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CHICAGO-The previously discussed $227-million deal is long dead, and a group that includes Canadian firm Cadim Inc. and current Chairman Michael Reschke have stopped negotiations on a purchase of Prime Group Realty Trust at any price. However, there remains a chance a deal could be struck with another party.

Cadim, a member firm of Canadian fund manager CDP Capital, offered to buy most of the company’s stock at $14.50 per share, which. After the group’s 30-day exclusivity agreement was extended, Cadim said it was no longer interested in buying the city and suburban office and industrial REIT at that price. After rising to $14.57 per share on news of Cadim’s offer, Prime Group stock fell another 8.4% Tuesday to $8.42 per shares, slashing the company’s market capitalization to $132.2 million.

Cadim’s decision follows a published report that Bank One Corp. is backing out of talks to buy the 1.5-million-sf Dearborn Center in the Loop. It already had agreed to rent 40% of the $350-million building. Earlier this year, Prime Group’s attempts to sell off its suburban office and industrial portfolio, which includes Continental Towers in northwest suburban Rolling Meadows, also fizzled.

Prime’s Downtown portfolio also includes the 1.35-million-sf One IBM Plaza at 330 N. Wabash Ave.; 944,556-sf 77 W. Wacker Dr.; 874,742-sf 208 S. LaSalle St.; 846,759-sf 33 W. Monroe St.; and 770,191-sf 180 N. LaSalle St.

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