PRAEDIUM GROUP, ESSEX RIVER VENTURES JOINTLY ACQUIRE MANOR PARKWAY PROPERTY FOR $6.2 MILLION

May 23, 2003-New York--The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Boston's Essex River Ventures, LLC of the Manor Parkway Business Park in Salem, New Hampshire. Built in 1983, the property, located at 10-12 Manor Parkway, comprises three single-story office/flex buildings totaling 122, 000 square feet.

Jeff Schwartz of Spaulding & Slye represented the seller, who was not disclosed.

Philip Tager, Director of the Praedium Group noted, "We are pleased to enter into our first partnership with John Fenton and his firm, Essex River Ventures. John and his partners have many years of investment, development and management experience within the greater Boston area. The property has excellent access and visibility from I-93, with strong in-place income and significant upside potential. Given the retraction of property market fundamentals during the past few years, we believe the investment in this asset at this point in the market cycle will benefit from strengthening market conditions."

"We're very excited about our first acquisition. Manor Parkway is an excellent investment for us and our joint venture partner, The Praedium Group," added

Mr. Fenton of Essex River Ventures. "We are an experienced team of real estate professionals who can identify and manage value added opportunities. In addition, we are accustomed to servicing the needs of sophisticated private equity investors. Our venture with the Praedium Group in the Manor Parkway acquisition is hopefully the beginning of a long term relationship."

Based in Andover, Mass., Essex River Ventures, LLC is a real estate investment and asset management firm specializing in value-oriented office, R&D and industrial properties on the East Coast. For more information, visit its website at www.essexriverventures.com.

The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North America, with more than $2 billion in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.

Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.

Praedium recently closed on a $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties. The fund will invest in mid-cap assets throughout the United States and Canada in the $10 to $60 million range, targeting multi-family, office, retail and industrial property types. For more information please see www.praediumgroup.com.