SOURCE: Duke Realty Corporation

January 23, 2008 21:52 ET

Duke Begins Construction on 17-Story Office Tower in Raleigh, N.C.

CAPTRUST Tower at North Hills Being Developed Jointly by Duke Realty Corporation and Kane Realty Corporation

INDIANAPOLIS, IN--(Marketwire - January 23, 2008) - Duke Realty Corporation (NYSE: DRE) announced that construction has begun on the new 17-story, mixed-use office tower that it is developing jointly with Kane Realty Corporation in Raleigh, N.C. Located in North Hills, a 100-acre mixed-use district known as Raleigh's Midtown, the building will offer 274,000 square feet of Class A rentable office space, as well as 28,400 square feet of retail space, for a total of 302,400 square feet when complete mid-2009.

The building's first tenant, CAPTRUST Financial Advisors, an independent investment advisory and research firm, will move its headquarters to the building and occupy 51,000 square feet of the facility. In addition to CAPTRUST Financial, Ogletree, Deakins, Nash, Smoak, & Stewart, PC, a law firm with several locations throughout the United States, and CB Richard Ellis, one of the largest commercial real estate brokerage firms in the country, have leased space in the tower. Executed leases total more than 100,000 square feet.

"We are very pleased that this project is underway and that we have secured such high-caliber companies as our first tenants in the building," said Jeff Sheehan, Senior Vice President of Duke's Raleigh operations. "Kane Realty Corporation's experience in developing mixed-use properties has been very helpful, and they have worked diligently with us to get this project off the ground."

"The construction of the first office tower in North Hills is significant because it furthers our commitment to developing a community where people can live, work, and play," said John Kane, Chief Executive Officer of Kane Realty Corporation. "Tenants will be able to walk to work in the morning, entertain clients over lunch or dinner, and pick up groceries on the way home -- all in the same community."

The new tower, which will be known as CAPTRUST Tower at North Hills, is located at one of the city's most high-profile locations -- Six Forks Road and I-440. With its direct adjacency to the I-440 on-ramp, the CAPTRUST Tower will be easily accessible to any point in the Greater Triangle and Eastern Carolina region. CAPTRUST Tower, which will give tenants some of the best views of the city and the entire Triangle region, will feature restaurants and retail shops on the first floor and free parking with direct access to the office floors.

Since entering the Triangle in 1999, Duke has invested more than $600 million in the area. Duke's local portfolio includes more than 5.2 million square feet of office and industrial commercial real estate that it owns, manages, and has developed, as well as 140 acres of undeveloped land for future development.

About Duke Realty Corporation

Duke Realty Corporation specializes in the ownership, construction, development, leasing, and management of office, industrial, medical office, and retail real estate. It is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. The company owns, manages, or has under development more than 129 million rentable square feet in 22 major U.S. cities. Duke, which controls 7,600 acres of land for 112 million square feet of future development, also provides nationwide real estate solutions through its national development division. More information about Duke is available on the Internet: www.dukerealty.com.

About Kane Realty Corporation

Focused on the development and management of retail and mixed-use properties of the highest quality, Kane Realty Corporation is dedicated to the goal of creating irresistible places where people will naturally want to gather. Through concern for smart growth and meticulous attention to detail in every aspect of the property from design to management, Kane's mission is to build places that improve the quality of life of their businesses, their employees, residents, and visitors. For more information, please visit www.kanerealtycorp.com.

Editor's Note: Please contact Duke's communications department if a rendering of CAPTRUST Tower at North Hills is needed.

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