Duke Realty Announces $102 Million of New Developments; National Development Group Begins Three Projects.INDIANAPOLIS -- Duke Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corporation (NYSE NYSE See: New York Stock Exchange :DRE DRE Digital rectal examination. Mentioned in: Rectal Examination ) announced today $102 million of new developments through its National Development Group. The most significant project is a 350,000 square foot office headquarters for HealthNow in Buffalo, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . This project is 100 percent pre-leased for 15 years. Denny Oklak, Chairman and Chief Executive Officer, commented, "We are thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. to be part of this great project in downtown Buffalo. This continues our relationship of serving BlueCross Blue Shield's real estate needs. We appreciate HealthNow and their CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Alphonso O'Neil-White's, selection of our National team to participate in their new headquarters which will make a great impact in downtown Buffalo." The other development consists of two projects that will be developed in the Company's medical office joint venture with Bremner Healthcare. The first is a 71,000 square foot development for Adena Healthcare System in Chillicothe, Ohio Chillicothe is a city in the U.S. state of Ohio and the county seat of Ross CountyGR6. The municipality is located in southern Ohio along the Scioto River. The name comes from the Shawnee name Chalahgawtha, meaning "principal town. . The project is 64 percent pre-leased by Adena for 11 years. The second project is a 72,000 square foot development in Summit, New Jersey that is 43 percent pre-leased to Atlantic Health System for 10 years. Commenting on today's announcements, Chris Seger, Executive Vice President of National Development, stated, "We started our National Development Group twelve months ago and formed our venture with Bremner Healthcare last September. We are pleased with our great start in the second quarter with the HealthNow project in Buffalo and the Adena and Atlantic projects in the medical joint venture with Bremner Healthcare." Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office and industrial real estate. Duke's properties encompass more than 115 million rentable square feet and are leased by a diverse and stable base of more than 4,200 tenants. Duke also provides these services through its Service Operations Group to approximately 300 tenants in more than 8.5 million square feet of space in properties owned by third-party clients. In addition, Duke owns or controls more than 4,400 acres of undeveloped land that can support more than 65 million square feet of future development. As one of the most vertically-integrated real estate companies in the U.S., Duke maintains a full construction management and leasing staff, constructing buildings for itself as well as for third-parties. Through a joint venture with Bremner Healthcare, Duke is well positioned to provide development expertise to medical office clients. In addition to its office and industrial focus in 13 primary operating platforms in the Midwest and Southeast United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Duke selectively pursues retail development opportunities, as well as nationwide opportunities through its National Development and Construction Group. Visit Duke on the web at www.dukerealty.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion