SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

February 22, 2010 16:05 ET

W. P. Carey Acquires JPMorgan Chase Facility

NEW YORK, NY--(Marketwire - February 22, 2010) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it has purchased the JPMorgan Chase Operations Center office building from Brookfield Real Estate Opportunity Group, an affiliate of Brookfield Asset Management. Located in the CentrePort Business Park two miles south of the Dallas/Fort Worth International Airport and equidistant from the Dallas Central Business District and downtown Fort Worth, the 386,000 square foot facility is leased to JPMorgan Chase Bank, National Association under a long term lease. The purchase was completed in conjunction with the recently announced closing of Brookfield's acquisition of a 16 property, 2.9 million square foot building portfolio from JPMorgan Chase.

Commenting on the acquisition, W. P. Carey President and CEO Gordon DuGan noted, "The acquisition of the JP Morgan Chase facility adds a well-located, quality property leased to a premier tenant to our public company property portfolio. This investment extends the average lease term for the portfolio and replaces real estate revenue from assets sold over the last year. As real estate owned is an important segment of adjusted cash flow, which in turn is a key metric for determining our dividend distributions, we are pleased to add this property to the public company property portfolio."

Steve Ganeless, Senior Vice President of Brookfield Real Estate Opportunity Fund, noted, "Working with W. P. Carey on the sale of the Dallas facility enabled us to streamline the legal and funding processes by closing our purchase of the larger portfolio and the sale of the operations center the same day."

W. P. Carey & Co. LLC

W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio approaching $10 billion. Through its CPA® series of income-generating, non-traded REITs, W. P. Carey helps companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group's investments are highly diversified, comprising contractual agreements with approximately 300 long-term corporate obligors spanning 28 industries and 15 countries. http://www.wpcarey.com

This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the Company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the Company, reference is made to the Company's filings with the Securities and Exchange Commission.

Contact Information

  • COMPANY CONTACT:
    Kristina McMenamin
    W. P. Carey & Co. LLC
    212-492-8995
    Email Contact

    PRESS CONTACT:
    Guy Lawrence
    Ross & Lawrence
    212-308-3333
    Email Contact