Duke Begins Construction on 17-Story Office Tower in Raleigh, N.C.
CAPTRUST Tower at North Hills Being Developed Jointly by Duke Realty Corporation and Kane Realty Corporation
INDIANAPOLIS, IN--(Marketwire - January 23, 2008) - Duke Realty Corporation (NYSE: DRE)
announced that construction has begun on the new 17-story, mixed-use office
tower that it is developing jointly with Kane Realty Corporation in
Raleigh, N.C. Located in North Hills, a 100-acre mixed-use district known
as Raleigh's Midtown, the building will offer 274,000 square feet of Class
A rentable office space, as well as 28,400 square feet of retail space, for
a total of 302,400 square feet when complete mid-2009.
The building's first tenant, CAPTRUST Financial Advisors, an independent
investment advisory and research firm, will move its headquarters to the
building and occupy 51,000 square feet of the facility. In addition to
CAPTRUST Financial, Ogletree, Deakins, Nash, Smoak, & Stewart, PC, a law
firm with several locations throughout the United States, and CB Richard
Ellis, one of the largest commercial real estate brokerage firms in the
country, have leased space in the tower. Executed leases total more than
100,000 square feet.
"We are very pleased that this project is underway and that we have secured
such high-caliber companies as our first tenants in the building," said
Jeff Sheehan, Senior Vice President of Duke's Raleigh operations. "Kane
Realty Corporation's experience in developing mixed-use properties has been
very helpful, and they have worked diligently with us to get this project
off the ground."
"The construction of the first office tower in North Hills is significant
because it furthers our commitment to developing a community where people
can live, work, and play," said John Kane, Chief Executive Officer of Kane
Realty Corporation. "Tenants will be able to walk to work in the morning,
entertain clients over lunch or dinner, and pick up groceries on the way
home -- all in the same community."
The new tower, which will be known as CAPTRUST Tower at North Hills, is
located at one of the city's most high-profile locations -- Six Forks Road
and I-440. With its direct adjacency to the I-440 on-ramp, the CAPTRUST
Tower will be easily accessible to any point in the Greater Triangle and
Eastern Carolina region. CAPTRUST Tower, which will give tenants some of
the best views of the city and the entire Triangle region, will feature
restaurants and retail shops on the first floor and free parking with
direct access to the office floors.
Since entering the Triangle in 1999, Duke has invested more than $600
million in the area. Duke's local portfolio includes more than 5.2 million
square feet of office and industrial commercial real estate that it owns,
manages, and has developed, as well as 140 acres of undeveloped land for
future development.
About Duke Realty Corporation
Duke Realty Corporation specializes in the ownership, construction,
development, leasing, and management of office, industrial, medical office,
and retail real estate. It is the largest publicly traded, vertically
integrated office/industrial real estate company in the United States. The
company owns, manages, or has under development more than 129 million
rentable square feet in 22 major U.S. cities. Duke, which controls 7,600
acres of land for 112 million square feet of future development, also
provides nationwide real estate solutions through its national development
division. More information about Duke is available on the Internet:
www.dukerealty.com.
About Kane Realty Corporation
Focused on the development and management of retail and mixed-use
properties of the highest quality, Kane Realty Corporation is dedicated to
the goal of creating irresistible places where people will naturally want
to gather. Through concern for smart growth and meticulous attention to
detail in every aspect of the property from design to management, Kane's
mission is to build places that improve the quality of life of their
businesses, their employees, residents, and visitors. For more information,
please visit www.kanerealtycorp.com.
Editor's Note: Please contact Duke's communications department if a
rendering of CAPTRUST Tower at North Hills is needed.
Contact Information: Investor Relations Contacts:
Shona L. Bedwell
317.808.6169
Randy A. Henry
317.808.6060
News Media Contact:
Joel Reuter
317.808.6137