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Duke Realty selling 10.1 million square feet of office space to Blackstone

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Duke Realty announced today that it is selling 10.1 million square feet of its suburban office portfolio to the private equity firm Blackstone.

The purchase price is $1.08 billion.

None of the assets involved are in North Carolina. The portfolio includes properties in Atlanta, Chicago, Columbus, OH, , Dallas, Minneapolis, Orlando and Tampa.

The sale is part of Indianapolis-based Duke's strategy of shifting its focus from office to industrial properties.

In August, the company listed for sale a portfolio of a half-dozen buildings that account for about 12 percent of its office properties in the Triangle. Duke owns about 3.5 million square feet of office space in the Triangle and nearly 3 million square feet of warehouse space.

Duke has been bulking up its warehouse portfolio while it looks to shed office assets.

Earlier this month the company paid $30.4 million for the CenterPoint I and CenterPoint II buildings on T.W. Alexander Drive near Research Triangle Park.

The company also recently bought the 228-acre Greenfield North business park in Garner.
 

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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.
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