PRAEDIUM GROUP SELLS NEW JERSEY OFFICE PROPERTY FOR $20 MILLION

January 7, 2004-New York-- The Praedium Group LLC, a New York City-based national real estate investment firm announced today the sale of the Princeton Pike Corporate Center I in Lawrenceville, New Jersey to Brandywine Realty Trust of Plymouth Meeting, Pennsylvania for $20 million, or $179 per square foot.

Built in 1984, and renovated between 1995 and 2003, the 112,000 square foot, three-story office building is located within the Class A Princeton Pike Corporate Center. This office campus contains mature landscaped grounds and excellent visibility along the northern side of both Interstate 29/295 and Princeton Pike at Exit 8B. The property is currently 97% occupied by major tenants in the health, public utility, technology, consulting and financial services industries.

The CB Richard Ellis New York Tri-State Investment Team, led by Jeffrey R. Dunne, in collaboration with Lynn DeMarco, represented both the buyer and seller.

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 is investing 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.