Duke Realty Announces the Formation of Joint Ventures for The Northern Virginia Portfolio.

INDIANAPOLIS -- Duke Realty Corporation (NYSE:DRE) ("Duke") today announced that it has partnered with affiliates of two investment funds managed by Eaton Vance Management ("Eaton Vance"), a wholly-owned subsidiary of Eaton Vance Corp. (NYSE:EV) to form two joint ventures comprising almost all of the developed properties in the Northern Virginia office and industrial portfolio which Duke acquired earlier in 2006 from the Mark Winkler Company.

In total, Duke will contribute 18 office buildings and 13 light industrial buildings totaling approximately 2.8 million square feet, for an initial value of $680 million. In addition, the joint ventures will have Rights of First Offer to acquire future development properties on the undeveloped land in the parks where the existing assets are located. This land can support an additional 3.7 million square feet of office and industrial properties and will provide the potential to grow the portfolio by approximately $1 billion. Duke retains a 30% ownership interest in the ventures and will receive asset management, property management and leasing fees, and may receive a promoted interest if certain thresholds are met. The ventures will be financed with approximately 65% leverage. The ventures are intended to be long-lived, with a target life of 20 years. Duke will retain ownership of one building excluded from the transaction.

Banc of America Securities LLC acted as sole financial advisor to Duke in connection with this transaction.

"We are pleased to enter into this long-term relationship with Eaton Vance. These ventures create a relationship that will provide a platform for continued growth in our Northern Virginia markets. We are extremely proud to be partnering with such a quality organization. Eaton Vance's view of the prospects for real estate in these markets is similar to our own," commented Denny Oklak, Chairman and Chief Executive Officer of Duke.

About Duke Realty Corporation

Founded in 1972, Duke Realty Corporation develops commercial real estate in strategically selected markets by leveraging the expertise of local sales, construction and operations professionals. Duke is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. Duke's properties encompass approximately 113 million rentable square feet leased by approximately 3,600 tenants. We own or control more than 6,500 acres of undeveloped land that can support over 94 million square feet of additional development. Duke common stock is listed on the New York Stock Exchange under the symbol: DRE. Visit Duke on the web at www.dukerealty.com.