However, about 10 years ago, Reschke lost Prime Group RealtyTrust, a REIT he formed, in a series of events that began with anill-fated partnership with Blackstone. "We turned to Blackstone asa capital partner," he says. "We thought it was a good idea at thetime." A possible partnership with Vornado turned out to be the"perfect storm," and was followed with a failed attempt byPrime-Mansur Investment Partners, headed by Reschke and local realestate investor E. Barry Mansur, to acquire the REIT.


Down, but not out, Reschke has several developments in theworks, including a $393.6 million renovation of 208 S. LaSalle, toturn the lower floors into a Marriott Hotel, as previously reportedby The JW Marriott Hotel-Chicago will have 610 rooms,a 50,000-sf ballroom and meeting space, Reschke says.


A joint venture between Reschke Chicago Partners LLC, anaffiliate of Chicago-based Prime Group Inc., and an affiliate ofOrlando-based Estein & Associates USA Ltd. thought they wouldhave to have $40 million to $50 million in equity for the project.But, in today's market, "we ended up having to do $125 million ofequity to get financing," he says. "If you are trying to get aproject off the ground today, you are going to need a lot of equityand a lot of perseverance." His work appears to be paying off and,even with the trials and tribulations, there is nothing elseReschke would rather do, he says. "I would do the same thing allover," Reschke says.

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