Duke Realty

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Duke Realty Corporation
TypePublic
NYSE: DRE
S&P 500 Component
IndustryReal estate
Founded1972
Founder
  • John Rosebrough
  • Phil Duke
  • John Wynne
Headquarters
Indianapolis, Indiana
,
United States
Key people
James B. Connor (Chairman and Chief executive officer)
Websitewww.dukerealty.com

Duke Realty is a major United States real estate investment trust, based in Indianapolis, Indiana. It mainly owns industrial warehouses.

Business[]

Duke Realty primarily owns industrial warehouses used for distribution.[1] Many of its properties are used by e-commerce retailers.[1] It also owned medical offices and other offices, but it has sold almost all of these properties. It owns properties throughout the United States, with a concentration in the Midwest and the South. As of 2016, the three largest markets by square feet were Indianapolis, Chicago, and Atlanta, with 12.5%, 10.7%, and 9.5% of total square feet.[2]

History[]

Duke Realty was founded in 1972 by John Rosebrough, Phil Duke, and John Wynne.[3] Its first development was in the Park 100 neighborhood in the northwest part of Indianapolis.[3] In 1993, Duke Realty held an IPO on the New York Stock Exchange, raising $310 million.[3] In 1999, it merged with Weeks Corporation, another real estate investment trust with properties primarily in the US Southwest.[4][5] Weeks shareholders ended up with 28% of the new company.[4] In 2006, it bought 32 buildings in the Washington, D.C. area from the Mark Winkler Company.[6] In May 2017, it sold its medical office properties to Healthcare Trust of America for $2.8 billion, in order to focus on its industrial properties.[7] In July 2017, Duke Realty joined the S&P 500.[8]

Properties[]

Duke Realty is developing the Chesapeake Commerce Center, an industrial park, on the former site of the General Motors Baltimore Assembly Plant in Baltimore, Maryland.[9] As of 2016, five buildings had been built, and a sixth was under construction.[10] Amazon runs a distribution center in one of the warehouses in the center.[11] It is also developing the Legacy Center, another industrial park, on the site of the former General Motors Linden Assembly in Linden, New Jersey.[12] As of 2016, three buildings have been constructed.

Duke Realty was one of the developers of the Captrust Tower in Raleigh, North Carolina and the Scripps Center in Cincinnati, Ohio.

References[]

  1. ^ a b Grant, Peter (2017-10-03). "Duke Realty Buys a Chunk of Logistics Properties". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2017-10-25. Retrieved 2017-12-23.
  2. ^ "Duke Realty 10K Annual Report 2016". investor.dukerealty.com. Retrieved 2017-12-23.
  3. ^ a b c "Duke Realty - Duke Realty". Duke Realty. Archived from the original on 2017-12-23. Retrieved 2017-12-18.
  4. ^ a b "Duke Realty, Weeks to merge in $1.7B deal". Money. CNN. March 1, 1999. Archived from the original on December 23, 2017. Retrieved 2017-12-19.
  5. ^ Sherer, Paul M.; Martinez, Barbara (1999-03-01). "Duke Realty, Weeks Will Merge In Stock Swap Valued at $1.1 Billion". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2017-12-24. Retrieved 2017-12-19.
  6. ^ "Winkler family firm sells off properties". The Washington Times. March 3, 2006. Archived from the original on December 24, 2017. Retrieved 2017-12-19.
  7. ^ "Duke Realty to sell medical office assets to HTA for $2.8 billion". Reuters. 2017-05-01. Archived from the original on 2017-12-23. Retrieved 2017-12-23.
  8. ^ "Duke Realty moving up to S&P 500 stock index". Indianapolis Business Journal. 2017-07-19. Archived from the original on 2017-07-21. Retrieved 2017-12-19.
  9. ^ Mirabella, Lorraine (2008-01-29). "Commerce Center rising at GM site". The Baltimore Sun. Archived from the original on 2017-12-24. Retrieved 2017-12-23.
  10. ^ "Duke Realty begins spec warehouse at Chesapeake Commerce Center - CijUsa.com". cijusa.com. Archived from the original on 2017-12-23. Retrieved 2017-12-23.
  11. ^ Sherman, Natalie (2014-04-01). "Amazon to occupy second Baltimore warehouse". The Baltimore Sun. Archived from the original on 2017-12-23. Retrieved 2017-12-23.
  12. ^ Russell, Suzanne. "New warehouse opening in Linden". MY CENTRAL JERSEY. Retrieved 2017-12-23.

External links[]

Official website

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