PRAEDIUM, TOWER REALTY ACQUIRE ORLANDO AREA OFFICE PROPERTY FOR $14 MILLION

December 5, 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 Longwood Business Center, an office/flex property located at 705 West State Road 434 in Longwood, FL for $13.75 million or $105 per square foot.

The seven building, single story complex offers a total of 130,887 square feet and was constructed from 1983-1984. Longwood Business Center, located on an 11.5-acre site, is adjacent to a major hospital and caters to tenants in the medical industry.

Mark Lippmann, Head of the Southeast Region at Praedium said, "We found this property attractive because of its proximity to a regional hospital, which provides for a niche market of medical-related tenants. In addition, we like the Orlando market for office/flex type properties. To date, we have purchased nearly 800,000 square feet of similar space in the greater Orlando region, and we expect this buying trend to continue."

Cliff Stein at Tower Realty Partners, Inc. said, "With rental rates at below-market levels, a stable tenant base, and a high going-in yield, we're excited about the property's potential."

The Longwood Business Center represents Praedium's sixth joint venture acquisition with Tower. In April 2005, Praedium and Tower purchased the Orlando Airport Business Center, a six building, 177,000 square foot office property located three miles north of Orlando International Airport. Earlier this month, Praedium teamed with Tower to purchase the Orlando Flex Portfolio, which is comprised of five properties totaling 471,000 square feet.

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 $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.