Duke Announces $125 Million of New Developments and Acquisitions.

INDIANAPOLIS--(BUSINESS WIRE)--April 7, 1999--Duke Realty Investments, Inc. (NYSE:DRE) announced today that it has commenced eight new developments and has completed six new acquisitions totaling approximately 3,300,000 square feet in the aggregate. The Company expects to achieve a stabilized return of 11.3 percent on its combined investment of $125 million in these new properties. Additionally, Duke purchased approximately $23 million of undeveloped land adjacent to its acquisitions announced today. This brings Duke's year to date announcements of new developments and acquisitions to $198 million with an expected stabilized return of 11.4 percent.

Duke's acquisitions announced today include two well-positioned business parks, one in Chicago, and the other in Minneapolis.

In two separate transactions, Duke purchased six industrial buildings totaling 487,000 square feet that are 99 percent leased, an 119,000 square foot industrial building that is unleased, and 155 acres of land in Meridian Business Campus in the western suburbs of Chicago. Meridian Business Campus is a 660-acre mixed-use business park located off of Route 59 and the I-88 (east-west) tollway. The park currently encompasses about 4.4 million square feet of office, industrial, and retail properties. The 155 acres of undeveloped land that the Company acquired in Meridian Business Campus can support more than two million square feet of future industrial, office, and retail development. One of Duke's new developments announced today is an 187,000 square foot industrial building located on this undeveloped land.

Duke's Minneapolis park acquisition is Crosstown North business park. The acquisition includes two recently completed industrial buildings totaling 225,000 square feet that are 57 percent leased, two industrial buildings under development aggregating 281,000 square feet, and 44 acres of undeveloped land. Crosstown North is located in the northwest quadrant of Minneapolis along I-169 and planned Highway 610. Highway 610 is a major east-west thoroughfare scheduled for completion next year that will eventually connect I-94 and 35W. In addition to the two developments that Duke has purchased and will complete at Crosstown North, the remaining 44 acres of undeveloped land at the park can support more than 750,000 square feet of future industrial development. Duke's Crosstown North acquisition also included a 120,000 square foot industrial building in the nearby River Road Business Center that is 93 percent leased.

The Company's third acquisition announced today is a 400,000 square foot industrial building that is 100 percent leased to Xerox Corporation. It is located north of Cincinnati on State Route 63 off of I-75. This transaction also included approximately 83 acres of undeveloped land that can support approximately two million square feet of future development.

Duke's remaining acquisitions announced today are a 73,000 square foot suburban office building in Columbus, Ohio that is 100 percent leased primarily to Cigna Insurance Co., and an unleased industrial building in Cleveland, Ohio totaling 220,000 square feet.

The other developments that the Company announced today are all on Duke-owned land in Duke business parks. They include i) a 437,000 square foot industrial building located at Groveport Commerce Center in Columbus, Ohio; ii) a 48,000 square foot industrial building and a 341,000 square foot industrial building located at World Park in Cincinnati, Ohio; iii) a 95,000 square foot suburban office building located at West Port Center in St. Louis, Missouri; iv) a 255,000 square foot industrial property located in Earth City Business Park in St. Louis; and v) a 4,000 square foot expansion of Michael's Plaza retail center in Indianapolis, Indiana.

Duke Realty Investments is a fully integrated real estate company that owns interests in a diversified portfolio of primarily industrial and office properties located in eight Midwestern cities. This portfolio includes 514 properties, encompassing approximately 63 million square feet including today's announcements. Duke Realty also owns more than 2,000 acres of land that management estimates can support approximately 34 million square feet of future developments.