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CHICAGO-Former Equity Residential boss Douglas Crocker II moved up to chairman of Prime Group Realty Trust with Jeffrey A. Patterson becoming chief executive officer and president. At the same time, Stephen J. Nardi is retiring as chairman of the REIT.

Nardi took over as chairman in 2002 in the wake of the departures of former chairman Michael W. Reschke and president Richard S. Curto. “When I agreed to become chairman of the company over two years ago at the request of the board, I did so with the intent of stabilizing the financial condition of the company,” Nardi says. “In that timeframe, we sold off non-core assets, significantly reduced our debt load, obtained the removal of our auditor’s going concern language on our financial statements and achieved our objective to improve the company’s liquidity position.”

Likewise, Crocker joined the Prime Group Realty Trust board in August 2002. Although retired from Equity Residential, Crocker serves on the boards of Wellsford Real Properties Inc., Ventas Inc., Acadia Realty Trust, Reckson Associates and Post Properties. The company’s chief investment officer since 1997, Patterson added co-president duties in 2000.

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