Tribune staff report |

Prime
Group Realty Trust said its board has approved the sale of 180 N. LaSalle St. to 180 N. LaSalle Realty LLC, an entity indirectly controlled
by Michael Silberberg of Nanuet, N.Y.

The gross purchase price for the 39-story office building constructed in 1972 is $72.25 million. The
parties entered into a purchase and sale agreement that became
effective on Feb. 25. Closing is expected in May or June 2010.

In addition, the company also announced today that two of its subsidiaries, each of which own separate portions of the Continental Towers Complex in Rolling Meadows, are in default under their respective first mortgage loans.

Prime Group Realty Trust is real estate investment trust that owns, manages, leases, develops, and redevelops office and industrial real estate, primarily in metropolitan Chicago. The company currently owns 7 office properties containing an aggregate of approximately 3.2 million square feet.