Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-J.A. Billipp & Co., a Houston-based commercial real estate and investment company, has teamed up with NYC-based partner W.P. Carey & Co. LLC in a $5.5-miillion sale-leaseback of the Houston headquarters of McCoy Workplace Solutions LP.

The 140,030-sf headquarters and distribution facility is located at 565 W. 38th St. McCoy, the city’s largest office furniture and floor covering company, will be leasing the structure from the purchasing entity, Corporate Property Associates 14 Inc. W.P. Carey & Co. manages the privately held REIT that focuses on single-tenant commercial properties.

Edward V. LaPuma, Carey’s executive director and acquisitions officer, says the deal is a vehicle to meet McCoy’s needs for additional capital and add “another great property” to the portfolio. The REIT’s current consists of 66 properties that are leased to 44 tenants in the US and Europe. All of the properties entail long-term, triple net leases, requiring the tenants to maintain properties, insure buildings and pay all real estate taxes. The sale-leaseback deals effectively remove the real estate from company’s balance sheets so capital can be redeployed for other business needs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.