Duke Realty

Duke Realty was a real estate investment trust based in Indianapolis, Indiana that invested in industrial warehouses.[1][2] As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet.[1] In October 2022, it was acquired by Prologis.

Duke Realty Corporation
IndustryReal estate investment trust
Founded1972 (1972)
Founder
  • John Rosebrough
  • Phil Duke
  • John Wynne
DefunctOctober 3, 2022 (2022-10-03)
FateAcquired by Prologis
Headquarters
Indianapolis, Indiana
,
U.S.
Key people
James B. Connor (Chairman and Chief executive officer)
Number of employees
340 (December 31, 2021)
Footnotes / references
[1]

Notable properties developed by the company include the Captrust Tower in Raleigh, North Carolina and the Scripps Center in Cincinnati, Ohio.

History

Duke Realty was founded in 1972 by John Rosebrough, Phil Duke, and John Wynne with $40,000 of capital. Its first development was in the Park 100 neighborhood in northwest Indianapolis. In 1993, the company became a public company via an initial public offering on the New York Stock Exchange, raising $310 million.[3][4]

In 1999, it merged with Weeks Corporation, another real estate investment trust with properties primarily in the Southwestern United States.[5][6][7]

In 2006, it acquired 32 buildings in the Washington, D.C. area from the Mark Winkler Company.[8]

In May 2017, it sold its medical office properties to Healthcare Trust of America for $2.8 billion to focus on its industrial properties.[9]

In July 2017, Duke Realty was added to the S&P 500.[10]

In October 2022, the company was acquired by Prologis.[11]

References
  1. "Duke Realty Corporation 2021 Form 10-K Annual Report". SEC.gov. U.S. Securities and Exchange Commission.
  2. Grant, Peter (2017-10-03). "Duke Realty Buys a Chunk of Logistics Properties". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 2017-10-25.
  3. Wolf, Liz (June 2, 2022). "Duke Realty Sees Continued Runway for Growth in Industrial Real Estate". National Association of Real Estate Investment Trusts.
  4. "Indianapolis developer and civic leader PHILLIP R". Orlando Sentinel. July 24, 1986.
  5. "Duke Realty, Weeks to merge in $1.7B deal". CNN. March 1, 1999. Archived from the original on December 23, 2017.
  6. Sherer, Paul M.; Martinez, Barbara (March 1, 1999). "Duke Realty, Weeks Will Merge In Stock Swap Valued at $1.1 Billion". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 2017-12-24.
  7. "Southern exposure: Duke Realty Investments Inc. will". Chicago Tribune. March 1, 1999.
  8. "Winkler family firm sells off properties". The Washington Times. March 3, 2006. Archived from the original on December 24, 2017.
  9. Grover, Divya (May 1, 2017). "Duke Realty to sell medical office assets to HTA for $2.8 billion". Reuters. Archived from the original on 2017-12-23.
  10. "Duke Realty moving up to S&P 500 stock index". Indianapolis Business Journal. July 19, 2017. Archived from the original on 2017-07-21.
  11. "Prologis Closes Acquisition of Duke Realty" (Press release). PR Newswire. October 3, 2022.
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