Duke Realty To Sell Huge Office Building In Greater Cincinnati
- Mar 16, 2015
As part of Duke Realty Corp.’s years-long strategy to transform its portfolio, the Indianapolis-based company is putting one of its largest Class A office buildings in Greater Cincinnati on the market.
According to the Cincinnati Business Courier, Duke has tapped Jim O’Connell, Mike Sullivan and Tom Powers of DTZ’s Cincinnati-based capital markets team to sell Deerfield Crossing A and B, neighboring buildings comprising 320,000 square feet of office space in Deerfield Township.Deerfield Crossing A, at 5181 Natorp Boulevard, and Deerfield Crossing B, at 5191 Natorp Boulevard, are connected by a six-story atrium. The property offers such amenities as a conference center, a fitness center and a self-serve cafe. Duke Realty did not reveal the asking price, but the PropertyShark, a real estate website which provides in-depth data for approximately 90 million properties in major markets across the United States, lists the total market value of the property at $27.7 million. Deerfield Crossing A, at 5181 Natorp Boulevard, and Deerfield Crossing B, at 5191 Natorp Boulevard, are connected by a six-story atrium.
Duke’s latest move reflects its long-term plan to reduce its exposure in the office sector and re-focus on industrial and medical office assets. Earlier this month, the Cincinnati Business Courier also reported that the company has selected CBRE to market a five-building, 700,000-square-foot office portfolio in Blue Ash. No price was announced, but the Hamilton County Auditor’s office puts the total value of the five buildings at more than $54 million.
In February, Duke sold its last six office buildings in Northeast Ohio to Time Equities Inc., for $20 million. And last summer, it sold six of its office buildings in Greater Cincinnati for more than $150 million, to Hines.
Photo credit: Duke Realty Corp.