NEW YORK, NY – April 11, 2000 – W. P. Carey & Co. LLC, a leading real estate investment banking firm and the largest lessor of net leased corporate properties in the United States, today announced the appointment by its Board of Directors of John J. Park to Chief Financial Officer. Mr. Park, 35, has served as a Managing Director of W. P. Carey & Co. LLC since 1997.
Commenting on the appointment, Wm. Polk Carey, Chairman and Chief Executive of W. P. Carey & Co., stated, "John's appointment to Chief Financial Officer is a tribute to his leadership and contribution to the growth of W. P. Carey. His intelligence, expertise and judgment also reflect the new generation of talented management that is dedicated to upholding the high standards that have made our company successful for over 25 years."
John Park joined W. P. Carey & Co. LLC in 1988. After a series of promotions, Mr. Park was appointed Senior Vice President of Finance in 1995. In that role, he oversaw the structuring and formation of Carey Diversified LLC, the largest limited liability company traded on the New York Stock Exchange. As a limited liability company, Carey Diversified provided a vehicle whereby limited partners in W. P. Carey's limited partnerships were able to convert illiquid interests in nine different partnerships into liquid shares in a diversified portfolio of properties without triggering a taxable event.
Most recently, Mr. Park has spearheaded another effort geared toward enhancing shareholder value: the proposed merger of Carey Diversified LLC and W. P. Carey & Co. If the merger is approved, Mr. Park will become Chief Financial Officer of the new entity that expects to be listed on the New York Stock Exchange and the Pacific Stock Exchange under the symbol "WPC."
Commenting on the pending transaction Mr. Park noted, "It's like giving birth to a child. I take pride in this transaction and feel a sense of duty to ensure its success. We have a great team that can make some very exciting things happen. When you put people like Bill Carey, Frank Carey and George Stoddard with a group of highly motivated and talented younger people, you have a great combination. I want to be a part of that."
Mr. Park received a B.S. in Chemistry from Massachusetts Institute of Technology in 1986 and an M.B.A. from N.Y.U.'s Stern School of Business in 1991.
W. P. Carey specializes in corporate real estate financing through sale-leaseback or net lease and other long-term lease financing structures. The firm is one of the largest lessors of net leased corporate real estate in the world. The W. P. Carey Group comprises a series of real estate companies, including the Corporate Property Associates and Carey Institutional Properties real estate investment trusts, and Carey Diversified LLC (NYSE:CDC), the largest publicly traded limited liability company on the New York Stock Exchange. Collectively, the Carey Group owns more than 33 million square feet of property in the USA and Europe. Additional information about W. P. Carey & Co. LLC is available on the company's website: 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.