A Historic Timeline of Duke Realty
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. With properties in 19 major logistics markets across the United States—and plans to continue growing—you can expect to see Duke Realty making even more history in the years to come. Check out the timeline below to learn about our story to date. Use the arrows to walk through each milestone in our history.
With $40,000 in capital and limited knowledge of commercial real estate, John Rosebrough, Phil Duke, and John Wynne embarked on their first industrial development in Park 100 on the northwest side of the city. Over the years, Duke Realty transformed Park 100 into one of the country’s largest industrial parks, eventually encompassing 1,500 acres.
Once Duke Realty was well established in Indianapolis, company leaders decided to expand geographically and began development in Cincinnati. In addition to opening its first satellite office, Duke Realty expanded its development portfolio to include office buildings.
Over the next 20 years, Duke Realty’s presence in the Midwest grew. Offices were opened in Chicago, St. Louis, Nashville, Minneapolis and Columbus, Ohio, with Duke Realty becoming one of the largest developers and property owners in each of these markets.
The company issued an IPO that generated more than $310 million and became a publicly traded company on the New York Stock Exchange (NYSE: DRE). Funds generated by the IPO helped improve the company’s balance sheet and put it in an excellent position to raise capital in the future to grow its portfolio.
With a strong business model in place, Duke Realty was ready to expand and acquired a company that was similar in terms of product types and business operations, but geographically diverse. The merger gave Duke Realty an entrance into new and fast-growing markets throughout the southeastern United States and a stronger national presence.
Duke Realty was once again ready to expand geographically and identified strong markets where it wanted a presence. Properties in Houston expanded Duke Realty’s footprint in the West. The company also strengthened its position in the East with an acquisition in Washington D.C. and properties in Savannah, Baltimore and New Jersey near major seaports.
Duke Realty exited the suburban office sector of the business and repositioned its portfolio so that the majority of its net operating income was generated by its industrial portfolio. Duke Realty used proceeds from the sale of its office properties to fund new development and acquisitions of industrial properties and strengthen its balance sheet.
As part of its growth strategy, Duke Realty continued to focus on the top-tier industrial markets in the United States. The company expanded its portfolios in both Northern and Southern California, as well as New Jersey, Eastern Pennsylvania and South Florida, through the acquisition and development of high-quality, modern warehouse facilities.
Duke Realty celebrated its 25th year as a publicly traded company on the New York Stock Exchange. Since the 1993 IPO, the company grew its portfolio from 12 million square feet in Midwest cities to 153 million square feet in 20 major logistics markets coast-to-coast.
Strengthening its position in Tier 1 markets and expanding its commitment to corporate responsibility are key goals for the company. Duke Realty moved into a new state-of-the-art corporate headquarters, opened a Seattle office and expanded its teams in New Jersey and Northern California. With 50 years of experience, Duke Realty is well positioned for future growth.