Prime Group Realty Trust Wins BOMA Regional Office Building of the Year Award for 77 West Wacker Drive.

CHICAGO -- Prime Group Realty Trust, (NYSE: PGEPRB), a Chicago-based real estate investment trust (REIT), has announced that 77 West Wacker Drive, the landmark 959,719 square-foot Class A office tower located in Chicago's central business district and one of Prime Group Realty Trust's premier properties, has won the prestigious award for "The Office Building of the Year"(TOBY) for the Five State North Central Region by the Building Owners and Managers Association (BOMA).

77 West Wacker Drive was declared the winner in the 500,000 to 1,000,000 square-foot category at BOMA's Winter Business meeting in Las Vegas on January 27th. 77 West Wacker won The TOBY award in the same category for the Chicago CBD last September. Earlier in 2006, Prime Group Realty Trust won TOBY Awards for its Continental Towers building in Rolling Meadows Illinois, for both the suburban Chicago and five State North Central Region areas, for the second year in a row.

The TOBY award program, now in its 21st year, is commonly recognized as the most prestigious and comprehensive program in the commercial real estate industry related to the management and operation of buildings. Participants are judged on the effectiveness of their overall building management in 11 categories, including community impact, tenant relations, energy management, emergency preparedness and training for personnel. 77 West Wacker received high marks in each category, particularly in the (i) environmental and regulatory category because of Prime's efforts in recycling and energy conservation and (ii) the community impact category, following the announcement over the summer that United Air Lines, Inc. was staying in Chicago and moving its corporate headquarters to 77 West Wacker Drive.

Jeffrey Patterson, President and Chief Executive Officer of Prime Group Realty Trust, notes, "We are proud of our management team and its operation of 77 West Wacker Drive and want to thank BOMA for recognizing 77 West Wacker Drive as a top notch building. We thank everyone at PGRT involved in running the building for their hard work and these results."

77 West Wacker Drive is a 51-story landmark building located on the south bank of the Chicago River at Wacker Drive and Clark Street and features exceptional-quality, on-site amenities including an Italian bistro and a state-of-the-art fitness facility. The property is easily accessible by public transportation and is connected to Chicago's Pedway system, with enclosed access to other amenities such as parking, banking, retail, restaurant, and hotel services. The Class A office building offers 24-hour secured access as well.

Critically acclaimed, 77 West Wacker Drive was developed in 1992 and designed by the world renowned Ricardo Bofill in his "modern classicism" style, with architecture by DeStefano + Partners.

To arrange a tour of the building, contact Nancy J. Fendley, Executive Vice President of Leasing for Prime Group Realty Trust, at [phone].

About Prime Group Realty Trust

Owned by one of the largest private real estate owners in the country, The Lightstone Group, 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 10 office properties containing an aggregate of 3.9 million net rentable square feet, one industrial property comprised of approximately 120,000 square feet and two joint venture interests in office properties totaling approximately 1.1 million net rentable square feet. It leases and manages all 5.0 million square feet. In addition, the Company is also the managing and leasing agent for the 1.5 million square foot Citadel Center office building located at 131 South Dearborn Street in Chicago, Illinois.

For more information about Prime Group Realty Trust, contact the company's Chicago headquarters at [phone] or visit www.pgrt.com.

About The Lightstone Group

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 30 million square feet of space in 28 states and Puerto Rico. Headquartered in Lakewood, New Jersey, The Lightstone Group employs over 1,000 professionals and maintains regional offices in New York, Maryland, Virginia and California. The Lightstone Group has acquired in excess of $2 billion in real estate over approximately the past 24 months.

For more information on The Lightstone Group, contact the company's Lakewood, New Jersey headquarters at (800)-347-4078 or visit www.lightstonegroup.com.