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Prime Group Chairman Rules Out 'Piecemeal' Sale

CHICAGO-Prime Group Realty Trust has been in play on and off for more than three years, and Merrill Lynch & Co. continues to field offers in its assignment to explore "strategic alternatives." However, "We haven't been offering our individual properties because we think there's more value as a whole than piecemeal at this time," chairman Stephen Nardi says.

By Mark Ruda | Updated on November 25, 2003

CHICAGO-An unwinding of Prime Group Realty Trust is more likely to be a sale of the entire company, rather than a piecemeal disposition of its individual city and suburban office and industrial assets. That view was offered by chairman Stephen Nardi during the REIT’s recent earnings conference call.

Nardi says Merrill Lynch & Co., hired by Prime Group Realty Trust to explore “strategic alternatives” for the REIT that is continuing to emerge from a heavy debt burden, has been talking with potential purchasers.

“We’re still continuing to discuss the possibility. We’re pursuing anything that comes to us,” says Nardi, adding the company continues to receive unsolicited offers.

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