Duke Realty Corporation's Mark Center Site Chosen for Relocation of 6,400 U.S. Department of Defense Workers
Market Wire, September, 2008
The U.S. Department of the Army announced yesterday that they have chosen Duke Realty Corporation's (NYSE: DRE) Mark Center in Alexandria, Virginia as the site to relocate 6,400 U.S. Department of Defense (DoD) agency employees from Arlington, as part of the Base Realignment and Closure Act (BRAC) federally mandated by Congress in 2005.
Mark Center is a 350-acre mixed-use campus at the southwest intersection of I-395 and Seminary Road, only four miles from the Pentagon. At Mark Center, Duke owns, leases and manages 12 office buildings totaling nearly 1.3 million square feet, in addition to 16 acres of developable land -- the site of the proposed 1.7 million square feet of new office space to be constructed.
"We are honored and excited that Mark Center has been selected as the site for the new campus for the U.S. Department of Defense. We are dedicated to the on time delivery of the new home for the 6,400 Department of Defense associates who will be relocating in 2011. We thank the community and City of Alexandria for their support during this process," said Denny Oklak, Duke's Chairman and Chief Executive Officer. "Mark Center provides the optimal solution for the Department of the Army, in meeting the space, transportation, security and timeline needs for the relocation."
In accordance with the BRAC legislation, the DoD will acquire the land from Duke with an anticipated closing before the end of 2008. The land will be made a part of Fort Belvoir. Duke will be the project developer and Clark Construction will serve as Duke's general contractor for the project. Long-term ownership of the project will be held by the DoD.
The 16-acre land parcel at Mark Center has the supporting infrastructure in place for the proposed new development as well as necessary zoning approvals from the City of Alexandria. Duke and Clark Construction are committed to complete the new DoD corporate campus by the federally mandated BRAC date of September 15, 2011.
Since Duke entered the Washington, D.C. market in 2006 with the acquisition of properties and land from the Mark Winkler Company, it has seen continued success at Mark Center, with its consistently high occupancy rates and ability to attract quality tenants. The addition of the DoD corporate campus will enhance the overall mix at Mark Center, and complement defense contractor companies already located within the park.
About Duke Realty Corporation
Duke Realty Corporation specializes in the ownership, construction, development, leasing, and management of office, industrial, and health care 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 143 million rentable square feet in 24 major U.S. cities. Duke, which controls more than 7,400 acres of land for more than 110 million square feet of future development, also provides nationwide real estate solutions through its national development division. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke is available on the Internet: www.dukerealty.com .
Investor Relations Contacts: Shona L. Bedwell 317.808.6169 Email Contact Randy A. Henry 317.808.6060 Email Contact News Media Contact: Joel Reuter 317.808.6137 Email Contact
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