NEW YORK, NY – May 24, 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 election by its Board of Directors of Gordon J. Whiting as Executive Director.
Commenting on the appointment, Wm. Polk Carey, Chairman and Chief Executive of W. P. Carey, stated, "As Deputy Director of Acquisitions, Gordon has played a critical role in the growth of W. P Carey. He has led the negotiation, structuring and closing of a number of innovative and creative sale-leaseback transactions for companies spanning a broad range of industries. Gordon's financial acumen, analytical skills and negotiating talent are representative of the strengths the new generation of management brings to W. P. Carey. The capabilities of Gordon resulting from his MBA training, international work experience and transaction expertise at W. P. Carey provide the platform from which he will spearhead the firm's continued success in the new millennium."
Over the past 12 months, Mr. Whiting has played a leading role in 11 transactions representing approximately 50% of W. P. Carey's total deals closed. Included in these transactions was a $26.3 million sale/leaseback with Amerix Corporation to purchase a 154,400-square-foot, Class A office building in Columbia, Maryland in October, 1999. This transaction also provided financing for a $3.6 million build-to-suit of the facility's second floor, enabling Amerix to consolidate its headquarters, main call center and training center in a single building. Mr. Whiting also sourced and structured a $5.5 million sale/leaseback to finance the expansion of West Union Corporation's Tempe, Arizona manufacturing plant. Amerix Corporation is the nation's leading for-profit provider of back-office services to non-profit credit counseling agencies. West Union is one of the nation's largest manufacturers and distributors of wood, aluminum and vinyl window frames and doors.
In addition to his role as Deputy Director of Acquisitions, Gordon J. Whiting is Portfolio Manager and Executive Vice President of Corporate Property Associates 14 (CPA®:14), a private REIT managed by W. P. Carey.
After graduating with a BS from Cornell University, Mr. Whiting founded a Hong Kong based import/export company. In May 1993, he joined W. P. Carey as an Acquisitions Associate. After graduating from Columbia University's Graduate School of Business, he rejoined the company as a Second Vice President in September 1994. Distinguishing himself early, Mr. Whiting was rapidly promoted to Vice President in October 1995, First Vice President in April 1997, Senior Vice President in April 1998, Executive Vice President and Portfolio Manager of CPA®:14 in October 1998, and Deputy Director of Acquisitions in April 1999.
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 world's largest publicly traded limited liability company. 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.