(PRWEB) August 11, 2005
Prime Group Realty Trust (NYSE: PGEPRB) (the ÂCompanyÂ) and Komatsu America Corp. (ÂKomatsuÂ) announced today that Komatsu has signed a long-term lease for 105,437 square feet at Continental Towers in Rolling Meadows, Illinois. Komatsu America Corp., a leading manufacturer and supplier of construction, mining and compact construction equipment, will consolidate its existing two Chicago suburban offices in Vernon Hills and Downers Grove, Illinois and relocate the company headquarters to Continental Towers in the summer of 2006. The new office location at 1701 West Golf Road will provide work and office space for more than 300 Komatsu employees. The fifteen-year lease brings the propertyÂs overall leased percentage to approximately 93% and represents one of the largest suburban office deals completed to date in 2005 in the Chicago suburbs.
ÂWe anticipate that KomatsuÂs business and market-reach will continue to grow and the international business environment of Rolling Meadows made it an excellent choice for our headquarters in the AmericasÂ region,Â said Dave Grzelak, CEO of Komatsu America Corp. ÂIntegrating offices from two locations meant it was important to find a site that would be a convenient mid-point for our employees. Once we selected Rolling Meadows, we found that the space at Continental Towers would provide all of the technological amenities required for a global company.Â
ÂWe are very pleased to add Komatsu America Corp. to Rolling MeadowsÂ growing roster of global companies, Â said Kenneth Nelson, Mayor of Rolling Meadows. ÂSince the establishment of our International Business Center in conjunction with DePaul University, it has been our communityÂs goal to continue to attract international companies. KomatsuÂs choice of Rolling Meadows as its headquarters in the Americas is a high honor for our community and the northwest suburbs.Â
Continental Towers was represented by Prime Group Realty TrustÂs suburban team of David Howorka and Julie Mertins. Mike Hull of The Mike Hull Company represented Komatsu.
Mike Hull, KomatsuÂs leasing representative said, ÂContinental Towers is a great location for KomatsuÂs offices. The transaction was handled efficiently and in a very straight-forward manner by all parties.Â
Jeffrey Patterson, President and Chief Executive Officer of Prime Group Realty Trust added, ÂWe are thrilled to begin an association with Komatsu at Continental Towers. We believe Continental Towers satisfies KomatsuÂs needs well, resulting in a win-win transaction for Komatsu and Prime Group Realty Trust.Â
Continental Towers is a three-building, 923,064 square foot, office complex on 36 acres and is interconnected by a multi-level retail concourse. Located on the Northwest Tollway and Golf Road in ChicagoÂs northwest suburb of Rolling Meadows, Continental Towers offers good accessibility to one of the most rapidly developing corporate communities in Illinois. Its major tenant roster includes: Argent Mortgage, Fifth Third Bank, American Express and Aon. The complex has an impressive list of amenities such as a 55,000-square-foot fitness center, MagnumÂs Steakhouse, Metro Deli, Fifth Third Bank, as well as a floral studio, dry cleaner, print shop, salon and travel agency. The property recently received the 2004-2005 Building Owners and Managers Association (BOMA) Suburban Office Building of the Year award.
About Komatsu America Corp.
Komatsu America Corp. is a U.S. subsidiary of Komatsu Ltd. which is the second largest manufacturer and supplier of construction, mining and compact construction equipment and parts and services. With four U.S. factory locations, one in Canada, one in Brazil and one in Mexico, Komatsu America has been serving the AmericasÂ market for more than 35 years. Komatsu America Corp. is a subsidiary of Komatsu Ltd. which has shares listed on the Tokyo and Osaka Stock Exchanges in Japan (6301) and ADRs traded on the OTC market (KMTUY). Komatsu Ltd. has proudly been providing high-quality reliable products for nearly a century. To learn more, visit the company website at http://www.komatsuamerica.com.
About Prime Group Realty Trust
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 http://www.pgrt.com.
This press release contains certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect managementÂs current views with respect to future events and financial performance. The words Âbelieves,Â Âexpects,Â Âanticipates,Â Âestimates,Â 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 CompanyÂs filings with the Securities and Exchange Commission.