"After due consideration, including a review of ARL's proposal with thecompany's financial and legal advisors, the board determined that the proposal is financially inadequate," trustees say in a statement. "In addition, as a result of its investigation of the proposal, which has included conversations between representatives of ARL and the company's financial advisors, the board concluded that it is highly unlikely that ARL has, or in a reasonable period of time will have, the financing or financial ability necessary to complete the transaction outlined in the proposal."
In an attempt to solve its cash crunch, Prime Group has struck a deal with Blackstone Real Estate Advisors LP to sell nine suburban office properties for $133 million. The sale would give Prime Group $19 million in net proceeds.
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