PRAEDIUM, SOUTH BAY SELL OFFICE PROPERTY IN SANTA CLARA, CALIFORNIA FOR $3.7 MILLION

March 30, 2006 - New York - The Praedium Group LLC, a New York City-based national real estate investment firm, and South Bay Development Company, based in Campbell, Calif., announced today the sale of 2975 Stender Way, located in Santa Clara, Calif., for $3.7 million, or $85 per square foot.

Praedium and South Bay acquired the vacant Silicon Valley property in October 2005. Built in 1980, the two-story, 43,702 square foot office building situated on two acres in the Coronado-Stender Business Park in the center of Silicon Valley. 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.

The buyer, Catalyst Semiconductor Inc., was represented by Thomas Sweeney of Wayne Mascia Associates of Santa Clara. Praedium and South Bay were represented by Chip Southerland and Doug Yoder of CB Richard Ellis in San Jose, Calif.

Chris Hughes, principal at Praedium, said, "Market fundamentals are getting stronger in Silicon Valley and the area is currently experiencing an economic revival."

"This is third time within the last year that we have been able to renovate an existing facility and sell to the user/buyer market," said Mark Regoli, Partner at South Bay Development Company.

In May 2005, Praedium and South Bay Development Company together purchased seven other assets within the Coronado-Stender Business Park for $26 million.

South Bay Development Inc. 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 more than $5 billion in total investments to date in more than 225 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.