Exhibit 99.1
FOR IMMEDIATE RELEASE:
----------------------

         MEDIA CONTACT:                              INVESTOR CONTACT:
         Curt Ritter, 212-492-8989                   Susan Hyde, 212-492-1151
         critter@wpcarey.com                         shyde@wpcarey.com
         Media Kit: www.wpcarey.com/MediaKit

             W. P. CAREY & CO. LLC INCREASES FOURTH QUARTER DIVIDEND

               Represents Fifteenth Consecutive Quarterly Increase

     NEW YORK,  NY,  December 13, 2004 -  Investment  firm W. P. Carey & Co. LLC
(NYSE:  WPC)  announced  today that its Board of  Directors  has  increased  the
quarterly  cash  dividend  to $.442  per  common  share for the  quarter  ending
December 31, 2004.  The dividend is payable on January 15, 2005 to  shareholders
of record as of December 31, 2004.  The Company has  increased  dividends  every
year since it became public.

     Founded  in  1973,  W.  P.  Carey & Co.  LLC is a  global  investment  firm
concerned with assisting corporations with various forms of long-term financing.
The Company also provides asset  management  services to the Corporate  Property
Associates  (CPA(R)) series of income generating,  publicly held non-traded real
estate investment trusts (REITs). With $3.5 billion in equity capital, the W. P.
Carey Group is one of the leading providers of net lease financing for corporate
properties  worldwide.  The Group owns more than 700  commercial  and industrial
properties worldwide,  representing more than 100 million square feet, valued at
approximately $7 billion.

     Individuals  interested  in  receiving  future  updates  on W. P. Carey via
e-mail can  register  at  www.wpcarey.com/alerts.

     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.



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