New leases, renewals and expansions contribute to strong leasing activity.
(Cincinnati, OH – May 15, 2012) Commercial real estate activity gained momentum in the first quarter of 2012, helping fuel 1.3 million square feet in leasing transactions by Duke Realty Corporation’s (Duke Realty) Cincinnati office during the period. Interest in both Duke Realty’s industrial and office properties was strong, with numerous companies signing new leases, renewals, and expansions.
“We are extremely pleased with the activity in the market so far this year and are gratified that so many outstanding companies have chosen Duke Realty properties,” said Jon Burger, Senior Vice President of Duke Realty’s Cincinnati operations. “In addition to a strong volume of leasing activity, we were particularly encouraged by the 100 percent lease up of our Centre Pointe Office Park in West Chester and renewed interest in the Mason submarket, where we have several buildings.”
At Duke Realty’s Centre Pointe Office Park, General Electric (GE) signed a new 21,926-square foot lease in Centre Pointe II, which exhausted all available space in existing buildings in the development. However, Duke Realty has two remaining parcels of land in the West Chester submarket, both of which are ready for build-to-suit development. The available land includes a 15-acre parcel in South Pointe at Union Centre along I-75 and an 18-acre site at North Pointe at Union Centre adjacent to GE Aviation along Union Centre Boulevard. Both of these sites can accommodate up to 300,000 square feet of Class A office buildings.
Duke Realty also signed leases for more than 45,000 square feet in the Mason submarket. At 8650 Governor’s Hill, GE signed a new, 20,047-square foot lease, while Summit Funding Group signed a new 17,504-square foot lease at 4680 Governor’s Pointe. Wayne Hach with Cincinnati Commercial Realtors represented GE, and George Stinson with Sperry Van Ness represented Summit Funding Group in their transactions. Other activity in the Mason submarket included leases with Track One Background Solutions, GP Strategies Corporation and HP Hood, LLC totaling 5,793 square feet at 4770 Governor’s Pointe.
Duke Realty also signed additional office leases for spaces greater than 5,000 square feet, including:
• GE expanded its space to 83,127 square feet and extended its lease term at Centre Pointe III.
• At Triangle Office Park, Cashland Financial Services renewed its lease for 22,984 square feet and M-E Companies extended its lease for 7,424 square feet. Brad Ruther with Cincinnati Commercial Realtors represented Cashland in its transaction.
• Care Connection of Cincinnati renewed its 6,489-square foot lease in Kenwood Executive Center. Don Murphy with Cassidy Turley Ohio represented Care Connection in their transaction.
• Johnson & Johnson Sales and Logistics renewed its 5,880-square foot lease at the Towers of Kenwood.
• Cuni, Rust & Strenk signed a new lease for 5,835 square feet at Westlake Center. Peter Snow with Cassidy Turley Ohio represented the firm.
Duke Realty’s first-quarter transactions for industrial leases exceeding 25,000 square feet included:
• Sun Chemical Corporate extended its lease term on 354,371 square feet at Skyport Building 3. Josh Niederhelman with CBRE represented Sun Chemical in the transaction.
• Ashland Inc. expanded by 190,744 square feet for a total of 321,474 square feet and extended its lease term in World Park at Union Centre 6. Bill Poffenberger with Jones Lang LaSalle represented Ashland.
• Design Within Reach, Inc. extended the lease term on its 316,800-square foot space in Skyport Building 1.
• DisplayWorks, LLC signed a new lease for 73,750 square feet in World Park at Union Centre 7. John Gartner with Colliers International represented DisplayWorks in the transaction.
Duke Realty’s Cincinnati leasing team includes Jerry Royce, Vice President, Office and Industrial Leasing and Development; Jeremy Kraus, Senior Leasing Representative, Industrial; Jay Morey, Senior Leasing Representative, Office; and Kevin Schutte, Healthcare Leasing Representative.
About Duke Realty
In the greater Cincinnati area, Duke Realty owns and manages nearly 15 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.
Editor’s Note: Please contact Duke Realty’s Communications department at firstname.lastname@example.org if images of the properties mentioned in this release are needed.