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EXHIBIT 99.1
PRIME GROUP REALTY TRUST [LOGO]
77 WEST WACKER DRIVE
SUITE 3900
CHICAGO, ILLINOIS 60601
NYSE: PGE
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AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
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Richard S. Curto Louis G. Conforti Todd Tarbox Georganne Palffy
President Office of the President General Inquiries Investor Inquiries
Chief Executive Officer 312/917-1300 312/266-7800 312/266-7800
312/917-1300
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FOR IMMEDIATE RELEASE
WEDNESDAY, JUNE 21, 2000
PRIME GROUP REALTY TRUST ANNOUNCES
CREATION OF OFFICE OF THE PRESIDENT
CHICAGO, ILLINOIS -- JUNE 21, 2000 -- PRIME GROUP REALTY TRUST (NYSE:PGE) (the
"Company") announced today the creation of the Office of the President. This new
office, which will report to Richard S. Curto, the Company's Chief Executive
Officer, will consist of Richard S. Abraham, Louis G. Conforti and Jeffrey A.
Patterson. In addition to continuing with their current executive
responsibilities, these three executives will jointly assume responsibility for
the day-to-day operations of the Company.
Commenting on this announcement, Mr. Curto stated, "the formation of the Office
of the President will provide Prime Group Realty Trust with a dynamic platform
from which to address and, where appropriate, improve the quality of the
operation of the Company as well as help implement the Company's strategic
business plan. Each member of this new office brings a unique set of
professional skills and experiences that we believe will be complementary and
will contribute to our continued success."
Mr. Curto also advised that after 15 years in the real estate industry, W.
Michael Karnes, Chief Financial Officer, has decided to make a career change and
has resigned to join one of the nation's leading private investment firms as
Chief Administrative Officer. In addition to the Office of the President, Louis
Conforti will assume the role of Acting Chief Financial Officer.
Prime Group Realty Trust is a fully-integrated, self-administered, and
self-managed real estate investment trust (REIT) which owns, manages, leases,
develops, and redevelops office and industrial real estate, primarily in the
Chicago metropolitan area. The Company's portfolio consists of 29 office
properties, containing an aggregate of 10.9 million net rentable square feet and
44 industrial properties containing an aggregate of 5.3 million net rentable
square feet. The portfolio also includes 230.5 acres of developable land and
rights to acquire more than 165.4 additional acres of developable land which
management believes could be developed with approximately 9.1 million rentable
square feet of additional office and industrial space.
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PRIME GROUP REALTY TRUST
ADD-1-
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.
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