CB Richard Ellis Realty Trust and Duke Realty Corp.Joint Venture Buys Orlando Area Office Building

PRINCETON, N.J.,  Oct. 26, 2009 – CB Richard Ellis Realty Trust and Duke Realty Corporation (NYSE: DRE) (Duke Realty) have completed the acquisition of Northpoint III, (aerial photo top left) a 108,499 sf Class A office building in the Orlando area fully leased to Florida Power Corporation through 2021, under the joint venture agreement announced between CB Richard Ellis Realty Trust and Duke Realty in 2008.

Northpoint III is well-located at 3300 Exchange Place in the master-planned Northpoint Office Park in the Lake Mary submarket of Orlando. The property was originally developed in 2001 by Duke Realty.

The four-story building has a state-of-the-art high-tech infrastructure, high-quality interior finishes and a lobby with marble flooring.

Additionally, the site offers a jogging trail around the office park’s lake. Florida Power has occupied Northpoint III since its completion and recently extended its lease for an additional 12 years.

Lake Mary is approximately 16 miles north of downtown Orlando off I-4 with access via Lake Mary Boulevard. Lake Mary has become the premier suburban location for expanding tenants looking for more efficient and cost-effective space. A recent notable feature for the area has been the completion of the Central Florida Greenway, which offers direct highway access from Lake Mary to the Orlando International Airport.

“CB Richard Ellis Realty Trust recently acquired two other well-located Class A office buildings in the Orlando market. Each property offers diversified, credit tenancies on long-term leases in different submarkets, including one other joint venture acquisition with Duke Realty,” said Chuck Hessel, director of investments for CB Richard Ellis Realty Trust “This newest acquisition is an excellent fit with the REIT’s portfolio and other area investments, and we are pleased to continue expanding our portfolio with Duke Realty.”

This joint venture between CB Richard Ellis Realty Trust and Duke Realty Corporation plans to acquire up to $800 million of newly developed build-to-suit projects over a three-year period. The CB Richard Ellis Realty Trust team worked with Jeffrey Torto, Gary Jaye and the acquisitions team from CBRE Investors to acquire this property.

Contact:  Pam Barnett, Corporate Communications Director, CB Richard Ellis Investors, 213.683.4368, pbarnett@cbreinvestors.com