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CHICAGO-Prime Group Realty Trust has closed its $133-million sale of nine suburban office properties to Blackstone Real Estate Advisors, L.P., which the financially strapped REIT considered non-core assets. Prime Group, which realizes about $19 million in net proceeds to partially satisfy lenders, sheds 40% of its suburban office portfolio with the 1.4-million-sf deal.

The properties generated more than $20 million in annual rent, but at $14.59 per sf, was 11% below the overall average for the REIT’s office portfolio.

Blackstone acquires the 236,771-sf Commerce Point I/II/Tech in Arlington Heights, 90.9% at the end of the first quarter; 213,097-sf Two Century Centre in Schaumburg, 98.5% occupied; the 203,611-sf Pine Meadows Corporate Center in Libertyville, 100% occupied; 198,737-sf 2000 York Rd. and 58,000-sf 2100 Swift Dr. in west suburban Oak Brook, 100% occupied; the 192,274-sf Enterprise Center in Westchester, 94.8% occupied; the 166,749-sf 6400 Shafer Ct. in Rosemont, 90.1% occupied; the 126,252-sf Salt Creek/Sun Annex in Schaumburg, only 76.4% occupied; and the 106,174-sf Citibank Building in Schaumburg, 91.8% occupied.

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