Exhibit 10.18

                           DUKE REALTY
                       SEVERANCE PAY PLAN
                                
                                
                            ARTICLE I
                                
                          INTRODUCTION

     1.1. Purpose.  The Duke Realty Severance Pay Plan (the
"Plan") is designed to provide severance benefits to selected
officers and key employees of the Company and its Subsidiaries.

     1.2. Effective Date.  The Effective Date of the Plan is
January 1, 1998.

     1.3. Administration.  The Plan shall be administered by the
Committee.  The Committee, from time to time, may adopt any rule
or procedure it deems necessary or desirable for the proper and
efficient administration of the Plan, provided it is consistent
with the terms of the Plan.  The decision of a majority of the
Committee members shall constitute the decision of the Committee.
The Committee's determinations and interpretations with respect
to the Plan shall be final and binding on all parties.  Any
notice or document required to be given to or filed with the
Committee will be properly given or filed if delivered or mailed
by certified mail, postage prepaid, to the Committee at 8888
Keystone Crossing, Suite 1200, Indianapolis, Indiana 46240-2182.

     1.4. Definitions.  For purposes of this Plan, unless a
different meaning is clearly required by the context:

          (a)  "Board of Directors" means the board of directors
of the Company.

          (b)  "Change in Control of the Company" means (i) any
merger, consolidation or similar transaction which involves the
Company and in which persons who are the shareholders of the
Company immediately prior to such transaction own, immediately
after such transaction, shares of the surviving or combined
entity which possess voting rights equal to or less than fifty
percent (50%) of the voting rights of all shareholders of such
entity, determined on a fully diluted basis; (ii) any sale,
lease, exchange, transfer or other disposition of all or any
substantial part of the consolidated assets of the Company; (iii)
any tender, exchange, sale or other disposition (other than
disposition of the stock of the Company or any Subsidiary in
connection with bankruptcy, insolvency, foreclosure, receivership
or other similar transactions) or purchases (other than purchases
by the Company or any Company sponsored employee benefit plan, or
purchases by members of the board of directors of the Company or
any Subsidiary) of shares which represent more than twenty-five
percent (25%) of the voting power of the Company or any
Subsidiary; (iv) during any period of two (2) consecutive years,
individuals who at the date of the adoption of the Plan
constitute the Board of Directors cease for any reason to
constitute at least a majority thereof, unless the election of
each director at the beginning of such period has been approved
by directors representing at least a majority of the directors
then in office who were directors at the commencement of such two
(2) year period; (v) a majority of the Board of Directors
recommends the acceptance of or accept any agreement, contract,
offer or other arrangement providing for, or any series of
transactions resulting in, any of the transactions described
above.  Notwithstanding the foregoing, a Change in Control of the
Company shall not occur as a result of the issuance of stock by
the Company in connection with any public offering of its stock.

          (c)  "Code" means the Internal Revenue Code, as
amended.

          (d)  "Committee" means the Executive Compensation
Committee of the Board of Directors.

          (e)  "Company" means Duke Realty Investments, Inc.

          (f)  "Effective Date" means January 1, 1998.

          (g)  "Exchange Act" means the Securities Exchange Act
of 1934, as amended.

          (h)  "For Cause" means (i) the willful and continued
failure of a Participant to perform his required duties as an
officer or employee of the Company or any Subsidiary, (ii) any
action by a Participant which involves willful misfeasance or
gross negligence, (iii) the requirement of or direction by a
federal or state regulatory agency which has jurisdiction over
the Company or any Subsidiary to terminate the employment of the
Participant, (iv) the conviction of the Participant of the
commission of any criminal offense which involves dishonesty or
breach of trust, or (v) any intentional breach by the Participant
of a material term, condition or covenant of any agreement
between the Participant and the Company or any Subsidiary.

          (i)  "Good Reason" means a change in the Participant's
status or position with the Company or Subsidiaries that does not
represent a promotion from the Participant's status and position
as in effect immediately prior to the Change in Control of the
Company, a forced move to a location more than sixty (60) miles
from the Participant's place of business prior to the Change in
Control or a reduction by the Company and Subsidiaries in the
Participant's base salary and/or a reduction in their annual
incentive bonus target potential as in effect immediately prior
to the Change in Control of the Company.

