Duke Realty
Former American real estate investment trust specializing in industrial and logistics properties.
Last updated August 21, 2026
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Overview
Duke Realty was an American real estate investment trust headquartered in Indianapolis, Indiana, whose business evolved from regional construction and development into large-scale ownership, development, and management of industrial real estate. The company was established in 1972 when Philip R. Duke, John Rosebrough, and John Wynne formed P.R. Duke Construction and Duke Development Companies with $40,000 in capital. Its earliest development was in Indianapolis’s Park 100 industrial area, establishing a foundation in commercial and industrial property. During the 1980s and 1990s, Duke Realty built the corporate structure and capital markets presence that supported its expansion. Duke Realty Investments was formed in 1985, while related entities were reorganized under Duke Associates after Philip Duke sold his shares in 1986. In 1993, Duke Realty Investments became publicly traded through an initial public offering on the New York Stock Exchange that raised $310 million. Public ownership enabled the company to broaden its development and acquisition activity across U.S. markets. Duke Realty expanded beyond its original Midwestern base through transactions such as its 1999 merger with Weeks Corporation, a real estate investment trust with a substantial presence in the Southwestern United States. In 2006, it acquired 32 buildings in the Washington, D.C., area from the Mark Winkler Company. Although the company developed and owned different types of commercial property over time, its strategic emphasis ultimately shifted decisively toward industrial real estate, including distribution centers, logistics facilities, and other warehouse-oriented assets. A major portfolio transformation occurred in May 2017, when Duke Realty sold its medical office properties to Healthcare Trust of America for $2.8 billion. The transaction allowed the company to concentrate on industrial properties rather than maintaining a diversified commercial real estate portfolio. Duke Realty was added to the S&P 500 in July 2017, reflecting its position as a significant publicly traded U.S. real estate company at that time. By December 31, 2021, Duke Realty owned or jointly controlled 548 primarily industrial properties totaling approximately 162.7 million rentable square feet. Its development record also included notable commercial buildings such as Captrust Tower in Raleigh, North Carolina, and Scripps Center in Cincinnati, Ohio. The company ceased to exist as an independent listed REIT after Prologis acquired it in October 2022 in a transaction valued at approximately $23 billion. Duke Realty’s final strategic identity was therefore that of a large U.S. industrial and logistics property platform, rather than a continuing independent consumer-facing brand.
History
Duke Realty originated in Indianapolis in 1972, when Philip R. Duke, John Rosebrough, and John Wynne established P.R. Duke Construction and Duke Development Companies with $40,000 of capital. The business’s first development was in the Park 100 neighborhood in northwest Indianapolis. This early work placed the company in the industrial and commercial development sector, a field that later became the core of its identity. The corporate structure developed during the 1980s. Duke Realty Investments was formed in 1985. In 1986, Philip Duke sold his shares, after which Duke Associates became the holding company for P.R. Duke Construction Company and P.R. Duke Realty. The company pursued a public capital-markets strategy in 1993, announcing that Duke Realty Investment would become a public company through an initial public offering on the New York Stock Exchange. The offering raised $310 million and gave the company additional capacity for property development and expansion. Duke Realty enlarged its geographic footprint through the 1999 merger with Weeks Corporation, another REIT whose properties were concentrated primarily in the Southwestern United States. In 2006, it acquired 32 buildings in the Washington, D.C., region from the Mark Winkler Company. Over time, the company maintained exposure to several commercial property categories, including office and medical office assets, while also developing prominent buildings such as Captrust Tower in Raleigh, North Carolina, and Scripps Center in Cincinnati, Ohio. The most important strategic shift came in 2017. In May, Duke Realty sold its medical office portfolio to Healthcare Trust of America for $2.8 billion. The sale enabled management to concentrate on industrial properties, especially logistics and distribution facilities. Its inclusion in the S&P 500 in July of the same year marked its standing as a major publicly traded U.S. real estate company. At the end of 2021, Duke Realty owned or jointly controlled 548 primarily industrial properties with approximately 162.7 million rentable square feet. This portfolio demonstrated the outcome of its long-term transition from a regional development business into a large industrial-focused REIT. In October 2022, Prologis acquired Duke Realty for approximately $23 billion. Following the acquisition, Duke Realty was no longer an independent public company. Its corporate history is consequently defined by the development of a substantial U.S. industrial property platform and its eventual absorption into Prologis.
- 2022
Acquired by Prologis
[1]Prologis acquired Duke Realty in October in a transaction valued at approximately $23 billion, ending its independent corporate and stock-market identity.
- 2021
Industrial portfolio reaches reported scale
[1]As of December 31, Duke Realty owned or jointly controlled 548 primarily industrial properties totaling 162.7 million rentable square feet.
- 2017
Medical office assets are divested
[1]The company sold its medical office properties to Healthcare Trust of America for $2.8 billion and focused its strategy on industrial properties.
- 2017
Added to the S&P 500
[1]Duke Realty joined the S&P 500 in July.
- 2006
Washington, D.C. acquisition
[1]Duke Realty acquired 32 buildings in the Washington, D.C., area from the Mark Winkler Company.
- 1999
Merger with Weeks Corporation
[1]The merger expanded Duke Realty’s property platform and added substantial Southwestern U.S. exposure.
- 1993
Initial public offering
[1]Duke Realty Investment became publicly traded on the New York Stock Exchange through an offering that raised $310 million.
- 1986
Philip Duke sells his shares
[1]Philip Duke sold his shares, and Duke Associates became the holding company for the related construction and realty businesses.
- 1985
Duke Realty Investments is formed
[1]The company created Duke Realty Investments as part of its expanding real estate business structure.
- 1972
P.R. Duke Construction and Duke Development Companies are formed
[1]Philip R. Duke, John Rosebrough, and John Wynne established the predecessor companies with $40,000 in capital. The first development was in Indianapolis’s Park 100 neighborhood.
Products and positioning
A large U.S. industrial and logistics real estate investment trust, focused on developing, owning, and managing warehouse and distribution properties in major American markets.
Industrial real estate
Industrial and logistics properties
Duke Realty’s principal business in its final years was the development, ownership, and management of industrial properties, including warehouses, distribution facilities, and logistics-oriented buildings. These assets served the needs of supply-chain, distribution, and commercial occupiers across major U.S. markets. By the end of 2021, the company’s portfolio was primarily industrial and included 548 owned or jointly controlled properties.
Commercial real estate
Office and commercial properties
Before concentrating on industrial real estate, Duke Realty developed and owned office and other commercial properties. Notable developments associated with the company included Captrust Tower in Raleigh, North Carolina, and Scripps Center in Cincinnati, Ohio.
Medical office real estate
Medical office properties
Medical office properties formed part of Duke Realty’s diversified commercial portfolio before the company’s 2017 strategic refocusing. The portfolio was sold to Healthcare Trust of America in May 2017 for $2.8 billion.
Brand decisions
2022
Acquisition by PrologisM&ABackground
Duke Realty had become a large industrial-focused property platform, with 548 primarily industrial properties reported at the end of 2021.
Action taken
Prologis acquired Duke Realty in October 2022 for approximately $23 billion.
Aftermath
Duke Realty ceased operating as an independent publicly traded REIT and became part of Prologis.
Transaction value. $23 billion (October 2022)
2017
Concentrate the portfolio on industrial real estateStrategyBackground
Duke Realty had owned assets in several commercial property categories, including medical office real estate. The company chose to narrow its business focus.
Action taken
It sold its medical office properties to Healthcare Trust of America for $2.8 billion and redirected its attention toward industrial properties.
Aftermath
The transaction marked the company’s transition toward an industrial and logistics REIT and preceded its addition to the S&P 500 later in 2017.
Sale value. $2.8 billion (May 2017)
Recent events
Duke Realty headquarters earns LEED Silver certification[2]
Duke Realty's corporate headquarters in Indianapolis earned LEED Silver certification from the United States Green Building Council.
Reported
Duke Realty promotes two employees[3]
Duke Realty promoted Megan Basore to vice president of corporate responsibility and Saundra Gilbert to corporate responsibility and brand manager.
Reported
Duke Realty prices $400 million notes offering[4]
Duke Realty announced that its operating partnership had priced a public offering of $400 million in senior unsecured notes due November 15, 2029. The offering was expected to close on November 15, subject to customary closing conditions.
Sources4 sources
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