The properties have long been on the radar of the office and industrial REIT. Duke Realty Corp. thought it had a deal for the properties in 2002, but Simon Properties Group pulled out to avoid an extra capital gains distribution.
"For a number of years we have been looking for the right position in the O'Hare submarket, which we believe is one of the best long-term submarkets in Chicago because of its central location," says Duke Realty Corp. chairman and chief executive officer Dennis Oklak, whose company owns a 95,600-sf building in Park Ridge. "The submarket has a very limited supply of land positions for new developments, which should provide an environment conducive to future rental rate growth."
For Simon Property Group, the assets were non-core holdings, chief executive officer David Simon has said.
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