Prime Group Realty Trust has used Merrill Lynch in the past, including last year when it weighed an offer from former chairman Michael W. Reschke and Montreal-based Cadim inc.
The REIT has been exploring "strategic alternatives" for nearly three years, and most recently sold off a nine-building suburban office portfolio for $131 million. Meanwhile, the first tenants at the $355-million Dearborn Center it is co-developing with The Beitler Co., including Bank One, begin paying rent in 2003.
Shares of Prime Group Realty Trust common stock have traded for as high as $10.13 per share in the past year, but closed Wednesday at $4.61.
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