Prime Group Realty Trust (NYSE:PGEPRB), a Chicago-based real estate investment trust, today announced that law firm Parrillo, Weiss & O'Halloran renewed its 22,745-square-foot lease, and has expanded to the penthouse floor with an additional 8,323 square feet, in The United Building.
The firm is one of the most loyal tenants in the building, which is located at 77 West Wacker Drive in Chicago, occupying space in the trophy quality Class A building since its inception 15 years ago. Parrillo, Weiss & O'Halloran will now be leasing a total of 31,068 square feet of the building's approximately 960,000 square feet.
Known as one of the most coveted buildings in Chicago and admired for its ideal location in the central Loop and abundance of amenities, The United Building has been named one of the top office buildings in the nation by the Building Owners and Managers Association (BOMA) for 2007.
David Stein, managing principal of Steinco, Inc., represented the tenant. Steven R. Baron, executive vice president of Prime Group Realty Trust, represented the landlord.
"Parrillo, Weiss & O'Halloran has been a highly respected tenant of ours since 1992, and we're overjoyed the firm is continuing to grow at The United Building," said Baron.
Boasting a modern classicism style of architecture of ancient Greece and Rome and the Italian Renaissance, the museum-quality building was designed by Ricardo Bofill of Barcelona, with architecture by Chicago architect James DeStefano. Other prestigious tenants also lease space in The United Building, including United Air lines, Wachovia and Microsoft, as well as other prominent international law firms.
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 owns 9 office properties containing an aggregate of 3.8 million net rentable square feet, one industrial property comprised of approximately 120,000 square feet, joint venture interests in two office properties totaling approximately 1.1 million net rentable square feet and a membership interest in an entity that owns extended-stay hotel properties. It leases and manages 4.9 million square feet comprising all of the wholly-owned properties and one joint venture property. In addition, the Company is also the managing and leasing agent for the 1.5 million square foot Citadel Center office building located at 131 South Dearborn Street in Chicago, Illinois, which it sold in November 2006. 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, 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.
SOURCE: Prime Group Realty Trust
Beckerman Public Relations Michael J. LaCosta Vice President 908-781-6420 michaelj@beckermanpr.com
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