Today the Triangle Business Journal reported that “ Duke Realty Corp. (NYSE: DRE), the second largest office landlord in the Triangle (Raleigh-based Highwoods Properties (NYSE: HIW) is the largest), has reached a deal to sell all of its office properties in the Triangle, Nashville, St. Louis and South Florida in a transaction valued at $1.12 billion.”

The pending transaction would include 17 office buildings at Perimeter Park in Morrisville and four other office buildings it owns in Raleigh and in Cary.

According to the TBJ the total value of Duke Realty’s Triangle properties is around $500 million which is based on the estimated $160 per square foot that includes additional undeveloped land included in the deal.

The company’s Triangle office portfolio was 93 percent occupied as of the fourth quarter of 2014 with a tenants that include Lenovo and PPD.

The deal does not include any of Duke Realty’s warehouse and industrial properties nor does it include two medical office buildings it owns in affiliation with Wake Med in Raleigh.

The acquiring group is a joint venture partnership between Starwood Capital Group, Vanderbilt Partners and Trinity Capital Advisors. The sale was confirmed by Molly Carroll, director of marketing for Trinity Capital Advisors’ whose sister company is Charlotte-based Trinity Partners.

The transaction is expected to close by April 1, 2015.

Source: Triangle Business Journal