Duke Sells Majority Stake in $343M Offices

INDIANAPOLIS-CB Richard Ellis Realty Trust’s purchase is the second and final buy of a 20-office portfolio that totals more than three million square feet.

By Robert Carr | Updated on April 14, 2011

INDIANAPOLIS-CB Richard Ellis Realty Trust has purchased an 80% interest in 13 properties owned by locally-based Duke Realty Corp. The majority of the offices, about two million square feet and valued at $342 million, are located in the Midwest.

The deal is a continuation of the buyer purchasing the same stake in another seven of Duke’s offices in December. Duke will continue to own the remaining 20% of the 20-property portfolio, which is valued at $516, says CBRE Realty Trust Chairman and CEO Jack Cuneo.

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