Duke Realty
 | |
| Industry | REIT |
|---|---|
| Founded | 1972 |
| Founder |
|
| Defunct | October 3, 2022 |
| Fate | Acquired by Prologis |
| Headquarters | , U.S. |
Key people | James B. Connor (Chairman and CEO) |
Number of employees | 340 (December 31, 2021) |
| Footnotes / references [1] | |
Duke Realty was a real estate investment trust (REIT) based in Indianapolis, Indiana, that invested in industrial properties.[1][2] As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet.[1] In October 2022, it was acquired by Prologis.
Notable properties developed by the company include the Captrust Tower in Raleigh, North Carolina, and the Scripps Center in Cincinnati, Ohio.
History
[edit | edit source]P.R. Duke Construction and Duke Development Companies were formed in 1972 by Philip R. Duke, John Rosebrough, and John Wynne[3] with $40,000 of capital. Its first development was in the Park 100 neighborhood in northwest Indianapolis.[4] In 1985, Duke realty Investments was formed.[3] Phil Duke sold his shares in 1986 and Duke Associates was formed as the holding company of P.R. Duke Construction Company and P.R. Duke Realty.[3]
In 1993, the company announced that Duke Realty Investment would become a public company[3] via an IPO on the New York Stock Exchange, which raised $310 million.[4][5] In 1999, it merged with Weeks Corporation, another REIT with properties primarily in the Southwestern United States.[6][7][8]
In 2006, it acquired 32 buildings in the Washington, D.C., area from the Mark Winkler Company.[9]
In May 2017, it sold its medical office properties to Healthcare Trust of America for $2.8 billion to focus on its industrial properties.[10]
In July 2017, Duke Realty was added to the S&P 500.[11]
In October 2022, the company was acquired by Prologis[12] for $23 billion.[13]
References
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- ^ a b c d The Encyclopedia of Indianapolis David J. Bodenhamer and Robert G. Barrows, editors. Indiana University Press. 1994; p. 514.
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- ^ Prologis, the world’s largest warehouse operator, agreed to acquire rival real-estate company Duke Realty in a $23 billion deal The Wall Street Journal. June 14, 2022.
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