NEW YORK, NY -- (MARKET WIRE) -- 02/22/10 --
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.
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