Marshall E. Blume Joins W. P. Carey & Co.’s Corporate Property Associates (CPA®) Boards

May 23, 2007

NEW YORK, NY – May 23, 2007 – Wm. Polk Carey, Chairman of the W. P. Carey Group, announced today that the Wharton School’s Marshall E. Blume will serve as an independent director of the three REITs managed by investment firm, W. P. Carey & Co. LLC.  “Dr. Blume is one of the foremost experts in financial research and analysis in the U.S. today.   CPA^®:14, CPA^®:15, and CPA^®:16 – Global will benefit greatly from his intimate knowledge of the financial marketplace,” Mr. Carey said.

Marshall E. Blume is Howard Butcher III Professor of Finance, Director of the Rodney L. White Center for Financial Research, and Past Chairman of the Finance Department at the Wharton School of the University of Pennsylvania.  Dr. Blume has also been a visiting professor at renowned international business schools New University of Lisbon, the Stockholm School of Economics, and the European Institute for Advanced Studies in Management in Brussels.

Professor Blume has conducted groundbreaking research on investments, the financial markets, and investor behavior and is currently an editor of the Journal of Fixed Income and the Journal of Pension Fund Management & Investment.  He served on the U.S. Government Accounting Office advisory committee that investigated the October 1987 stock market crash and is a past chairman of the NASD Economic Advisory Board.  In addition, Dr. Blume, who received his MBA and Ph.D. from the University of Chicago, is a past managing editor of the Journal of Finance.  He currently serves on the Board of Managers of the Measey Foundation.

“Dr. Blume brings untold experience to the table for our combined institutions through his extensive work on financial trends and investor behavior,” said Chief Executive Officer, Gordon F. DuGan.  “We are privileged and delighted to have such a distinguished member of the financial community join our CPA^® boards.”

W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The Company provides asset management services to its CPA^® series of income generating real estate funds. With approximately $5 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide.  The Group owns more than 800 commercial and industrial properties in 14 countries, representing approximately 100 million square feet, valued at approximately $9.2 billion. www.wpcarey.com

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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.

W. P. Carey & Co. LLC
50 Rockefeller Plaza
New York, NY  10020
www.wpcarey.com