Transactions include leases, new construction, and sales
(Cincinnati, Ohio – August 4, 2011) Duke Realty Corporation’s (Duke Realty) Cincinnati office reports that, in the first half of the year, activity in their portfolio was strong, with their team closing 76 leasing transactions totaling 1,988,738 square feet, constructing more than 108,000 square feet of new space and selling three office buildings.
“We’ve had a busy first six months and are looking forward to sustaining this momentum during the remainder of 2011,” said Jon Burger, Senior Vice President of Duke Realty’s Cincinnati Operations. “We appreciate the support of the Cincinnati brokerage community and their efforts to promote our properties to their clients. Their involvement has been a key factor in our ability to successfully close so many deals during the first half of the year.”
New leases, extensions, renewals, and expansions in both industrial and office properties were all part of the office’s leasing activity. In a new industrial lease, Southwest Stainless, L.P., which was represented by Bill Keefer with Colliers International, will occupy 166,400 square feet in World Park Building 14. Extending the term of its 646,469-square foot lease term in Hebron Building 1 was Innotrac Corporation, which was represented by John Gartner with Colliers International. In two other industrial transactions, Kellogg’s increased its space by 63,410 square feet and renewed its 142,990 square feet lease in Mosteller Distribution Center Building II, and Standard Textile expanded its space at Skyport Building 2 by 81,288 square feet, bringing their total square footage to 340,188. Standard Textile was represented by Brad Meyer with CB Richard Ellis.
In the office segment of its portfolio, Duke Realty signed Crossmark, Inc. to a new 13,683-square foot lease in Centre Pointe VI. Renewals included Siemens IT Solutions’ 93,523-square foot lease in Governor’s Pointe 4705, and United HealthCare Services’ 61,629-square foot lease at Pfeiffer Woods and its 50,310-square foot lease at Centre Pointe II. Siemens was represented by Chuck Male with CB Richard Ellis in their transaction, while United HealthCare was represented by Josh Gerth and Peggy Momper-Duncan with Jones Lang LaSalle.
New construction projects include the new U.S. headquarters for itelligence, Inc., a company providing a broad range of consulting and customer support services to maximize SAP solutions, in Legacy Pointe in Blue Ash. itelligence, Inc. has purchased a 8.09-acre site within the park and has selected Duke Realty to construct two buildings—a new 69,856- square foot, Class A office building and a state-of-the-art, 14,742-square foot data center. Marc Sebens with Cincinnati Commercial Realtors represented intelligence in this third-party construction transaction.
Duke Realty is also constructing a second medical office building adjacent to Good Samaritan Medical Center–Western Ridge on the west side of Cincinnati. Western Ridge MOB II, is a one-story, 29,700-square foot facility that will be anchored by Wellington Orthopaedic & Sports Medicine with 18,920 square feet. Tri-State Centers for Sight Inc. has leased 4,500 square feet.
In keeping with its strategy of repositioning its portfolio by reducing its investment in office properties, particularly those located in Central Business Districts, Duke Realty sold three buildings totaling approximately 1 million square feet. Two of these properties,312 Elm and 312 Plum, are located in downtown Cincinnati.
About Duke Realty
In the greater Cincinnati area, Duke Realty owns, manages, or has under development nearly 17 million square feet of office, industrial and healthcare properties and has strategic land positions available for future development. Duke Realty’s local offices are located at 4555 Lake Forest Drive, Suite 400, Cincinnati, OH 45242.
On a nationwide basis, Duke Realty owns and operates approximately 139 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.
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