W. P. Carey's (WPC) CPA:17 - Global Buys Two J.P. Morgan Facilities from Brookfield (BAM)

May 24, 2010 8:11 AM EDT
Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that CPA:17 - Global, one of its publicly held non-traded REIT affiliates, has purchased two office facilities in Tampa, Florida from Brookfield Real Estate Opportunity Group ("Brookfield"), an affiliate of Brookfield Asset Management (NYSE: BAM). Located in the Westshore area adjacent to Tampa International Airport, the two facilities total approximately 312,000 square feet and are leased to JPMorgan Chase, National Association on a long term basis. This transaction follows W. P. Carey's February purchase from Brookfield of a 386,000 square foot operations center in Dallas leased to JPMorgan Chase.

Commenting on the acquisition, W. P. Carey Managing Director Jason Fox noted, "We are pleased to complete another acquisition from Brookfield of facilities leased to JPMorgan Chase. The assets meet our criteria of investing in income-generating properties leased to established corporate tenants on a long term basis. Given that these assets are critical to JPMorgan Chase's ongoing operations, they represent the type of investment that fits well with our own investing objectives as well as those of CPA:17 - Global's investors."

Steven Ganeless, Senior Vice President of Brookfield Real Estate Opportunity Group, noted, "We are pleased to have the opportunity to work together once again with the W. P. Carey team on the sale of these Tampa assets. Our previous work together enabled us to understand and achieve our mutual objectives, as well as facilitate a timely closing."

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