Indianapolis-based Duke Realty Corp. announced Monday that its chief operating officer will leave the company at the end of the year.

"After consideration of the effect of the current economic environment on company operations, including an anticipated reduced level of new property development and a primary focus on local leasing operations, Robert Chapman has decided to resign from his position as chief operating officer," Duke said in a prepared statement.

Chapman, 55, joined the company in 1997.

"On behalf of our associates, board of directors and myself personally, I would like to thank Bob for his many contributions to Duke Realty and wish him the best in his future endeavors," said Dennis Oklak, chairman and CEO, in a prepared statement. "Bob has been ... instrumental in overseeing our transformation into a national real estate company."

Duke Realty owns and operates about 136 million square feet of industrial and office space in 20 cities.

"It has been a tremendous opportunity to have been part of the Duke team for so many years,"  Chapman said in a prepared statement. "I wish nothing but continued future success for the company and my colleagues."

Prior to the announcement, company shares rose 66 cents, or 6 percent, on Monday to close at $11.74 each.