W. P. Carey Group Acquires To-Be-Built Manufacturing Facility Leased To Meridian Automotive Systems, Inc.

     $7.7 Million Sale-Leaseback of Leading Tier 1 Automotive Supplier's
                      Salisbury, North Carolina Facility

    NEW YORK, Jan. 25 W. P. Carey & Co. LLC , a
leader in the ownership and net leasing of corporate properties, today
announced that it has closed on the acquisition of a to-be-built manufacturing
facility to be operated by Meridian Automotive Systems, Inc.  The facility,
located in Salisbury, North Carolina, was purchased on behalf of Corporate
Property Associates 14 (CPAa:14).  CPAa:14, a public non-traded real estate
investment trust (REIT), is a member of the $2.5 billion W. P. Carey Group.
    The to-be-built 260,000 square foot facility will be used to manufacture
various heavy truck components to be sold to many of the leading commercial
truck OEMs.  The Facility is being completed by Corvus International, a
leading design-build contractor based in Detroit, Michigan.  The Facility is
expected to be completed by May, 2001.  The facility is leased to Meridian
under a long-term net lease.  The total cost of the facility was approximately
$7.7 million.
    Meridian Automotive Systems, Inc. is a leading tier 1 supplier of highly
engineered sub-assemblies to automotive and commercial truck OEMs (original
equipment manufacturers) in North America and Europe.  The Company has
significant supplier relationships with many of the leading automobile and
commercial truck OEMs including Ford, GM, Daimler/Chrysler, Freightliner,
Volvo/Mack and PACCAR.  The facility will allow Meridian to consolidate
operations into a new Facility located in close proximity to its customer
base, thereby increasing efficiency and decreasing transportation costs.
    Commenting on the transaction, Gordon F. DuGan, President and Chief
Acquisitions Officer of W. P. Carey, stated, "W. P. Carey has enjoyed a banner
year, providing financing for companies in a wide range of industries.
Difficult credit markets are forcing companies to seek out alternative sources
of capital for growth or acquisitions.  A sale-leaseback offers an attractive
source of long term capital with the added benefit of being off-balance sheet.
We are working with many leading private equity and mezzanine debt investors
to structure financings for new acquisitions as well as for portfolio
companies."

    Founded in 1973, W. P. Carey & Co. specializes in corporate real estate
financing using the corporate net lease, or sale-leaseback structure.  The
firm and its affiliates is one of the largest lessors of net leased corporate
real estate in the nation.  W. P. Carey & Co. LLC , the largest
publicly traded limited liability company in the world, owns and manages over
42 million square feet of property in the USA and Europe.  Additional
information about W. P. Carey can be found on the Company's Web site:
http://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.