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                                                                    EXHIBIT 99.1


                                      CAREY
                                   DIVERSIFIED




Company Contact:                                      Agency Contact:
Matthew B. Walley                                     Guy B. Lawrence
(212) 492-8992                                        (212) 308-3333
FAX: 333-2631                                         FAX: 207-8096

FOR IMMEDIATE RELEASE

                CAREY DIVERSIFIED ESTABLISHES $150 MILLION CREDIT
                       FACILITY WITH CHASE MANHATTAN BANK

NEW YORK, NY - March 26, 1998 - Carey Diversified LLC (NYSE:CDC), an entity
managed by W.P. Carey & Co., Inc., announced that it has closed on a $150
million unsecured revolving credit facility. The LIBOR-based facility has been
syndicated to a group of banks led by The Chase Manhattan Bank. The credit
facility will be used primarily to retire existing higher priced debt and to
fund Carey Diversified's ongoing acquisitions.

Commenting on the facility, Gordon F. DuGan, President of Carey Diversified,
noted, "The facility will provide Carey Diversified with ready access to short
term capital for funding our aggressive acquisition program and will allow us to
pay down higher rate debt."

John J. Park, Chief Financial Officer of Carey Diversified, added, "We have used
$60 million of the facility to pay down existing debt with an average interest
rate of 9%."

Carey Diversified is a market leader in the ownership and net-leasing of
corporate properties. Carey Diversified's portfolio consists of 198 properties
in 37 states, totaling more than 20 million square feet. Carey Diversified
leases properties to manufacturing, technology, retailing and communications
companies including Detroit Diesel, Gibson Greetings, Inc., Dr. Pepper Bottling
Company of Texas, Wal-Mart, AT&T, The Gap and more than 70 others nationwide.
Additional information about Carey Diversified LLC is available on the company's
website at http://www.cdllc.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.



Carey Diversified LLC
50 Rockefeller Plaza
New York, New York 10020
http://www.cdllc.com.