          (j)  "Level One Benefits" means the severance benefits
payable under Section 3.2 of the Plan.

          (k)  "Level One Participant" means an officer or key
employee who is designated to participate in the Plan and receive
Level One Benefits as provided in Article II.

          (l)  "Level Two Benefits" means the severance benefits
payable under Section 3.3 of the Plan.

          (m)  "Level Two Participant" means an officer or key
employee who is designated to participate in the Plan and receive
Level Two Benefits.

          (n)  "Participant" means a Level One or Level Two
Participant.

          (o)  "Plan" means the severance pay plan embodied
herein, as amended from time to time, known as the Duke Realty
Severance Pay Plan.

          (p)  "Section 16 Grantee" means a person subject to
potential liability under Section 16(b) of the Exchange Act with
respect to transactions involving equity securities of the
Company.

          (q)  "Subsidiary" or "Subsidiaries" means a
corporation, partnership or limited liability company, a majority
of the outstanding voting stock, general partnership interests or
membership interest, as the case may be, of which is owned or
controlled directly or indirectly, by the Company or by one or
more other Subsidiaries.  For the purposes of this definition,
"voting stock" means stock having voting power for the election
of directors, or trustees, as the case may be, whether at all
times or only so long as no senior class of stock has such voting
power by reason of any contingency.

          (r)  "Territory" means the states of Indiana, Illinois,
Ohio, Kentucky, Missouri, Minnesota,Tennessee and any other state
in which the Company or a Subsidiary maintains a business
operation at the time the affected Participant terminates
employment with the Company and Subsidiaries.

                           ARTICLE II

                 ELIGIBILITY AND PARTICIPATION

     Participation in the Plan is limited to those officers and
key employees of the Company or a Subsidiary who, from time to
time, shall be designated by the Committee.  Committee members
shall not be eligible to participate in this Plan while serving
as Committee members.  A designated employee will become a
Participant in the Plan as of the later of the Effective Date or
the date specified by the Committee.  The Committee shall also
designate whether the Participant will receive Level One Benefits
under Section 3.2 or Level Two Benefits under Section 3.3.

                          ARTICLE III
                            BENEFITS

     3.1. Eligibility for Severance Benefits.  In the event of a
Level One or Level Two Participant's involuntary termination of
employment or voluntary termination for Good Reason from the
Company and Subsidiaries within one year of a Change in Control,
unless terminated by the Company and Subsidiaries For Cause, such
Participant shall be eligible for severance benefits in
accordance with this Article III.

     3.2. Level One Benefits.  If a Level One Participant's
termination of employment occurs as provided in Section 3.1, the
Level One Participant shall be entitled to monthly salary
continuation payments, the total of which shall equal two times
the sum of (i) the Level One Participant's base pay received in
the calendar year immediately preceding the calendar year in
which his employment terminated (the "Compensation Year"), (ii)
any annual incentive bonus paid or payable to such Participant
with respect to services performed in the Compensation Year and
(iii) anylong term incentive bonus awarded to such Participant in
the Compensation Year.  For purposes of this calculation, the
amount of any long term incentive bonus shall equal the value
ascribed to such award by the Committee at the time of its grant.
For example, if a Level One Participant's termination occurred in
1999 and he received $100,000 in base pay in 1998, received a
$5,000 annual incentive bonus in 1999 for services performed in
1998 and received a long term incentive bonus in 1998 valued at
$20,000, the benefit payable under this Section 3.2 would be
$250,000 [($100,000 + $5,000 + $20,000) x 2].

     3.3. Level Two Benefits.  If a Level Two Participant's
termination of employment occurs as provided in Section 3.2, the
Level Two Participant shall be entitled to monthly salary
continuation payments equal to one-half of the amount that would
be payable under Section 3.2 above if the Participant had been a
Level One Participant.

