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Duke Realty Starting $102M of New Development

INDIANAPOLIS-The locally based real estate company says it is building a 350,000-sf office headquarters in Buffalo, NY and two medical office buildings, a 71,000-sf facility in Ohio and a 72,000-sf facility in New Jersey.

By Brian K. Miller | Updated on April 28, 2005

INDIANAPOLIS-Duke Realty Corp. this week revealed $102 million of new projects. The work was generated by its National Development Group, which is focused on capitalizing on the growing healthcare industry. The most significant project is a 350,000-sf office headquarters in Buffalo, NY. This project is 100% preleased for 15 years by HealthNow. HealthNow is related to BlueCross Blue Shield, according to Duke Realty. The other developments are medical office buildings in Summit, NJ and Chillicothe, OH. Both are being developed in a joint venture with Bremner & Wiley, an locally based healthcare facility development and management firm.The Ohio project is a 71,000-sf building that has been 64% preleased to Adena Healthcare System for 11 years. The New Jersey project is a 72,000-sf building that has been 43% preleased to Atlantic Health System for 10 years. Duke and Bremner & Wiley formed their 50-50 joint venture last fall. Duke Realty provides project financing and construction services while Bremner & Wiley provides business development, leasing and property management of the co-developed properties.”A number of factors, including patient demand for convenience and the aging of the baby boom generation, are all placing pressures on healthcare systems to develop new facilities,” said Bremner & Wiley chief executive James Bremner at the time the JV was formed.

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