Duke-Weeks Fuels Service Operations With 2.0 Million Square Feet of Construction Contracts and Build-to-Suits.

Business & Real Estate Editors

INDIANAPOLIS--(BUSINESS WIRE)

July 11, 2000

Company Also Announces $108 Million of High-Yielding Investments for

Its Own Account and $129 Million of Dispositions

Duke-Weeks Realty Corporation (NYSE:DRE) announced today that it has started two suburban office build-to-suits totaling 275,000 square feet that it plans to sell upon completion. In the aggregate, these projects have a total investment of $33 million and each is 100 percent pre-leased. Additionally, the Company has been awarded two separate third-party construction contracts totaling $35 million to build industrial buildings encompassing 1,700,000 square feet. Including these new contracts and the recently announced 1.3 million square foot e-commerce fulfillment complex that the Company is developing for Gap Inc. in Columbus, Ohio, Duke-Weeks' third party development and construction backlog now stands at approximately $190 million. In addition, the Company's build-to-suit for sale pipeline now totals $210 million. All of the profits from the Company's build-to-suit for sale projects and construction contracts announced today will be recognized in Duke-Weeks' Service Operations subsidiary which routinely provides construction and development services to third parties.

The Company also announced $108 million of new developments and acquisitions today with a stabilized return of approximately 11.8 percent. Duke-Weeks plans to own these buildings indefinitely. These projects include eleven new developments totaling more than 1.5 million square feet and two new acquisitions totaling 200,000 square feet.

Duke-Weeks also announced today that it completed $129 million of dispositions in the second quarter. This brings Duke-Weeks' disposition total for the first half of 2000 to $278 million at an average capitalization rate of 9.2 percent.

One of the Company's two build-to-suit for sale projects announced today is a 122,000 square foot headquarters facility located in St. Louis, Missouri. The other is a 153,000 square foot suburban office building located in Duluth, Minnesota.

The largest of the two third-party construction contracts that Duke-Weeks announced today is a 1,200,000 square foot industrial building for Lowes Companies in Findlay, Ohio. Lowes is a repeat customer of Duke-Weeks, accounting for 1.1 million square feet of the Company's third party construction activity in previous years.

Duke-Weeks' other new third-party construction contract is a 500,000 square foot industrial building for Tire Rack in South Bend, Indiana.

The Company's $108 million of new investments for its own account include:

-- Two industrial developments totaling 188,000 square feet in

Orlando, Florida;

-- A 55,000 square foot industrial development that is located at

Duke-Weeks' World Park business park in Cincinnati, Ohio;

-- A 133,000 square foot suburban office development at Brookside

office park in Atlanta, Georgia;

-- A 128,000 square foot suburban office development located at

the Company's Corporate Park at Tuttle Crossing business park

in Columbus, Ohio;

-- Two industrial developments totaling 521,000 square feet at

the Company's Earth City business park in St. Louis, Missouri;

-- A 75,000 square foot suburban office development at Gateway

Centre in Raleigh, North Carolina;

-- A 160,000 square foot suburban office development located at

the Company's Deerfield Crossing business park in Cincinnati,

Ohio;

-- A 103,000 square foot suburban office building and a 162,000

square foot industrial building located at Duke-Weeks'

Landerbrook Corporate Center and Park 82 business parks,

respectively, in Cleveland, Ohio;

-- The acquisition of a 31,000 square foot suburban office

building at Keystone at the Crossing in Indianapolis that is

100 percent leased, and;

-- The acquisition of a 169,000 square foot industrial complex in

St. Louis that is 100 percent leased and is physically

attached to an existing Duke-Weeks industrial building.

Included in the Company's second quarter dispositions is the 450,000 square foot suburban office complex that Duke-Weeks is building for Chase Manhattan Bank at its Highland Oaks business park in Tampa, Florida. Chase has exercised its option to acquire this project. As the project is still under construction, a portion of the proceeds from this sale was collected in the second quarter and the balance will be collected as the Chase complex is completed over approximately the next seven months. Other dispositions announced today include:

-- Two industrial buildings totaling 218,000 square feet in

Chicago;

-- Two industrial buildings in Atlanta totaling 46,000 square

feet;

-- A 214,000 square foot industrial building in St. Louis;

-- Two office properties in Chicago totaling 239,000 square feet.

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.