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.
This relationship, along with today's reports, has fueled speculation that Vornado, hugely acquisitive in recent years, might make a bid for Prime. However, trading in Prime's stock has been quiet with the price at $15-5/8, virtually unchanged from yesterday's close. Prime has a tiny market capitalization of just $243 million.
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