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Duke, Simon Close $257M Office Sale

ROSEMONT, IL-In a deal between two Indianapolis-based REITs, retail giant Simon Properties Group, Inc. sells 1.4 million sf at the Riverway and O'Hare International Center office complexes to Duke Realty Corp.

By Mark Ruda | Updated on June 02, 2005

ROSEMONT, IL-Duke Realty Corp. has paid $257 million for five buildings totaling 1.4 million sf here, acquiring the Riverway and O’Hare International Center from giant retail REIT Simon Properties Group, Inc. The three buildings at Riverway, located at the southeast corner of Higgins and River roads, total 877,000 sf while the other two O’Hare International Center buildings at Higgins and Mannheim roads add up to another 517,000 sf.

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.

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