PRAEDIUM GROUP AND LINCOLN PROPERTY COMPANY ACQUIRE OFFICE PROPERTY IN LOS ANGELES FOR $33 MILLION

New York and Los Angeles - April 29, 2004 - The Praedium Group LLC, a NewYork City-based national real estate investment firm, and Lincoln Property Company, a Dallas, TX-based real estate firm with offices in Los Angeles, CA announced today the acquisition of 331 North Maple Drive, a 3-story office building located in Los Angeles for $33 million.

Built in 2000, the high quality, Class A+ property is located in Beverly Hills. The 80,000 square-foot building is currently 77 percent leased to a major entertainment company. The property has a subterranean garage that provides an above average ratio of 3.4 spaces per 1,000 square feet.

Bob Safai of Madison Partners of Los Angeles represented the seller.

Christopher Hughes, Praedium Group principal, said, "This is one of the best properties in an excellent location in Beverly Hills. The space is unique and. demand for it will continue to be high. We expect that the multi-media entertainment sector will continue to look for space like this." "331 North Maple is a terrific investment for us and our joint venture partner, The Praedium Group," said John Ghiselli, executive vice president of Lincoln Property Company. "The building is one of the highest quality buildings in Los Angeles, and we were attracted to it due to its signature location tenant base."

Lincoln Property Company is a full service real estate company founded in 1965. With offices in every major market in the country, Lincoln portfolio includes 40 million square feet of commercial development and over 90 million square feet of commercial property management assignments. Since mid-2001, Lincoln Property Company has acquired over $130 million in commercial property in Los Angeles including two industrial properties, three office buildings and a major retail development project. John Ghiselli serves as Executive Vice President of Lincoln's commercial operations in Southern California.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $3.5 billion in total investments to date in 1,200 assets comprised of 33 million square feet of commercial space and 28,000 multi-family units. 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 is currently investing in its most recent $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.