Two of North Texas’ largest industrial building owners may be heading for a merger.

San Francisco-based Prologis Inc. is bidding nearly $24 billion for rival Duke Realty.

Prologis has over 200 warehouses in Dallas-Fort Worth with nearly 40 million square feet of space. The D-FW metropolitan area is one of the largest markets for the commercial real estate company, with approximately 1 billion square feet of industrial real estate globally.

Duke Realty, an Indianapolis-based industrial and office builder, owns more than 17 million square feet of industrial space in North Texas across 45 properties.

Both Duke Realty and Prologis are active developers in D-FW, which is the nation’s leading industrial construction business.

Prologis is offering Duke Realty shareholders a bonus of more than 30% if they accept the merger offer. So far, Duke has rejected the proposal.

“We are confident that the proposed combination will be a win-win for our respective shareholders,” Hamid R. Moghadam, CEO and co-founder of Prologis, said in a statement. “Prologis has proven itself as a leader and innovator in our industry.

“We are known for providing exceptional service to our clients and delivering superior value to our shareholders, including shareholders of companies with which we have merged or acquired in the past,” he said.

Prologis executives revealed they had been working on the suit since November.

“We are committed to completing the acquisition of Duke Realty,” Moghadam said in a letter to Duke’s CEO. “I hope you, your board and your advisors are ready to engage with us.”

Goldman Sachs & Co. advises Prologis on the acquisition offer.

Any merger would have to be approved by the shareholders of both companies.

More than 57 million square feet of warehouse space is being built in North Texas, more than any other metropolitan area in the United States.