Trust Disputes Pending Litigation

Prime Group Realty Trust, a REIT that invests in Chicago-area office and industrial real estate, has been sued for wrongfully terminating its contract to purchase IBM Plaza in Chicago and National City Center in Cleveland.In dispute is $20 million of earnest money being held in escrow. Richard S. Curto, president and CEO of the REIT, disputed the claims and said the firm would "vigorously defend the litigation and pursue other available remedies." The company's portfolio consists of 24 office properties, containing an aggregate of 5.8 million net rentable square feet and 46 industrial properties that also contain an aggregate of 5.8 million net rentable square feet. The portfolio also includes 224.5 acres of developable land and rights to acquire more than 324.8 additional acres of developable land.