IBJNews

Duke unloads office buildings for $150M, report says

Back to TopCommentsE-mailPrintBookmark and Share

Duke Realty Corp. has sold six office buildings in the Cincinnati area for more than $150 million as part of its strategy to shift its holdings toward the industrial sector.

The Indianapolis-based real estate investment trust recently sold the six buildings to international real estate firm Hines Interests LP, according to a report in the Cincinnati Business Courier.

Buildings included in the sale were the 403,000-square-foot Towers of Kenwood office development, which sold to an affiliate of Hines, Suburban Cincinnati Office Portfolio LLC, for $69.2 million, according to a Courier check of county property records.

Five office buildings in Centre Pointe Office Park sold to the same affiliate for $81.25 million, according to the property records.

The buildings were part of a 17-property portfolio Duke put on the market in 2013. The properties were valued at about $149 a square foot, according to research firm Real Capital Analytics Inc. That would give the portfolio a total value of about $350 million.

At the time, the company was unloading office and retail properties as part of its strategy to shift its property mix to 60 percent industrial, 25 percent suburban office and 15 percent medical office by the end of 2013.

In late 2013, Duke CEO Dennis Oklak told the website REIT.com that Duke was close to its goal for repositioning its portfolio. “We’re essentially there,” he said.

Contacted by IBJ on Tuesday, a Duke spokeswoman declined to comment on the deal, saying that any acquisitions would be announced with the firm’s quarterly earnings report at the end of the month. Officials with Hines did not immediately respond to questions from IBJ on Tuesday.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT