The company’s latest acquisition makes it one of the biggest landlords in Chicago.The Lightstone Group, a private real estate owner headquartered in Lakewood, has announced the acquisition of Chicago-based REIT Prime Group Realty Trust for an estimated $889.4 million.
The Lightstone Group owns Prime Group’s 11 office buildings totaling 4.6 million sq. ft., a 120,000-sq.-ft. industrial property and 9.3 acres of developable land, in addition to three joint-venture interests in office properties totaling 2.8 million sq. ft., all located in the Chicago metropolitan area.
David Lichtenstein, chairman and principal of The Lightstone Group said, “Chicago: It’s our kind of town, and this is our kind of deal. It offers great pricing, great real estate, great upside. Who knows? With our luck, maybe Chicago will get a World Series winner this year.”
The merger agreement was signed on February 17 and the deal closed on July 1.
Lightstone was represented by the law firm Herrick, Feinstein. Wachovia Securities acted as financial advisor to Prime Group and Winston & Strawn provided the legal advice.
The Lightstone Group acquired Prime Group’s sister company, Prime Retail, in December 2003 for $626.5 million.