PLANTATION, FL-In a move to shift capital from Midwest suburban office assets to quality properties in other parts of the US, Duke Realty has acquired the Royal Palm I and Royal Palm II Class A office buildings in Plantation. The seller was financial services firm TIAA-CREF. Financial terms of the deal were undisclosed.

With the acquisitions, Duke Realty expands its South Florida portfolio by 465,492 square feet to 1.9 million square feet in 13 buildings. Duke’s total portfolio of office, industrial, and retail properties in Broward County totals 2.4 million square feet.

“We look at these buildings as an opportunity,” Ed Mitchell, senior vice president of Duke Realty’s South Florida operations, tells GlobeSt.com. “Our portfolio is about 96% occupied in South Florida. We believe we can bring the occupancy in these buildings up to that level.”

Both Royal Palm I and Royal Palm II are located in the Southpointe Centre Office Park near I-595. Royal Palm I is a nine-story, 240,308-square-foot building that is nearly 88% occupied. Royal Palm II is an eight-story structure with 225,284 square feet and is more than 90% occupied.