CHICAGO - (Business Wire) Prime Group Realty Trust (NYSE:PGEPRB) has leased the 32
nd floor at 330 N. Wabash Ave. to DeStefano + Partners, Ltd., a full-service architecture, urban planning and interior design firm with offices in Chicago and Los Angeles.
DeStefano + Partners, collaborators with Prime Group Realty Trust in renovating the architecturally significant, TOBY award-winning building, signed a 10-year lease for the entire 33,267-square foot floor, to begin in 2009.
“The rigor and craft of Mies van der Rohe’s last building will serve as a foil to our space, which will be a collaborative and interactive creative space for a 21st century design firm. The juxtaposition of the classic modernist exterior and our forward-looking interior will serve as a demonstration of our process to clients,” said Scott Sarver, DeStefano + Partners CEO.
Mark Keebler and Brad Serot of CB Richard Ellis, Inc., represented DeStefano + Partners in the negotiations with Prime Group Realty Trust.
Separately, Prime Group Realty Trust announced that longtime tenant AT&T Corp. has signed a lease renewal for 32,507 square feet on the building’s 18th floor. George Kotrogiannis and Kurt Kittner of Jones Lang LaSalle Americas, Inc., represented AT&T Corp. in the negotiations.
Leasing activity at the 52-story building has been robust, according to Anita Pallardy, Prime Group Realty Trust senior vice president. “It’s a great class A office alternative in a premier area of Chicago, close to the Chicago Riverwalk and Millennium Park. We offer flexible planning opportunities, a wide range of amenities, and great views all around.”
Tenants at 330 N. Wabash Ave. enjoy a shuttle service to and from Metra train stations, an ATM, conference rooms, messenger intercept center, a reduced postage program, wireless internet and cable TV, a 900-stall parking facility and lobby kiosk serving food and coffee.
Completed in 1971, 330 N. Wabash Ave. was the largest and last building in North America designed by renowned architect Mies van der Rohe. The building was recently awarded landmark status by the City of Chicago, which will entitle tenants to significant reductions in real estate tax assessments.
Earlier this year, Prime Group Realty Trust sold floors 2-13 to investors who are developing a five-star hotel with a full complement of first-class amenities, which is scheduled to open in 2010.
In addition to current availabilities, up to 371,944 contiguous square feet of premium office space will become available on the top eleven floors of the building in the tower-rise (floors 37-47) and will be ready for tenant delivery in late 2010 or early 2011. For leasing information, contact Anita Pallardy at (312) 827-7868.
About Prime Group Realty Trust
Owned by one of the largest private real estate owners in the country, The Lightstone Group, Prime Group Realty Trust is a fully-integrated, self-administered, and self-managed real estate investment trust (REIT) which owns, manages, leases, develops, and redevelops office and industrial real estate, primarily in metropolitan Chicago. The Company currently owns 9 office properties containing an aggregate of 3.4 million net rentable square feet, a joint venture interest in one office property comprised of approximately 101,000 net rentable square feet and a membership interest in an unconsolidated entity which owns 552 extended-stay hotel properties in operation in 43 U.S. states consisting of approximately 59,000 rooms and three hotels in operation in Canada consisting of 500 rooms. It leases and manages approximately 3.4 million square feet comprising all of the wholly-owned properties. In addition, the Company is also the managing and leasing agent for the approximately 959,000 square foot property known as The United Building located at 77 West Wacker Drive in Chicago, Illinois, and the approximately 1.5 million square foot Citadel Center office building located at 131 South Dearborn Street in Chicago, Illinois. For more information about Prime Group Realty Trust, contact the company’s Chicago headquarters at (312) 917-1300 or visit its website at www.pgrt.com.
About The Lightstone Group
The Lightstone Group is one of the country’s largest privately held real estate companies with interests in residential, office, retail, hospitality, and industrial real estate assets. The company, principally through its related operating entities, Prime Retail, Extended Stay Hotels, and Prime Group Realty Trust, owns a diversified portfolio of over 687 hotels, 18,000 residential units and approximately 29 million square feet of office, industrial and retail properties in 46 states, the District of Columbia, Canada and Puerto Rico. Headquartered in New York, The Lightstone Group employs approximately 14,000 staff and professionals and maintains regional offices in Maryland, South Carolina, Illinois and New Jersey. For more information on The Lightstone Group, call 800-347-4078 or visit www.lightstonegroup.com.
Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management’s current views with respect to future events and financial performance. The words, “believes,” “expects,” “anticipates,” “estimates,” and similar words or expressions are generally intended to identify forward-looking statements. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to, changes in general economic conditions, adverse changes in real estate markets as well as other risks and uncertainties included from time to time in the Company’s filings with the Securities and Exchange Commission.
Cindy Martin
Treacy Marketing Group
(312) 482-8900 Ext. 3043
cmartin@treacymarketing.com
