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NEW YORK CITY-Investment firm W.P. Carey & Co. promotes Benjamin P. Harris as director in their 15-staff acquisitions department. Harris tells GlobeSt.com that a skittish economy tends to prompt below investment-grade companies to liquidize assets, providing for a fertile sale/leaseback environment. Acquisitions volume for 2002 within the company has already surpassed last year’s totals, and Harris expects to set acquisitions volume records this year.

“An empty building leased out to someone often presents a very attractive situation for tenants to structure a triple-net lease on the property in an effort to add liquidity to their portfolio,” Harris tells GlobeSt.com. With this new title, he will focus his efforts on the firm’s current active investment fund, CPA: 15.

W. P. Carey completed $168 million in sale-leaseback transactions during the second quarter of 2002, compared to $74 million for the comparable period last year. During first quarter, the firm completed more than $117 million worth of acquisitions, compared to $44 million during the first quarter of 2001, according to the company.

Harris joined W. P. Carey as an analyst in June 1998 and was tapped as vice president in 2001. He earned a BS in Economics and Finance from the University of Kings College in Canada.

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