period shall

                                       14
<PAGE>

be automatically extended through the close of business on the next regularly
scheduled business day.

     24.  Survival of Provisions.  All covenants, warranties, and agreements set
          ----------------------
forth in this Agreement shall survive the execution or delivery of any and all
deeds and other documents at any time executed or delivered under, pursuant to,
or by reason of this Agreement, and shall survive the payment of all monies made
under, pursuant to, or by reason of this Agreement for a period of two years
from Closing except with respect to paragraphs 8(u) and 32 which shall survive
for an unlimited time.

     25.  Severability.  This Agreement is intended to be performed in
          ------------
accordance with, and only to the extent permitted by, all applicable laws,
ordinances, rules, and regulations. If any provision of this Agreement, or the
application thereof to any person or circumstance, shall, for any reason and to
any extent be invalid or unenforceable, the remainder of this Agreement and the
application of such provision to other persons or circumstances shall not be
affected thereby but rather shall be enforced to the greatest extent permitted
by law.

     26.  Authorization. Purchaser represents to Seller that this Agreement has
          -------------
been duly authorized and executed on behalf of Purchaser and constitutes the
valid and binding agreement of Purchaser, enforceable in accordance with its
terms, and all necessary action on the part of Purchaser to authorize the
transactions herein contemplated has been taken, and no further action is
necessary for such purpose.

     27.  General Provisions. No failure of either party to exercise any power
          ------------------
given hereunder or to insist upon strict compliance with any obligation
specified herein, and no custom or practice at variance with the terms hereof,
shall constitute a waiver of either party's right to demand exact compliance
with the terms hereof. This Agreement contains the entire agreement of the
parties hereto, and no representations, inducements, promises, or agreements,
oral or otherwise, between the parties not embodied herein shall be of any force
or effect. Any amendment to this Agreement shall not be binding upon the parties
hereto unless such amendment is in writing and executed by all parties hereto.
The provisions of this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective heirs, legal representatives,
successors, and assigns. Time is of the essence of this Agreement. This
Agreement may be executed in multiple counterparts, each of which shall
constitute an original, but all of which taken together shall constitute one and
the same agreement. The headings inserted at the beginning of each paragraph are
for convenience only, and do not add to or subtract from the meaning of the
contents of each paragraph. This Agreement shall be construed and interpreted
under the laws of the State of Arizona. Except as otherwise provided herein, all
rights, powers, and privileges conferred hereunder upon the parties shall be
cumulative but not restrictive to those given by law. All personal pronouns used
in this Agreement, whether used in the masculine, feminine, or neuter gender
shall include all genders, and all references herein to the singular shall
include the plural and vice versa.

     29.  Effective Date.  The "effective date" of this Agreement shall be
          --------------
deemed to be the date set forth in the preamble of this Agreement.

     30.  Contingency Regarding Other Contracts. Simultaneously with the
          -------------------------------------
execution hereof, the parties have entered into other purchase agreements which
are listed on Exhibit "H" hereto, and it shall be a condition of the parties
obligations hereunder that the closings with respect to the properties

                                       15
<PAGE>

described therein shall occur simultaneously with the closing herein.

     31.  Duties as Escrow Agent.  In performing its duties hereunder, Escrow
          ----------------------
Agent shall not incur any liability to anyone for any damages, losses or
expenses, except for its gross negligence or willful misconduct, and it shall
accordingly not incur any such liability with respect to any action taken or
omitted in good faith upon advice of its counsel or in reliance upon any
instrument, including any written notice or instruction provided for in this
Agreement, not only as to its due execution and the validity and effectiveness
of its provision, but also as to the truth and accuracy of any information
contained therein that Escrow Agent shall in good faith believe to be genuine,
to have been signed or presented by a proper person and to conform to the
provisions of this Agreement.  Seller and Purchaser hereby agree to indemnify
and hold harmless Escrow Agent against any and all losses, claims, damages,
liabilities and expenses, including reasonable costs of investigation and legal
fees and disbursements, that may be imposed upon Escrow Agent or incurred by
Escrow Agent in connection with its acceptance or performance of its duties
hereunder as escrow agent, including without limitation, any litigation arising
out of this Agreement.  If any dispute shall arise between Seller and Purchaser
sufficient in the discretion of Escrow Agent to justify its doing so, Escrow
Agent shall be entitled to tender into the registry or custody of the clerk of
the Court for the county in which the Property is located or the clerk for the
United States District Court having jurisdiction over the county in which the
Property is located, any or all money (less any sums required to pay Escrow
Agent's attorneys' fees in filing such action), property or documents in its
hands relating to this Agreement, together with such pleadings as it shall deem
appropriate, and thereupon be discharged from all further duties under this
Agreement.  Seller and Purchaser shall bear all costs and expenses of any such
legal proceedings.

     32.  Expansion.  If Buyer proposes to expand the building which is a part
          ---------
of the Property, it will negotiate in good faith with Seller to provide
design/build services with respect to such expansion and will contract with
Seller for such work if its proposal therefor is competitive and is otherwise
approved by the Tenant.

            [The remainder of this page is intentionally left blank]

                                       16
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day, month and year first above written.

               "SELLER":

               RYAN COMPANIES US, INC.

               By:  /s/ Dennis Buratti
                    ___________________________________

               Its: Vice President

               "PURCHASER":

               WELLS CAPITAL, INC.

               By:  /s/ Leo F. Wells
                    _____________________________________

               Its: President

               "ESCROW AGENT":

               OLD REPUBLIC TITLE AGENCY

               By:  /s/ Gary Johnson
                    _______________________________

               Its: Vice President 2/24/00

                                       17

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