PRAEDIUM GROUP, SNYDER PARTNERS ACQUIRE LOS ANGELES AREA OFFICE PROPERTY FOR $7.4 MILLION

February 9, 2004-New York -- The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Los Angeles, CA-based Snyder Partners to purchase 400 South Sepulveda Boulevard office property located in Manhattan Beach, CA for $7.4 million, or $192 per square foot.

Built in 1987, the 38,000 square foot, two-story office building was originally built to suit Cigna HealthCare. The lobby was completely renovated in 1998, and the parking area has an above average parking ratio, with 5 spaces per 1,000 SF versus the 3 per 1,000 market average.

Chris Hughes, Praedium Group principal stated, "We invested in this asset due to the strong upside potential given the property's highly visible location along a major commercial corridor in the Manhattan Beach market."

Drew Planting, JH Snyder partner, said, "We are very comfortable with the Beach Cities" office market dynamic and particularly like the medical orientation of the building."

In November 2002, Praedium partnered with Snyder Partners to acquire 900 North Cahuenga Boulevard, a similar-sized building in Hollywood, CA.

Snyder Partners is a subsidiary of the JH Snyder Company, a 50-year-old real estate development and investment firm. Based in Los Angeles, Snyder has developed and acquired over 8 million square feet of office and retail projects and developed over 40,000 housing units throughout Southern California.

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 privateequity 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.