INDIANAPOLIS, IN -- (Marketwire) -- 05/14/09 -- Duke Realty Corporation (NYSE: DRE), an
owner, manager and developer of industrial, office and healthcare
properties throughout the United States, announced today that it has
commenced the development of the new Baylor Cancer Center, a 460,000-square
foot, $154 million outpatient cancer treatment center at Baylor University
Medical Center at Dallas. Baylor University Medical Center at Dallas is a
nationally recognized not-for-profit hospital that cares for more than
300,000 people each year and has over 1,000 licensed beds.
The project will be owned by a newly created joint venture between Duke and
Northwestern Mutual with the majority of the venture owned by Northwestern
Mutual. Duke will receive development and leasing fees during development
and construction. BremnerDuke Healthcare Real Estate, a division of Duke
Realty Corporation, will manage the asset following completion.
When completed, the Baylor Cancer Center is expected to receive LEED®
silver certification and will be among the premier cancer centers in the
nation. The 10-story facility will include cancer treatment services,
clinical and physician space, oncology research, conference facilities and
underground parking for 250 cars. The project is 93 percent pre-leased to
Baylor Health Care System, and US Oncology, Inc., one of the nation's
leading oncology services companies.
"Duke is extremely proud of this transaction and our ability to perform
under the current market conditions. The relationship with Baylor continues
to grow, as this is the fourth project we have started for Baylor in the
past 18 months. We are honored by the trust and confidence they have
placed in us," said Dennis D. Oklak, chairman and chief executive officer
of Duke.
"The Baylor Cancer Center illustrates our commitment to healthcare
development and ownership as crucial elements of the company's long-term
growth strategy." Oklak continued, "Northwestern Mutual's decision to form
a joint venture with us indicates the long-term potential of the project
and the healthcare expertise of BremnerDuke."
BremnerDuke Healthcare Real Estate began its relationship with Baylor in
2007.
