SOURCE: W. P. Carey & Co. LLC

W. P. Carey & Co. LLC

November 02, 2011 08:00 ET

W. P. Carey Closes $24 Million Financing of Google Southern California Facility

NEW YORK, NY--(Marketwire - Nov 2, 2011) - Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it has obtained long-term, $24 million mortgage financing on the office building in Venice, California leased to Google Inc. The financing was provided by American General Life Insurance Company, a subsidiary of AIG.

W. P. Carey Director Brooks Gordon commented, "The closing of this financing with American General is indicative of the strength of the tenant, the quality of the property, and W. P. Carey's ability to source attractive financing that fits our long-term investment approach. Having recently completed their gut renovation of the building, we look forward to welcoming Google to its new Southern California location. The lease with Google, which was announced in February, together with the American General mortgage financing, demonstrate how our asset management team is able to maximize the long term value of our investments on behalf of our shareholders. We are thrilled to have both Google and American General as long term partners in this facility."

The iconic "Binoculars Building," designed by Frank Gehry, was constructed in 1991 as the headquarters for advertising agency Chiat/Day. The well-known landmark, with two wings connected by a four-story pair of binoculars sculpted by Claes Oldenburg and Coosje van Bruggen, will serve as the outward face of the new Southern California Google campus. The building is being combined with two adjacent buildings to create a complex of approximately 100,000 square feet. The expansion to Venice was announced in February as part of Google's growth initiative, with more than 6,000 employees to be added throughout the organization this year.

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 of approximately $11.8 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of non-traded REITs help 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 284 long term corporate tenants spanning 28 industries and 18 countries. http://www.wpcarey.com

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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:
    Cheryl Perry
    W. P. Carey & Co. LLC
    212-492-8995
    Email Contact

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