Prime Group Realty Trust Announces Hiring of Daniel J. Nikitas as Head of Leasing


CHICAGO—(BUSINESS WIRE)—Sept. 13, 2005 -- Prime Group Realty Trust (NYSE:PGEPRB) (the "Company") announced today that Daniel J. Nikitas has been named Executive Vice President - Leasing of the Company, effective on September 26, 2005. In such capacity, Mr. Nikitas will head the Company's leasing team and report directly to Jeffrey A. Patterson, the Company's President and Chief Executive Officer.

Mr. Nikitas previously served as Senior Vice President - Leasing of Shorenstein Realty Services, where he oversaw the leasing of approximately 5.0 million square feet of class A office space in the Chicago Central Business District. Prior to that, Mr. Nikitas was the Director of Leasing in Chicago for Trizec Properties with responsibility for leasing approximately 6 million square feet of class A office space in the Chicago CBD.

Jeffrey Patterson, President and Chief Executive Officer of the Company said, "We are very pleased that Danny has agreed to join Prime Group Realty Trust as the head of its leasing team. Danny brings a breadth of experience and skill that will be very valuable to PGRT as we continue to aggressively lease our portfolio of space in the Chicago CBD and suburbs."

Mr. Nikitas added, "I am very much looking forward to joining the PGRT team. I view this as a great opportunity because Prime Group Realty Trust has a very good portfolio of high-quality office buildings that present exciting leasing opportunities for tenants needing space in the Chicago CBD or suburbs, including buildings such as 77 West Wacker Drive, One IBM Plaza at 330 N. Wabash Avenue, 180 N. LaSalle and Bank One Center in the Chicago CBD and Continental Towers in Rolling Meadows, Illinois."

Prime Group Realty Trust is a wholly-owned subsidiary of The Lightstone Group, and its Series B Preferred Shares trade on the New York Stock Exchange.

About the Company

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 11 office properties containing an aggregate of 4.6 million net rentable square feet, one industrial property comprised of approximately 120,000 square feet, three joint venture interests in office properties totaling 2.8 million net rentable square feet, and approximately 6.3 acres of land suitable for new construction. To learn more, visit the company website at www.pgrt.com.

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 20 million square feet of space in 28 states and Puerto Rico. Headquartered in Lakewood, New Jersey, The Lightstone Group and its affiliates employ over 1,000 professionals and maintain regional offices in New York, Maryland, Illinois, Virginia and California. The Lightstone Group has acquired in excess of $2 billion in real estate over approximately the past 20 months.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management's current views with respect to future events and financial performance. The words "believes", "expects", "anticipates", "estimates", and similar words or expressions are generally intended to identify forward-looking statements. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to, changes in general economic conditions, adverse changes in real estate markets as well as other risks and uncertainties included from time to time in the Company's filings with the Securities and Exchange Commission.