PRAEDIUM, LINCOLN ACQUIRE NORTHERN NEW JERSEY OFFICE PROPERTY FOR $12 MILLION

November 30, 2005 - New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Dallas-based Lincoln Property Company to purchase a Hasbrouck Heights, NJ office property located at 611 Route 46 West, or 10 Mulholland Drive, for $11.9 million or $93 per square foot.

The four-floor property was built in 1983 and offers a total of 128,300 square feet. The building can accommodate tenants as small as 2,600 square feet, an important feature as average area tenant size is approximately 6,000 square feet. The property is well located at the intersection of major New Jersey roadways including Routes 80, 46, and 17, and is 14 miles west of Manhattan, 19 miles from Newark Airport and one-half mile from Teterboro Airport. The property was 50 percent occupied at the time of purchase. The seller was Hartz Mountain Industries, Inc.

Chris Hughes, Principal at Praedium said, "We plan to improve the physical appearance of the property – both interior and exterior - and increase occupancy through a focused leasing strategy. Due to its close proximity to both New York City and Newark, we expect strong interest from tenants seeking office space in the New York metro area at a reduced price. 611 Route 46 will be an attractive location for small and mid-size tenants, in a location that provides convenient access to New York City and all of northern NJ."

Michael Taylor, Senior Vice President at Lincoln Property Company said, "611 Route 46 is currently an underperforming office building in a highly desirable location. We plan to reposition this struggling Class B building into a top quality Class A office environment by implementing a capital plan which includes renovations to the building facade, main lobby, restrooms and all common areas."

In April 2004, Praedium and Lincoln acquired 331 North Maple Drive, a three-story Class A office building totaling 80,093 square feet, located just outside the "Golden Triangle" in Beverly Hills, CA. The asset was sold in March 2005.

Headquartered in Dallas, Texas, Lincoln Property Company is one of the largest and most respected diversified real estate services companies in the industry. The company employs over 4,000 professionals in over 93 markets in 16 states. Lincoln Property Company is also one of the largest property and construction management firms in the country and offers a full spectrum of development, investment sales and brokerage services for third party clients as well as for its own portfolio. For more information, contact Michael A. Taylor, Senior Vice President, or please see www.lincolnproperty.com.

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.