NEW YORK, NY – June 6, 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 W. Sean Sovak as Executive Director.
Commenting on the appointment, Wm. Polk Carey, Chairman and Chief Executive of W. P. Carey, stated, "Actively involved in sourcing and bringing to close a number of complex sale/leaseback transactions, Sean Sovak is a key member of our acquisitions team. Sean's intelligence, strong financial and analytical training and knowledge of the hi-tech sector, have enabled him to make a significant contribution to the growth of W. P. Carey by expanding the range of our transactional capabilities to meet the needs of the rapidly evolving hi tech industry. His appointment to Executive Director indicates our confidence that he is among the new generation of highly talented individuals who will ensure the continued success of W. P. Carey well into the future."
As a member of W. P. Carey's acquisition group Sean Sovak has structured and closed approximately $500 million of sale/leaseback and build-to-suit transactions. In addition to his duties as a senior acquisitions officer, Mr. Sovak serves as portfolio manager of Corporate Property Associates 12 (CPA®:12), a private REIT managed by W. P. Carey.
Mr. Sovak joined W. P. Carey as Assistant to the Chairman in 1994 and was appointed a First Vice President in April 1998. He is a summa cum laude graduate of the University of Pennsylvania's Wharton School.
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.