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Friday, March 16, 2007

Duke sells nine office buildings

By STAN BULLARD1:16 pm, March 16, 2007

A partnership formed by the King Group in Beachwood and a New York City investor group named Gotham Partners this morning acquired nine office buildings in the eastern suburbs from Duke Realty Corp.

That’s the word from Jon Burger, a vice president in Duke’s Independence office, who declined to disclose the sale price on the transaction. Indianapolis-based Duke sold the office buildings as part of its plan to exit Northeast Ohio and redeploy the proceeds to areas with more real estate growth potential.

All told, the portfolio is nearly 900,000 square feet of rental office space in top-tier buildings in four eastern suburbs. Rumors in the real estate market previously put the sale price in the $140 million range.


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