Duke, CBRE Realty Form $800M JV
- May 06, 2008
Duke Realty Corp. and CB Richard Ellis Realty Trust have just entered into a partnership to which Duke will contribute as much as $800 million of new industrial projects over a three-year period. The first properties the joint venture will acquire–with purchasing taking place this year–account for an aggregate 5.2 million square feet of new bulk industrial build-to-suit projects valued at an estimated $250 million. Down the road, the partnership will also acquire certain industrial properties that Duke plans to develop upon their completion and the start of leasing activity. Duke will provide asset management, property management, construction management and development services for the joint venture, which expects to hold its assets for a long-term period. Duke is an owner, developer, leaser and manger of office, industrial, retail and medical office properties across the United States. Known as the largest public vertically integrated office and industrial real estate firm in the country, the company has a portfolio of owned, managed and in-progress assets that total over 122 million square feet in 24 leading cities. Duke also controls 7,600 acres of developable land that can accommodate approximately 111 square feet.