Business Services Industry
The News & Observer, Raleigh, N.C., Real Deals Column.
Knight Ridder/Tribune Business News, January, 2002
By Steve Cannon, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Jan. 1--Speculative office construction might be on hold, but Duke Realty is starting a 40,000-square-foot building in Raleigh anchored by Allstate Insurance.
The deal was part of a multistate lease Allstate negotiated with Duke Realty that resembles renting real estate in bulk.
Allstate leased 27,000 square feet in Raleigh, plus space in four to five other cities using the same lease and got a lower rental rate by committing to a total of 160,000 square feet.
"We have many clients in many cities," said Andrew Kelton, who is in charge of the local office Jan. 1 Indianapolis-based REIT.
Duke Realty's Chicago office handled the Allstate...
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