PRAEDIUM, SOUTH BAY ANNOUNCE ACQUISITION OF SANTA CLARA OFFICE BUILDING FOR $2.5 MILLION

November 15, 2005 - New York - The Praedium Group LLC, a New York City-based national real estate investment firm, announced today the acquisition of a joint venture property purchased with Campbell, CA-based South Bay Development Company. The office building, located at 2975 Stender Way in Santa Clara, CA, was acquired for $2.5 million.

Built in 1980, the property is located on two acres in the center of Silicon Valley and offers a total of 43,702 square feet. The building served as Integrated Device Technology's corporate office headquarters. IDT vacated the building in July 2005 when it consolidated its operations at its new corporate campus in south San Jose. Praedium and South Bay purchased the Coronado Stender Business Park, a neighboring seven-building property, in late March 2005. The broker on the transaction was Doug Yoder of CB Richard Ellis.

Chris Hughes, principal at Praedium said, "This acquisition enables Praedium to acquire another asset within the Coronado Stender Business Park at an attractive price. These properties are located in the center of Silicon Valley, which is in the middle of a promising business revival that we expect to continue."

Mark Regoli, Partner of South Bay Development Company said, "Our management efforts on the local level, combined with Praedium's expertise, will positively impact the future of the property and business park. This is our fourth pairing and we look forward to continuing our partnership with Praedium."

South Bay Development acquires, develops and owns commercial property for its own account and in partnership with a variety of institutional investors. The firm focuses its efforts entirely in Northern California and is considered one of the leading managers and developers of office, industrial, and research and development product.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $5 billion in total investments to date in more than 200 transactions comprised of 38 million square feet of commercial space and 33,000 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 $700 million real estate private equity fund, Praedium Fund VI. This equity will be leveraged to acquire more than $2 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. Cadim, a Montreal-based real estate advisor and portfolio manager, is a major shareholder of The Praedium Group. Cadim is a division of the Caisse de depot et placement du Quebec and a member of the Real Estate group of the Caisse. The Caisse is one of the world's 10 largest real estate managers among pension fund managers. For more information, please see www.praediumgroup.com.