     3.4. Manner and Timing of Payment.  The benefit payable
under Section 3.2 shall be paid in 23 equal monthly payments and
the benefit payable under Section 3.3 shall be paid in 12 equal
monthly payments commencing on the last day of the month
following the month in which the Participant's employment was
terminated as described in Section 3.1.  If a Participant dies
after receiving at least one monthly payment under the Plan, any
remaining monthly payments shall be paid to the Participant's
surviving spouse, or to the Participant's estate if there is no
surviving spouse on the date benefits are to be paid, in a lump
sum on the last day of the month following the month of the
Participant's death.

3.5. Forfeiture of Benefits.  Notwithstanding any other provision
to the contrary, in order to protect the Company's and
Subsidiaries' viability and consequently their ability to pay the
benefits under this Plan and the other benefit plans they
maintain for the Participants, a Participant will forfeit all
benefits under this Plan should the Participant, either
individually or through any entity which is wholly or partially
owned or controlled by the Participant, directly or indirectly,
at any time prior to the Participant receiving all payments due
him under the Plan, engage in the Territory in any of the
following activities:

          (i)  solicit in any manner, seek to obtain, or service
               the business of any customer of any of the Company
               or a Subsidiary, other than for the Company or a
               Subsidiary;

          (ii) become an owner of any business, if such business
               is substantially similar to or competes with the
               Company or a Subsidiary;

          (iii)     become employed by or serve as an officer,
               director, consultant, independent contractor,
               agent or representative of any business which is
               substantially similar to or competes with the
               Company or a Subsidiary; or

          (iv) solicit the employment of or hire any employee of
               the Company or a Subsidiary, or encourage any
               employee to terminate his or her employment with
               the Company or a Subsidiary.

For purposes of this Section 3.5, a "customer " shall be deemed
to be any person, business, partnership, proprietorship, firm,
organization or corporation which has done business with the
Company or a Subsidiary or which has been solicited or serviced
in any manner, directly or indirectly, by the Company or a
Subsidiary within eighteen (18) months prior to the date of the
Participant's conduct in question, and the phrase "service the
business of any customer" means the development, modification,
enhancement or improvement of any product or service offered by
the Company or a Subsidiary or which is reasonably related to the
products or services offered by the Company or a Subsidiary.
Should the foregoing provisions be found to be unenforceable by a
court of competent jurisdiction because they are determined to be
overly broad or exceed the parameters and limitations necessary
for the Company's and Subsidiaries' reasonable protection, then
the restrictions shall be limited to the activities, geographic
area or period of time that a court of competent jurisdiction
deems equitable to the Participant and adequate to reasonably
protect the Company and Subsidiaries.  If a Participant is to
forfeit his benefits pursuant to this Section 3.5, the Company
and Subsidiaries shall stop all benefit payments otherwise
payable but not yet paid to or for the Participant and may
require the Participant to repay any benefits previously paid to
the Participant under the Plan.

     3.6. Withholding of Taxes.  Each Participant shall be solely
responsible for, and the Company or Subsidiaries will withhold
from any amounts payable under this Plan, all legally required
federal, state, city and local taxes.

                           ARTICLE IV

                      CLAIMS FOR BENEFITS

     It is not necessary that a Participant apply for benefits
under the Plan.  However, if a Participant wishes to file a claim
for benefits, such claim must be in writing and filed with the
Committee.  If a claim is denied, the Committee will furnish the
claimant with written notice of its decision, setting forth the
specific reasons for the denial, references  to the Plan
provisions on which the denial is based, additional information
necessary to perfect the claim, if any, and a description of the
procedure for review of the denial.  A claimant may request a
review of the denial of a claim for benefits by filing a written
application with the Committee within sixty (60) days after he
receives notice of the denial.  Such a claimant is entitled to
review the Plan document and submit written issues and comments
to the Committee.  The Committee, within a reasonable time after
it receives a request for review, will furnish the claimant with
written notice of its decision, setting forth the specific
reasons for the decision and references to the pertinent Plan
provisions on which the decision is based.

