The acquisition also includes two development land parcels totaling approximately 17 acres. The parcels complement HTA's acquisition of the Duke MOB development platform.

For Duke, the sale to HTA, when completed, will mark an exit from the MOB business. Although the MOB sector had generated “substantial value” for Duke's stakeholders since the REIT acquired the platform in 2007, “we took advantage of strong investor appetite in the market for high quality and substantially on-campus medical office real estate,” Jim Connor, Duke's chairman and CEO, said when the deal was announced.

SCOTTSDALE, AZ—Healthcare Trust of America Inc. said late Monday afternoon that it had completed one phase of its acquisition of Duke Realty Corp.'s medical office business, namely the development and construction platform. The platform, which will be renamed HTA – Development, has figured in more than $1 billion in medical real estate development over the past decade.

HTA Development will be led by a Duke veteran, Keith Konkoli, who has been named to the newly created position of EVP—development. Most recently an EVP with Duke Realty Healthcare, Konkoli will lead a team of 15 who will be joining HTA from Duke and who have specific expertise in healthcare real estate.

“Healthcare Trust of America is the leader in medical office buildings in the United States,” says Scott D. Peters, HTA's chairman and CEO. “The addition of the HTA – Development team creates a full-service entity that can consistently provide real estate solutions for healthcare providers with efficiencies of scale and other synergies that will benefit our tenants and shareholders for years to come.”

The Scottsdale, AZ-based healthcare REIT announced six weeks ago that it would acquire Duke Realty Corp.'s medical office portfolio and medical development platform for $2.75 billion. Duke's portfolio includes 78 properties overall, spanning 6.1 million square feet and 94% leased, of which 14 are in development or undergoing lease-up stabilization. It includes Duke's proportionate interest in two unconsolidated joint venture entities.

The acquisition also includes two development land parcels totaling approximately 17 acres. The parcels complement HTA's acquisition of the Duke MOB development platform.

For Duke, the sale to HTA, when completed, will mark an exit from the MOB business. Although the MOB sector had generated “substantial value” for Duke's stakeholders since the REIT acquired the platform in 2007, “we took advantage of strong investor appetite in the market for high quality and substantially on-campus medical office real estate,” Jim Connor, Duke's chairman and CEO, said when the deal was announced.