PRAEDIUM GROUP, SNYDER PARTNERS SELL MANHATTAN BEACH, CALIFORNIA OFFICE PROPERTY FOR $12.5 MILLION

February 13, 2006-New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today the disposition of 400 South Sepulveda, an office property purchased in joint venture with Los Angeles-based Snyder Partners. 400 South Sepulveda, a 38,997 square-foot, two-floor office property in Manhattan Beach, CA, was sold for $12.5 million or $320 per square foot.

Built in 1986, the property offers ocean views, flexible floor plans and abundant parking in both a subterranean garage and surface lot. At the time of purchase in February 2004 the property was 87 percent occupied. The property was 100 percent occupied by medical and office tenants at the time of sale to Lexham Private Investors, LLC. Los Angeles-based Madison Partners represented the sellers.

Chris Hughes, Principal at Praedium said, "We saw substantial upside in the building given its position as one of the few high quality office buildings along the Sepulveda Boulevard corridor in Manhattan Beach."

Drew Planting, a partner of Snyder Partners said, "Shortly after acquiring the Property, we upgraded the lobby areas, restrooms and common corridors, and we also made a number of improvements to the building's mechanical systems."

This was Praedium's second transaction with Snyder Partners. Praedium and Snyder purchased 900 North Cahuenga, an office property in Hollywood, California, in November 2002.

Snyder Partners is a wholly owned subsidiary of the J.H. Snyder Company. It focuses on the acquisition and repositioning of existing buildings.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $5 billion in total investments to date in more than 220 transactions comprised of 40 million square feet of commercial space and 44,000 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.