NEW YORK, NY, September, 2004 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that it acquired the headquarters and data center facility from a global provider of transaction-based electronic messaging services for $15.5 million. Located in Tinton Falls, NJ, the firm, with more than 21,000 corporate accounts, delivers between 11 and 12 million data communications daily.
The 90,000 square foot facility, completed in 2001, was acquired on behalf of Corporate Properties Associates 16 – Global (CPA®:16 - Global), an affiliated income generating real estate investment trust (REIT).
This transaction represents the W. P. Carey Group’s growing investment activity in the greater New York metropolitan area. The Group now owns more than 12.5 million square feet leased to companies including: Clear Channel Communications, U-Haul, Lincoln Technical Institute, Inc. and Courtyard by Marriott.
Gordon F. DuGan, President of W. P. Carey & Co. LLC, said, “As one of the leading owners and lessors of corporate real estate in the world, we are excited to acquire this high quality asset in Tinton Falls. This recent transaction represents our continued interest in quality net leased real estate in the greater New York metropolitan area.”
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC specializes in helping companies and private equity firms realize the capital tied up in their real estate assets. Whether used for debt reduction, buyouts, add-on acquisitions, recapitalizations or growth, sale-leaseback financing provides access to 100% of the real estate's value, while maintaining complete operational control. Acting as principal in transactions from $5 million to $500 million, W. P. Carey and its affiliates have committed over $2 billion in the last two years and now manage approximately $7 billion in assets.
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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.
