W. P. Carey Announces Acquisition of Houston CBD Office Tower

Tue Nov 20, 2012 5:47pm EST

* Reuters is not responsible for the content in this press release.

  NEW YORK, NY, Nov 20 (Marketwire) -- 
W. P. Carey Inc. (NYSE: WPC), a real estate investment trust ("REIT"),
announced today that CPA(R):17 - Global, one of its publicly held
non-traded REIT affiliates, has acquired an office tower in Houston,
Texas. The property is primarily leased to Kellogg Brown & Root, Inc.
("KBR"), which occupies approximately 900,000 square feet under a net
lease with a remaining term of approximately 18 years. The 1,047,748
square foot building is 99.8% leased, with the majority leased by KBR,
and the balance occupied by a mixture of office and retail tenants. In
addition to the 40 story office tower, the acquisition includes a 1,499
stall parking garage.

    KBR (NYSE: KBR) is a global engineering, construction and services
company supporting the energy, hydrocarbon, government services,
minerals, civil infrastructure, power, industrial, and commercial markets.

    Commenting on the acquisition, W. P. Carey Executive Director Chad
Edmonson noted, "We are extremely excited to work with a great tenant
like KBR as well as complete yet another transaction with an affiliate of
Brookfield. In addition, as an important location for KBR it meets our
criteria of acquiring critical facilities leased to established corporate
tenants on a long term basis. The property's prime location in Houston's
CBD was also a positive factor in our overall analysis of the
investment." 

    Dennis Friedrich, chief executive officer of Brookfield Office
Properties, noted, "Given their long term investment outlook and
appreciation of the long term lease with KBR, W. P. Carey was the ideal
purchaser for this asset. As they have on past deals with Brookfield
affiliates, they were able to turn the transaction around quickly and
meet our critical timing and other closing requirements."

    Reed Smith LLP represented CPA(R):17 - Global as general real estate and
transaction counsel in connection with the closing.

    Allied Advisors represented CPA(R):17 - Global in securing acquisition
financing and also represented the seller with respect to the disposition
of the property.

    W. P. Carey Inc.
 W. P. Carey Inc. is a publicly traded REIT (NYSE: WPC)
that provides long-term sale-leaseback and build-to-suit financing for
companies worldwide and manages an investment portfolio of approximately
$13.3 billion. W. P. Carey Inc. is the successor to W. P. Carey & Co.
LLC, which had its origins in 1973. The largest owner/manager of net
lease assets, our corporate finance focused credit and real estate
underwriting process is a constant that has been successfully leveraged
across a wide variety of industries and property types. Our portfolio of
long-term leases with creditworthy tenants has an established history of
generating stable cash flows that have enabled us to deliver consistent
and rising dividend income to investors for nearly four decades.
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:
Cheryl Sanclemente
W. P. Carey Inc.
212-492-8995
csanclemente@wpcarey.com

PRESS CONTACT:
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com 

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