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Prime Realty sells one tower, defaults on another

March 4, 2010 BY DAVID ROEDER Sun-Times Columnist

Chicago-based Prime Group Realty Trust, an owner of office buildings, said it sold a downtown tower and has defaulted on one of the largest complexes in the suburbs.

Prime Group said it sold 180 N. LaSalle for $72.25 million. The buyer of the 39-story is an affiliate of investor Michael Silberberg of Nanuet, N.Y.

The sale should close in May or June and is contingent on Silberberg assuming the building’s debt, Prime Group said.

The sale price reflects a sharp decline in the value of commercial buildings, as Prime Group in late 2008 agreed to sell it for $116 million. The California-based buyer, Zaya Younan, was unable to close the sale.

Prime Group also said it has defaulted on mortgages worth $115 million on the three-building Continental Towers complex, 1710 W. Golf Road in Rolling Meadows.

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