W. P. Carey Acquires 235,943 Square-foot Office, R&D Facility For About $56 Mln

(RTTNews) - W. P. Carey Inc. (WPC) announced that it has acquired a 235,943 square-foot office and R&D facility for approximately $56 million.

The facility, purchased from a joint venture between Leggat McCall Properties and Long Wharf Real Estate Partners, is located outside of Boston and leased to Schneider Electric USA, Inc. for a period of 15 years.

W. P. Carey Managing Director and Co-Head of Global Investments, Jason Fox commented: "This investment represented an opportunity to acquire a newly renovated Class-A, LEED certified facility that is critical to Schneider Electric's U.S. operations. Working with an established local developer, W. P. Carey secured a solid income-generating asset for our owned real estate portfolio. Because our strategy is to generate income and cash-flow over the longer term, we are an attractive source of liquidity for owners, developers and investors with shorter term investment horizons and the desire to recycle their capital."