(To read more on the net lease market, click here.)
ROSEMONT, IL-With its suburban office portfolio mix shifting to the northeast last year, Duke Realty Corp. is moving its local office from west suburban Lisle. The Indianapolis-based office and industrial REIT will take second-floor space at 6133 N. River Rd., part of the Riverway complex, next month.
Duke Realty Corp. acquired 1.4 million sf of office space in the O'Hare submarket with its $275-million purchase of Simon Property Group's portions of the Riverway and O'Hare International Center office complexes. That overshadows the 1.3 million sf Duke Realty Corp. owns in the East-West Corridor, the largest suburban submarket, including more than 650,000 sf in Lisle.
Meanwhile, the acquisition has kept the REIT's 90-plus local staff busy with leasing. It has signed new leases for 115,183 sf while renewing another 75,732 sf of deals in Rosemont since closing its deal with its fellow Indianapolis-based REIT in mid-year. However, Duke Realty Corp. still have 281,850 sf available in Rosemont, including 103,766 sf at Riverway West, 9399 W. Higgins Rd. "We still have vacancy and rollover to contend with, but our progress to date is better than anticipated," says Duke Realty Corp. senior vice president Steve Schnur.
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