Duke-Weeks Announces $88 Million of New Developments Including Energizer Headquarters in St. Louis; Third-Party Construction Backlog Higher Than Ever.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--June 1, 2000

Duke-Weeks Realty Corporation (NYSE:DRE) announced today that it has commenced approximately 1.7 million square feet of new developments totaling $88 million with an expected stabilized return of 11.3 percent.

The Company also announced that it has been selected to build a 404,000 square foot "owner-occupied" industrial project in Chicago, and that its overall third-party construction backlog is higher than it has ever been.

One of the largest of Duke-Weeks' new developments announced today is a 126,000 square foot suburban office facility that is 34 percent pre-leased to Energizer Holdings, Inc., a recent spin-off of Ralston Purina Company. The building is located at Duke-Weeks' Maryville Centre Office Park in St. Louis, Missouri. In addition, Energizer has also agreed to lease the entire 125,000 square foot office building that the Company currently has under construction at Maryville Centre. These buildings will serve as Energizer's new corporate headquarters.

As previously announced on May 4, Duke-Weeks is developing for Gap Inc. a 1.3 million square foot e-commerce fulfillment complex at its Groveport Commerce Center business park in Columbus, Ohio. As part of this transaction, Gap leased a 427,000 square foot distribution building that Duke-Weeks had under construction at the Groveport Commerce Center. As a result of this leasing, Duke-Weeks has commenced construction on a new 345,000 square foot distribution building in Groveport Commerce Center to meet continuing demand in the Columbus market.

Other new developments announced today include:

-- An 80,000 square foot suburban office building that is 100

percent pre-leased and located in the Company's Brookside

Business Park in Atlanta, Georgia.

-- A 78,000 square foot industrial development in Cleveland,

Ohio that is 100 percent pre-leased to Van Dorn Demag

Corporation.

-- A 104,000 square foot suburban office building located in

Huntcrest Office Park in Atlanta, Georgia that is 26 percent

pre-leased.

-- A 500,000 square foot industrial development in Atlanta,

Georgia located at the Company's Braselton Industrial Park.

-- A 58,000 square foot suburban office building located at the

Company's Regency Office Park in Tampa, Florida.

-- A 158,000 square foot suburban office building located in

the Blue Ash sub-market of Cincinnati, Ohio.

-- A 227,000 square foot industrial development in

Indianapolis, Indiana that is 100 percent pre-leased to

Gander Mountain, LLC.

The Company also announced today that it has been selected by Spears Manufacturing Company to build a 404,000 square foot industrial building to be owned by Spears and located at Duke-Weeks' Crossroads Business Park in Chicago, Illinois. With this project and the Gap complex in Columbus now underway, Duke-Weeks' backlog of third-party construction activity is approximately $150 million, higher than it has ever been in the Company's history. Additionally, Duke-Weeks has a $179 million backlog of build-to-suit-for-sale developments that will also generate profits for the Company's service operations division without requiring a long-term commitment of capital.

Duke-Weeks Realty Corporation is one of the largest office and industrial real estate companies in the United States and has the longest ongoing record in the industry (18 consecutive quarters) of double-digit growth in funds from operations per share. Offering a complete range of real estate products and services, Duke-Weeks produces more than $750 million in annual revenue from approximately 5,000 tenants and focuses on building dominant market positions in each of its 13 geographic platforms across the Midwest and the Sunbelt. Duke-Weeks owns interests in more than 100 million square feet of properties, has approximately 1,500 employees and owns or controls approximately 3,900 acres of undeveloped land that can support approximately 60 million square feet of future development. Visit Duke-Weeks on the web at www.dukereit.com.