Prime Group Seeks Merrill Lynch's Advice

CHICAGO-Prime Group Realty Trust’s board of directors has hired Merrill Lynch & Co. to help chart its future. The REIT has been exploring sales of assets, as well as an outright sale of the company, and will get pay Merrill Lynch for its advice on alternatives.

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.