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Duke Realty Corporation's Mark Center Site Chosen for Relocation of 6,400 U.S. Department of Defense Workers
16-Acre Site in Alexandria to Become New Campus for a U.S. Department of Defense Agency
| Source: Duke Realty Corporation
INDIANAPOLIS, IN--(Marketwire - September 30, 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.