Blackstone Grabs Suburban Office Properties For $1B

Law360, New York (October 21, 2011, 1:47 PM EDT) -- Duke Realty Corp. will sell a 10-million-square-foot portfolio of suburban office space to private equity giant Blackstone Group LP, which has been on a real estate buying spree over the past year, for $1.08 billion, it said late Thursday.

Indianapolis-based Duke Realty's shares leaped ahead on the news, characterized by CEO Denny Oklak as a key step toward realizing the company’s plan to deleverage its balance sheet, redirect its business plan away from suburban office space and hone in on industrial and medical office space....
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