NEW YORK, NY – May 15, 2002 – W. P. Carey & Co. LLC (NYSE: WPC), a leading real estate investment banking firm, today announced the appointment of Thomas E. Zacharias as Managing Director of the firm's Asset Management & Development Group.
In this new position, Mr. Zacharias will oversee the firm's Asset Management & Development Group, which is responsible for overseeing more than 55 million square feet of commercial real estate consisting of more than 450 properties throughout the United States and Europe. These properties are owned and/or managed by W. P. Carey & Co. and its affiliated publicly held non-traded real estate investment trusts (REITs) Corporate Property Associates 12, 14 and 15 (CPA®:12, CPA®:14 and CPA®:15), as well as Carey Institutional Properties (CIP®). Mr. Zacharias will be responsible for maximizing portfolio values through releasing, expansions, redevelopments and refinancings. Under his direction, the group is also responsible for proactive lease compliance monitoring and oversight of the growing corporate build-to-suit program.
"W. P. Carey is focused on the growing opportunities that exist within our asset management business and Tom is the perfect person to lead that effort," said W. P. Carey President Gordon F. DuGan. "Tom's extensive experience in the corporate real estate industry will enable us to significantly increase the activity on the asset management side of our business. As our portfolio of properties continues to grow, we are confident that Tom will lead the group towards new levels of success."
Commenting on his appointment, Mr. Zacharias said, "I am honored to be managing W. P. Carey's Asset Management & Development Group. When we acquire a property from a company, the relationship doesn't end there. Most of our leases have 15 to 20 year terms and our tenants know that we are their partners for the long run. If they need additional financing to grow and expand their business or renovate their facility, we're here for them. We are well positioned to maximize the value of our sizeable asset base and will continue to capitalize on our newly acquired assets."
Prior to joining W. P. Carey, Mr. Zacharias was a Senior Vice President of MetroNexus North America, a Morgan Stanley Real Estate Fund Enterprise capitalized for the acquisition, development, leasing and management of telecom facilities and internet data centers. Prior to joining MetroNexus, Mr. Zacharias was a Principal at Lend Lease Development U.S., a subsidiary of Lend Lease Corporation, a global real estate investment management, property development and construction management company. Between 1981 and 1998, Mr. Zacharias was a senior officer at Corporate Property Investors (CPI) which at the time of its merger into Simon Property Group in 1998, was the largest private equity REIT.
Mr. Zacharias has over 22 years experience in acquisitions, financing, development leasing, restructurings and asset management in real estate. He received his undergraduate degree, magna cum laude, from Princeton University in 1976, and a Masters in Business Administration from Yale School of Management in 1979. He is a member of the Urban Land Institute, International Council of Shopping Centers and NAREIT. Mr. Zacharias previously served as an independent director of W. P. Carey's publicly held non-traded REITs CIP®, CPA®:12, CPA®:14 and CPA®:15.
Founded in 1973, W. P. Carey & Co. is the largest publicly traded limited liability company in the world and specializes in corporate real estate financing through the corporate net lease or sale-leaseback structure. The firm and its affiliated publicly held non-traded real estate investment trusts – CIP®, CPA®:12, CPA®:14 and CPA®:15 – currently own and/or manage more than 450 commercial and industrial properties, consisting of more than 55 million square feet, throughout the United States and Europe.
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.
