Indianapolis-based Duke Realty Corp. is pulling out of Cleveland, but says it is committed to the Cincinnati area despite plans to sell about 2.3 million square feet of existing office space and drop an office tower project there.
The city will remain in the top four of 19 markets where Duke does business, said Ken Turchi, senior vice president of marketing for the Indianapolis company.
The sale represents about a third of the company’s Cincinnati office portfolio.
“In our industry, this is called capital recycling,” Turchi said. “We’re going through all our portfolios to make sure we have the best possible land positions and buildings to offer our customers.”
In recent months, Duke has unloaded virtually all of its properties in Cleveland, saying opportunities were greater elsewhere.