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Duke Realty history
Duke Realty company history timeline
Duke Realty launched its business in 1972 with the development of an industrial building in Indianapolis, IN. Since that time, we’ve grown dramatically and are now the leading pure-play, domestic-only industrial REIT in the country.
Duke Realty was founded in 1972 by John Rosebrough, Phil Duke, and John Wynne.
Once the business was well established in its hometown, Duke expanded into its second market, Cincinnati, in 1978.
Chief Financial Officer Gene Zink told the press, "It is not our plan to gobble up properties." Serving as Duke's president and CEO was Thomas L. Hefner, who had been a managing general partner at Duke Associates since 1978 and had recently served as the firm's chief operating officer.
Formation of a REIT in 1985
In 1985 Duke decided to package a number of its properties in a real estate investment trust.
The timing, however, was less than fortuitous due to a number of Texas developers entering the area simultaneously, a situation that led to the area becoming overbuilt. It began testing a third market in 1985 when it built an office building in Nashville, Tennessee.
Not until the Tax Reform Act of 1986 changed the nature of real estate investment did the REIT gain widespread usage.
In 1986 Phillip Duke and Rosebrough sold their interests in the five operating companies of P.R. Duke & Associates to a partnership headed by one of the original founders, John Wynne, along with four second-level managers.
In 1995 the company established a regional office in St Louis and acquired 463,000 square feet of office properties as well as 153 acres of suburban land for the future development of industrial properties.
Duke continued to expand into new markets in 1997.
In March 1999 Duke and Weeks agreed to a $1.1 billion stock swap, creating a company with a market value of close to $5.4 billion.
In 1999, it merged with Weeks Corporation, another real estate investment trust with properties primarily in the US Southwest.
In 2006, it bought 32 buildings in the Washington, D.C. area from the Mark Winkler Company.
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Duke Realty competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| First Industrial Realty Trust | 1994 | $669.6M | 100 | 5 |
| Lincoln Harris | 1992 | $170.0M | 487 | - |
| The Community Builders | 1964 | $1.4M | 50 | 89 |
| PRG Real Estate | 1985 | $13.0M | 200 | 40 |
| Reserve at Eagle Ridge | - | $4.1M | 350 | - |
| Cushman & Wakefield | 1917 | $9.4B | 50,001 | 6,564 |
| Colliers International | 1976 | $21.0M | 15,000 | 204 |
| Trammell Crow Co | - | $840.0M | 1,800 | - |
| Combined Properties | 1984 | $2.2M | 31 | - |
| CB Richard Ellis Real Estate Services LLC | 1992 | $120.0M | 400 | - |
Duke Realty history FAQs
Zippia gives an in-depth look into the details of Duke Realty, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Duke Realty. The employee data is based on information from people who have self-reported their past or current employments at Duke Realty. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Duke Realty. The data presented on this page does not represent the view of Duke Realty and its employees or that of Zippia.
Duke Realty may also be known as or be related to DUKE REALTY CORP, Duke Realty, Duke Realty Corp, Duke Realty Corp. and Duke Realty Corporation.