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Prime Group REIT Shares Steady on CEO Buyout of Blackstone Stake

CHICAGO-The shares of Prime Group Realty REIT have not climbed in reaction to reports that CEO Mike Reschke has paid $61 million to purchase the 34% stake in the trust held by Blackstone Group.

By Ted Jackson | Updated on September 28, 2000

CHICAGO-The shares of Prime Group Realty REIT are steady following published reports that CEO Mike Reschke has purchased New York-based Blackstone Group’s 34% stake in Prime, which is based here.

According to reports, New Jesey-based Vornado Realty trust has advanced Reschke at least part of the $61 million for the purchase. Vornado is closely linked with Prime through Vornado’s $65-million financing of Prime Group’s Dearborn Center development as well as Vornado’s $35-million purchase of 33 N. Dearborn from Prime, which was announced last week.

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