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Duke Sells Suburb Office Portfolio for $1B

INDIANAPOLIS-New York City-based Blackstone has agreed to buy and manage the 82-building portfolio as Duke will focus more on industrial and core office properties.

By Robert Carr | Updated on October 21, 2011

INDIANAPOLIS-Duke Realty Corp., based here, has agreed to sell its 82-building suburban office portfolio to New York City-based Blackstone Real Estate Partners for $1 billion. The portfolio of about 10 million square feet is located throughout the Midwest and South.

Duke officials said in a statement that the sale is part of a company refocusing efforts. The company’s long-term strategy is to own 60% industrial, 25% office and 15% medical office, the company said.

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