Duke Realty Corp. (DRE), a real estate investment trust (:REIT), recently signed an agreement with Novella Clinical to lease a property in North Carolina, located at 1700 Perimeter Park Drive in Morrisville. The financial terms of the agreement were not divulged.
Novella Clinical Inc. is a full service clinical research organization (:CRO) having dual headquarters in Research Triangle Park, N.C. and Stevenage, England. The company primarily caters to the oncology, medical device and biopharmaceutical industries.
The 1700 Perimeter Park Drive building is a three storey Class A office building spanning 77,239 square feet. The property was previously occupied by Salix Pharmaceuticals ltd. (SLXP).
The 2.5 million square feet Perimeter Park is a mixed-use development property comprising a park-like setting. It includes office and industrial space along with hospitality, medical, fitness, dining and conference facilities.
We believe Duke Realty will benefit from the agreement as it is likely to increase company's rental revenue in the coming quarters.
Duke Realty reported in line results in the first quarter 2012. The Zacks Consensus Estimate for funds from operations (:FFO) per share for 2012 and 2013 are pegged at $1.02 and $1.11 respectively.
Based in Indianapolis, Indiana, Duke Realty offers leasing, property and asset management, development, construction, build-to-suit, and other tenant-related services. It owns and manages more than 139 million square feet of rentable industrial, medical and office properties in 18 major cities in U.S.
We presently have long term Neutral recommendation on Duke Realty, which holds a Zacks #3 Rank signifying a short-term Hold rating. We have a Zacks #2 (short-term Buy) and a long term Neutral recommendation on Host Hotels & Resorts Inc. (HST), a peer of Duke Realty.
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