Prime Group Realty Trust Announces a Lease with Creative Circle, LLC at 330 North Wabash
CHICAGO--(BUSINESS WIRE)-- Prime Group Realty Trust (OTC PINK: PMGEP) (the "Company" or "PGRT") announced today that the staffing firm Creative Circle, LLC signed a lease for 7,128 rentable square feet on the 14th floor of the Company's 330 North Wabash building. The initial term of the lease is 5½ years commencing on March 1, 2013.
Kevin Yoshimoto, Chief Financial Officer of Creative Circle, said, "We are pleased to announce the relocation of our Chicago office to 330 North Wabash Avenue. The quality of the office space and the amenities that the building is providing pursuant to its current ongoing redevelopment, as well as its convenient River North location on the Chicago River, made it the top choice for our relocation."
With the addition of the Creative Circle LLC lease, 330 North Wabash is approximately 89% leased. The building has leased over 600,000 square feet and increased its leased area from 35% to 89% in just over 9 months.
"We are very happy to welcome Creative Circle to 330 N. Wabash as our newest tenant," said Steven R. Baron, Executive Vice President of Leasing for Prime Group Realty Trust. "The building's success is much due to the fact that we are providing tenants with very high quality Class A space that has amenities and infrastructure that equals or exceeds those expected from a brand new office building, but at a price that is about two-thirds of the cost of new building rents, and all in an outstanding location", according to Mr. Baron.
330 North Wabash was designed by famed architect Mies van der Rohe and completed in 1971. It was designated with landmark status by the City of Chicago in 2008. The owner of 330 North Wabash Avenue is a joint venture between subsidiaries of Prime Group Realty Trust, a real estate investment trust headquartered in Chicago, and Five Mile Capital Partners LLC, a Connecticut-based commercial real estate and alternative investment firm. PGRT is the property and redevelopment manager and leasing agent for the property.
Creative Circle, LLC was represented in its search by Allen Rogoway of Cresa Partners Chicago LLC and Carlo Brignardello of Cresa Partners Los Angeles. PGRT was represented by Steven R. Baron, its Executive Vice President of Leasing.
The building has undergone and is currently undergoing a renovation that includes a new state of the art fire and life safety system, new restrooms, elevator cab modernization, updating the building's HVAC system, and asbestos abatement. Also under construction for the benefit of all of the building's tenants is a new 5,000 square foot state of the art fitness center, a food service cafe and a conference center.
In addition to the foregoing, a new five-star Langham Chicago Hotel on floors 2-13 of 330 North Wabash is scheduled to be open in the second quarter of 2013. The hotel will feature approximately 316 rooms and suites and will include a full service restaurant (including private dining facilities), elegant and sophisticated meeting and conference facilities, as well as a fitness facility and the hotel's award-winning wellness retreat, Chuan Spa.
About Creative Circle, LLC
Creative Circle is a specialized staffing agency representing advertising, creative, marketing, visual communication and interactive professionals on both a freelance and full-time basis. It delivers talent solutions for advertising agencies, corporate marketing and communications, or any organization requiring creative, marketing, or interactive resources.
About Prime Group Realty Trust
Prime Group Realty Trust is a self-administered and self-managed real estate investment trust (REIT) which owns, manages, leases, develops and redevelops office and industrial real estate in metropolitan Chicago. The Company currently owns 1 office property containing an aggregate of 167,756 net rentable square feet and an interest in one joint venture that owns one office property comprised of approximately 1.14 million net rentable square feet. The Company leases and manages approximately 1.31 million square feet comprising its wholly-owned property and its 330 North Wabash Avenue joint venture property. For more information about Prime Group Realty Trust, contact the Company's Chicago headquarters at (312) 917-1300 or visit its website at www.pgrt.com.
About Five Mile Capital Partners
Five Mile Capital Partners LLC is an alternative investment and asset management company established in 2003. The Firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity. Five Mile's Principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. The Firm's headquarters are based in Stamford, Connecticut with an office in New York City. Five Mile has approximately $2 billion in assets under management. For more information, visit www.fivemilecapital.com.
Notice To Investors
This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to buy or sell any securities of the Company.
This press release contains certain forward-looking statements which involve known or unknown risks, uncertainties or other factors not under the Company's control which may cause the actual results, performance or achievement of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements.
Prime Group Realty Trust
Chairman, President and CEO
KEYWORDS: United States North America Illinois
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