Prime Group Realty Trust Leases 163,118 Square Feet at Continental Towers to Argent Mortgage Company; Suburban Office Portfolio Leasing Increases to 93.9 Percent

Business Wire, Sept 23, 2003

Business Editors

CHICAGO--(BUSINESS WIRE)--Sept. 23, 2003

Prime Group Realty Trust (NYSE:PGE) (the "Company") announced today that it has executed a new lease with Argent Mortgage Company ("Argent"), one of the largest residential mortgage lenders in the United States, for 163,118 square feet at Continental Towers located in Rolling Meadows, Illinois. The lease increases the 925,091 square-foot, three-building office complex's leased percentage from 77.3% to 93.3%.

Argent is engaged primarily in the mortgage banking business and originates, purchases, sells and services residential mortgage loans through 200 retail and wholesale brokerage offices throughout the United States. "The Continental Towers office complex has very efficient office space combined with a restaurant, health club and other amenities which tenants like Argent find very appealing," said Faye I. Oomen, Executive Vice President - Leasing. "We are very happy to have Argent Mortgage Company make Continental Towers their new Chicago regional headquarters. In a challenging suburban Chicago market, our suburban office portfolio is now 93.9% leased with the Argent tenancy."

Argent was represented by Howard Ecker of Jupiter Brokerage Services and John Gillespie of NCR Advisors.

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 14 office properties containing an aggregate of 7.0 million net rentable square feet and 30 industrial properties containing an aggregate of 3.9 million net rentable square feet. In addition, the Company owns 232.4 acres of developable land and joint venture interests in two office properties containing an aggregate of 1.3 million net rentable square feet.

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.