American real estate company
Duke Realty Corporation
Industry
REIT Founded 1972; 52 years ago (1972 ) Founder John Rosebrough Phil Duke John Wynne Defunct October 3, 2022; 18 months ago (2022-10-03 ) 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
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
^
a
b
c
"Duke Realty Corporation 2021 Form 10-K Annual Report" . SEC.gov .
U.S. Securities and Exchange Commission .
^ Grant, Peter (2017-10-03).
"Duke Realty Buys a Chunk of Logistics Properties" .
The Wall Street Journal .
ISSN
0099-9660 .
Archived from the original on 2017-10-25.
^
a
b
c
d
The Encyclopedia of Indianapolis David J. Bodenhamer and Robert G. Barrows, editors. Indiana University Press. 1994; p. 514.
^
a
b Wolf, Liz (June 2, 2022).
"Duke Realty Sees Continued Runway for Growth in Industrial Real Estate" .
National Association of Real Estate Investment Trusts .
^
"Indianapolis developer and civic leader PHILLIP R" .
Orlando Sentinel . July 24, 1986.
^
"Duke Realty, Weeks to merge in $1.7B deal" .
CNN . March 1, 1999.
Archived from the original on December 23, 2017.
^ Sherer, Paul M.; Martinez, Barbara (March 1, 1999).
"Duke Realty, Weeks Will Merge In Stock Swap Valued at $1.1 Billion" .
The Wall Street Journal .
ISSN
0099-9660 .
Archived from the original on 2017-12-24.
^
"Southern exposure: Duke Realty Investments Inc. will" .
Chicago Tribune . March 1, 1999.
^
"Winkler family firm sells off properties" .
The Washington Times . March 3, 2006.
Archived from the original on December 24, 2017.
^ Grover, Divya (May 1, 2017).
"Duke Realty to sell medical office assets to HTA for $2.8 billion" .
Reuters .
Archived from the original on 2017-12-23.
^
"Duke Realty moving up to S&P 500 stock index" .
Indianapolis Business Journal . July 19, 2017.
Archived from the original on 2017-07-21.
^
"Prologis Closes Acquisition of Duke Realty" (Press release).
PR Newswire . October 3, 2022.
^
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.