                           ARTICLE V

                         MISCELLANEOUS

     5.1. Amendment or Termination. The Board of Directors or the
Committee may, at any time, without the approval of the
stockholders of the Company (except as otherwise required by
applicable law, rule or regulations, or listing requirements of
any National Securities Exchange on which are listed any of the
Company's equity securities, including without limitation any
shareholder approval requirement of Rule 16b-3 or any successor
safe harbor rule promulgated under the Exchange Act), alter,
amend, modify, suspend or discontinue the Plan.

     5.2. Information to be Furnished by Participants.
Participants, or any other persons entitled to benefits under the
Plan, must furnish to the Committee such documents, evidence,
data or other information as the Committee considers necessary or
desirable for the purpose of administering the Plan.  The
benefits under the Plan for each Participant, and each other
person who is entitled to benefits hereunder, are to be provided
on the condition that he furnish full, true and complete data,
evidence or other information, and that he will promptly sign any
document reasonably related to the administration of the Plan
requested by the Committee.

     5.3. Employment Rights.  The Plan does not constitute a
contract of employment and participation in the plan will not
give a Participant the right to be rehired or retained in the
employ of the Company or a Subsidiary, nor will participation in
the Plan give any Participant any right or claim to any benefit
under the Plan, unless such right or claim has specifically
accrued under the terms of the Plan.

     5.4. Evidence.  Evidence required of anyone under the Plan
may be by certificate, affidavit, document or other information
which the person relying thereon considers pertinent and
reliable, and signed, made or presented by the proper party or
parties.

     5.5. Gender and Number.  Where the context admits, words in
the masculine gender shall include the feminine gender, the
plural shall include the singular and the singular shall include
the plural.

     5.6. Action by Company.  Any action required of or permitted
by the Company under the Plan shall be by resolution of the Board
of Directors, by a committee of the Board of Directors or by a
person or persons authorized by resolution of the Board of
Directors or the committee of the Board of Directors.

     5.7. Controlling Laws.  Except to the extent superseded by
laws of the United States, the laws of Indiana shall be
controlling in all matters relating to the Plan.

     5.8. Mistake of Fact.  Any mistake of fact or misstatement
of fact shall be corrected when it becomes known and proper
adjustment made by reason thereof.

     5.9. Severability.  In the event any provisions of the Plan
shall be held to be illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining parts of
the plan, and the Plan shall be construed and endorsed as if such
illegal or invalid provisions had never been contained in the
Plan.

     5.10.     Effect of Headings.  The descriptive headings of
the sections of this Plan are inserted for convenience of
reference and identification only and do not constitute a part of
this Plan for purposes of interpretation.

     5.11.     Nontransferability.  The benefits payable under
this Plan and any rights and privileges pertaining thereto shall
not be transferred, assigned, pledged or hypothecated in any way,
whether by operation of law or otherwise and shall not be subject
to execution, attachment or similar process.

     5.12.     Liability.  By participating in the Plan, each
Participant agrees to release and hold harmless the Company, the
Subsidiaries (and their respective directors, officers and
employees) and the Committee, from and against any tax liability,
including without limitation, interest and penalties, incurred by
the Participant in connection with his participation in the Plan.

     5.13.     Funding.  Benefits payable under this Plan to a
Participant or to a beneficiary will be paid by the Company and
Subsidiaries from their general assets.  The Company is not
required to segregate on its books or otherwise establish any
funding procedure for any amount to be used for the payment of
benefits under this Plan.  The Company may, however, in its sole
discretion, set funds aside in investments to meet its
anticipated obligations under the Plan.  Any such action or set-
aside may not be deemed to create a trust of any kind between the
Company and any Participant or beneficiary or to constitute the
funding of any Plan benefits.  Consequently, any person entitled
to a payment under the Plan will have no rights greater than the
rights of any other unsecured creditor of the Company.


                              DUKE REALTY INVESTMENTS, INC.
               


Dated:                        By:
     ------------------            ------------------------------------
                                   Dennis D. Oklak, Executive
                                   Vice President and Chief
                                   Administrative Officer