Business Services Industry
Reporters' Notebook; Behind the news with Crain's writers.(The Insider)
Crain's Cleveland Business, June, 2007
Psst ... those buildings Duke sold cost $141 million * When Duke Realty Corp. of Indianapolis sold nine office buildings in the eastern suburbs to a joint venture formed by Gotham Partners of New York City and the King Group of Beachwood, the parties did not disclose how much money changed hands for the properties.
However, a Securities and Exchange Commission filing that includes the transcript of an April 26 conference call discloses the figure. Denny Oklak, Duke chairman and CEO, told investors and stock analysts on the call that the sale price for the buildings was $141 million. The 900,000-square-foot portfolio was 95% leased. Mr. Oklak said Duke made 20% on its investment in the properties. Duke bought and built the structures since entering the...
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