PRAEDIUM GROUP, ESSEX RIVER VENTURES JOINTLY ACQUIRE GREAT WOODS OFFICE PARK FOR $5.4 MILLION

September 29, 2003-New York and Boston--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 Great Woods Office Park in Mansfield, Massachusetts for $5.4 million, or $94 per square foot. Built in 1981 and expanded in 1986, the property, located at 792 and 800 South Main Street, comprises two office buildings, one two-story and the other a three-story structure totaling 58,000 square feet.

Darryl Asack with Spaulding & Slye represented the seller, Sebonic Partners.

Philip Tager, Praedium's Director of Acquisitions for the Northeast region stated, "Praedium is delighted to be involved with Essex River Ventures on another transaction in the Greater Boston area. This asset was attractive to us because the property currently has very high occupancy, particularly in comparison to the overall market. Furthermore, the property is relatively unique to the I-495 South market in that it offers small office spaces in a quality property with an excellent location at I-495 near I-95. This is a hub location for those requiring access to the Boston-Providence corridor, and to the rest of New England."

"This is our second venture with Praedium, one of the country's premier institutional investors, in less than six months," said John Fenton, President of Essex River Ventures. "Our ability to identify and manage value-added real estate is synergistic with Praedium's overall investment strategy. We will continue to target attractive value and income oriented investments. We hope to be able to add some larger properties with these characteristics to our portfolio."

Great Woods Office Park includes a development site on an adjacent parcel that could support a 28,880 SF three-story office building. The current rent roll is primarily comprised of small high quality tenants.

Great Woods Office Park represents the second venture between Praedium and Essex River Ventures. Earlier this year the firms jointly purchased Manor Parkway, a three-building office/flex property in Salem, New Hampshire.

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 $70 million range, targeting multi-family, office, retail and industrial property types. For more information please see www.praediumgroup.com.