INDIANAPOLIS-Duke Realty Corp. is on a selling spree in the Midwest, putting 2.2 million sf of office space up for sale in Cincinnati, about a third of the 6.5 million sf that it holds in the area, and selling 15 industrial buildings in St. Louis. Blue Real Estate, based in Beverly Hills, CA, bought the St. Louis holdings, about 865,000 sf, for $65 million.

It’s not that the company, which has 113 million sf of property in 20 cities, wants out of Cincinnati, or even the Midwest, says a Duke spokesman. “Of our top six markets, five are in the Midwest: Indianapolis, Cincinnati, St. Louis, Chicago and Columbus. The only market we’ve pulled out of is Cleveland, it’s not much of a growth market,” the spokesman tells

Rather, he says the recent sale situations, at least mostly Cincinnati, is about recycling capital. “We’re making sure our capital stays in growth markets, and not in substandard markets,” he says.

The company is looking to sell Cincinnati buildings such as One Ashview Place in Blue Ash and the Enquirer building at 312 Elm St., as well as properties at Governor’s Hill and Governor’s Pointe in Mason, he tells “We’re going to take capital and redeploy it to three submarkets, Blue Ash, Kenwood and West Chester. We’ve got a building about to open and another underway in both Blue Ash and West Chester, and we’re pursuing land in Kenwood.” The buildings in Cincinnati are about 86% occupied, and some brokers have reportedly estimated they’ll sell for up to $387 million.

The spokesman says the St. Louis properties were flex industrial buildings, with a vacancy rate of 9%, and were in the communities of St. Louis, Fenton, Maryland Heights and Olivette. Properties included the St. Louis Business Center, Fenton Interstate Buildings and Warson Commerce Center. Ted Ries, Blue Real Estate president, did not return phone calls for comment.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.