CHICAGO--(BUSINESS WIRE)--Prime Group Realty Trust, (NYSE:PGEPRB), a Chicago-based real estate investment trust (“PGRT”), is announcing that global law firm Greenberg Traurig has agreed to expand its lease by 22,565 square feet and will now occupy 100,975 square feet, while technology giant Microsoft has agreed to expand its lease by 12,391 square feet, and will now occupy 47,122 square feet at the 77 West Wacker Drive office building. Microsoft also extended the term of their lease as well.
Gregory L. Gerber and Ari Klein from The John Buck Company represented Greenberg Traurig in its transaction, while Steve Steinmeyer and Chris Kelson of Jones Lang LaSalle represented Microsoft.
“These lease expansions, along with an extension, are in line with our goal of retaining and growing high profile tenants at 77 West Wacker Drive,” notes Jeffrey Patterson, President and Chief Executive Officer of Prime Group Realty Trust: “Microsoft and Greenberg Traurig are great tenants and reinforce the building’s reputation as a premier office location in downtown Chicago.”
77 West Wacker Drive is a 51-story Class A landmark building on the south bank of the Chicago River at Wacker Drive and Clark Street and features exceptional-quality, on-site amenities including an upscale Italian bistro and a state-of-the-art fitness facility. The property is easily accessible by public transportation and is connected to Chicago's Pedway system, with enclosed access to amenities such as additional parking, banking, retail, restaurant, and hotel services. The trophy-caliber office building offers ample parking and 24-hour secured access.
Critically acclaimed as one of the finest quality office buildings in Chicago, 77 West Wacker Drive was developed in 1992 and designed by the world renowned Ricardo Bofill in his “modern classicism” style, with architecture by DeStefano and Partners. The building recently won the prestigious award for “The Office Building of the Year” (TOBY Award) by the Building Owners and Managers Association (BOMA) in the 500,000 to 1,000,000 square-foot category.
About Prime Group Realty Trust
Owned by one of the largest private real estate owners in the country, The Lightstone Group, Prime Group Realty Trust is a fully-integrated, self-administered, and self-managed real estate investment trust (REIT) that owns, manages, leases, develops, and redevelops office and industrial real estate, primarily in metropolitan Chicago. The Company owns 10 office properties containing an aggregate of 3.9 million net rentable square feet, one industrial property comprised of approximately 120,000 square feet, and three joint venture interests in office properties totaling over 2.6 million net rentable square feet. It leases and manages all 6.5 million square feet.
For more information about Prime Group Realty Trust, contact the company’s Chicago headquarters at (312) 917-1300 or visit www.pgrt.com.
About The Lightstone Group
Founded in 1988, The Lightstone Group is ranked among the 25 largest real estate companies in the industry with a diversified portfolio of over 20,000 residential units as well as office, industrial and retail properties totaling approximately 30 million square feet of space in 28 states and Puerto Rico. Headquartered in Lakewood, New Jersey, The Lightstone Group employs over 1,000 professionals and maintains regional offices in New York, Maryland, Virginia and California. The Lightstone Group has acquired in excess of $2 billion in real estate over the past 20 months.
For more information on The Lightstone Group, contact the company's Lakewood, New Jersey headquarters at (800)-347-4078 or visit www.lightstonegroup.com.