PRAEDIUM, TOWER ACQUIRE ORLANDO AIRPORT BUSINESS CENTER FOR $17 MILLION

May 13, 2005-New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Orlando-based Tower Realty Partners, Inc. to purchase the Orlando Airport Business Center located at 5800 South Semoran Blvd. in Orlando, FL for $17.25 million or $98 per square foot.

Built in 1985, the property is located on 17.27 acres and offers a total of 176,894 total square feet in six, one-story buildings. The property features high quality masonry design and 526 parking spaces. At time of purchase, the property was 96 percent occupied. The seller was Taurus Investment Holdings, LLC.

Mark Lippmann, head of the Southeast region at Praedium stated, "The Orlando Airport Business Center investment provides strong going-in-cash flow in a market close to the Orlando Airport. This is our second significant purchase in Orlando over the last few months. In the last year, we have purchased over $100 million in Florida and continue to be interested in all of its markets."

Cliff Stein of Tower Realty Partners said, "This is our fourth joint venture in Florida with Praedium and we look forward to working with them again in the future."

Tower Realty Partners, Inc. is a commercial real estate firm concentrating on investment, brokerage and property management services. Tower was established in 1987 between principals, Clifford Stein and Reid Berman. Currently, Tower owns and operates a portfolio of office and retail projects in the Central Florida area in excess of $100,000,000.

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, generally, 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.