PRAEDIUM GROUP AND GOLUB & COMPANY SELL CHICAGO OFFICE PROPERTY FOR $60 MILLION

New York and Chicago-October 4, 2004 -The Praedium Group LLC, a New York City-based national real estate investment firm, and Golub & Company, a Chicago-based real estate firm, announced today the sale of 33 North LaSalle, a 395,191- square-foot office building in Chicago, Illinois for $60 million, or $152 per square foot. Current occupancy is more than 95 percent.

Built in 1929, the 38-story office property is approximately two-thirds leased to law firms and other tenants in the service industries, and one-third occupied by the City of Chicago. After the building's purchase in July 1998, a major capital improvement program was undertaken, including the restoration, expansion and reconfiguration of the lobby and retail components and refurbishment of elevator cabs.

Blake Johnson of Eastdil in Chicago represented the seller. The buyer was NV of America Inc., represented by The Pyne Companies Ltd. based in New York City.

"This joint venture reflects the abilities of Praedium and Golub to add value to well-located office properties," said Michael Newman, president and chief executive officer of Golub & Company. During the period the venture owned the building, occupancy rose by more than 50 percent to its present, nearly fully leased status.

"We have great confidence in the Chicago area and continue to aggressively seek similar value-add opportunities in this market," added Robert Murray, Midwest regional head for the Praedium Group.

In 1999, a joint venture of Golub & Company and The Praedium Group acquired 1603 Orrington, a 309,000-square-foot, 20-story, Class A office building located in Evanston, Illinois, a northern suburb of Chicago. In late 2002, the venture acquired an adjacent, 31,000-square-foot retail property, 1629 Orrington, leased to Borders Books & Music. The venture subsequently sold both properties at the end of 2002.

Golub & Company (www.golubandcompany.com) and its affiliates are active internationally in real estate development, acquisitions, asset and property management, leasing and corporate real estate services. Overall, the company has owned, leased and managed more than 25 million square feet of commercial and multifamily real estate properties.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $4 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 investing 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 invests 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. CDP Capital-Real Estate Advisory, a Montreal-based real estate advisor and portfolio manager, is a major shareholder of The Praedium Group. CDP Capital-Real Estate Advisory is an affiliate of the Caisse de depot et placement du Quebec, one of the world's 10 largest real estate managers. For more information, please see www.praediumgroup.com.

The Pyne Companies Ltd. (www.pyneco.com) and its affiliates are a real estate investment and consultancy company. Its primary focus is to identify, acquire, and re-invigorate under-managed real estate assets by utilizing the principal's development and management expertise. The principals also assist private and institutional investors in the repositioning, evaluation, and acquisition/disposition of their real estate portfolios. Since its inception in 1991, the company has developed, managed, leased and owned more than 4.6 million square feet of commercial office space.