W. P. Carey & Co. Announces Head of New Net Lease Real Estate Investment Trust

CPA®:16 - Global To Acquire Corporate Properties Located in the U.S. and Internationally

February 02, 2004

NEW YORK, NEW YORK – February 2, 2004 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced the election of Thomas E. Zacharias as President of Corporate Property Associates 16 – Global (CPA^®:16 – Global), the fifteenth in a series of income generating, publicly held, non-traded real estate investment trusts (REITs) managed by W. P. Carey.

CPA^®:16 – Global will develop a portfolio consisting of corporate and industrial properties located in the U.S. and internationally. Mr. Zacharias, Managing Director and Head of W. P. Carey’s Asset Management Department, will oversee the management of CPA^®:16 – Global and will bear responsibility for strategic, as well as capital market decisions as they relate to the fund. 

W. P. Carey Chairman Wm. Polk Carey said, "Tom has been a tremendous asset to W. P. Carey.  As the individual responsible for overseeing our 80 million square foot portfolio of real estate assets, Tom has his pulse on the net lease industry.  In addition, having served as an independent director to several of our REITs prior to joining W. P. Carey, Tom is familiar with the investment benefits of our income generating REITs. I am confident that his experience and talents bode well for the success of CPA^®:16 – Global and its investors.”

Mr. Zacharias joined W. P. Carey in April 2002 as Managing Director of the firm's Asset Management Department. He had been most recently a Senior Vice President of MetroNexus North America, a Morgan Stanley Real Estate Funds Enterprise. Prior to joining MetroNexus in 2000, Mr. Zacharias was a Principal at Lend Lease Development U.S., a  global real estate investment management, property development and construction management company. Between 1981 and 1998, he was a senior officer at Corporate Property Investors, which at the time of its merger into Simon Property Group in 1998, was the largest private equity real estate investment trust.

Mr. Zacharias received his undergraduate degree, magna cum laude, from Princeton University in 1976 and an MBA 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 REITs CIP^®, CPA^®:12, CPA^®:14 and CPA^®:15.

CPA^®:16 – Global
CPA^®:16 – Global is a non-traded real estate investment trust that will invest primarily in single-tenant commercial and industrial properties in the U.S. and internationally. CPA^®:16 – Global expects to purchase properties  under  long-term, triple-net leases, which can offer tenants control of the properties lasting up to 40 years including renewal options. Typically, under the terms of the lease agreements, the tenant takes care of maintaining the premises, insuring the buildings and paying real estate taxes.

W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC has long served as the preeminent provider of sale-leaseback financing to private equity firms and companies around the world. With $3.5 billion in equity and approximately $6 billion in assets, W. P. Carey has earned a reputation for its ability to close transactions on time and as proposed. The firm has provided sale-leaseback and build-to-suit financing to some of the world's leading companies including Marriott, Del Monte, Federal Express, Dr. Pepper Bottling, Gibson Greetings,  Detroit Diesel, PETsMART and Carrefour among many others. In the past two years, W. P. Carey has provided more than $2 billion in financing for nearly 60 leveraged buyouts and other transactions to companies such as Berry Plastics, Lillian Vernon, Waddington North America, Advanced Accessory Systems, AmPad, Katun and Rockwood Specialties. For more information, visit www.wpcarey.com/finance.

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.