Duke Realty Completes Cleveland Industrial Portfolio Sale

Duke sold the ten-building portfolio to First Industrial Realty Trust, Inc. Duke says this completes the industrial portion of its previously announced exit strategy in the Cleveland market.

Source: Inside INdiana Business

Press Release

INDIANAPOLIS--July 25, 2006--Duke Realty Corporation (NYSE:DRE) announced today that it has completed the sale of its remaining 1.8 million square foot industrial portfolio located in the greater Cleveland, Ohio, area.

Including the recently announced sale of a 458,000 square foot industrial facility, this disposition completes the industrial portion of the Company's previously announced exit strategy in the Cleveland market. Going forward, Duke will begin to market its 2.2 million square foot suburban office portfolio and undeveloped land holdings.

First Industrial Realty Trust, Inc. purchased the ten-building portfolio. The investment sales team of John Huguenard and Tom Powers of Colliers Turley Martin Tucker was Duke's exclusive listing agent for the transaction.

Commenting on the transaction, Denny Oklak, Duke's Chairman and Chief Executive Officer, stated,

"We disclosed late last year our intent to exit the Cleveland market and to re-deploy the proceeds from property sales into our pipeline of developments in other markets. We have now completed the industrial portion of that exit. We are pleased with the value these assets have generated and we will now focus our attention on securing buyers for our remaining assets over the next twelve to twenty-four months."

About Duke Realty Corporation

Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail real estate. It is the largest publicly-traded, vertically integrated office/industrial real estate company in the United States. Duke's properties encompass approximately 114 million rentable square feet that are leased by more than 3,600 tenants, and more than 6,300 acres of undeveloped land that can support over 90 million square feet of additional development. Duke provides a full range of services in-house, backs them with more than 30 years experience, and delivers valuable real estate solutions to satisfied customers across the nation. Duke common stock is listed on the New York Stock Exchange under the symbol: DRE. Visit Duke on the web at www.dukerealty.com.

Source: Duke Realty Corp.