PRAEDIUM, MAINSTREET ACQUIRE OFFICE PROPERTY IN FORT LAUDERDALE, FLORIDA FOR $14 MILLION

April 5, 2006 - New York - The Praedium Group LLC, a New York City-based national real estate investment firm, announced today the acquisition of Cypress Executive Center in Fort Lauderdale, Fla., purchased in joint venture with Fort Lauderdale-based Mainstreet Capital Partners, Inc., for $14.5 million, or $105 per square foot.

Built in 1986, Cypress Executive Center is a six-story Class B office building comprising 137,935 square feet. The building is currently 84 percent occupied.
The property is situated along Cypress Creek Road west of I-95 and offers 583 parking spaces, or 4.25 spaces per 1,000 SF. In addition, the property offers a development pad suitable for an office or service/retail user.

"We are focused on growing our South Florida portfolio. Cypress Executive Center will be a good addition," Mark Lippmann, Vice President at Praedium said. We are expecting to add an additional 1 million square feet within the year."

"The Cypress Creek submarket's improving fundamentals will allow the partnership to quickly lease the vacant space at the property, as well as take advantage of the value added opportunity provided by the development site," according to Paul Kilgallon, President of Mainstreet Capital Partners.

Mainstreet Capital Partners is a real estate investment and management firm specializing in real estate joint ventures with institutional partners. Mainstreet currently owns and manages over three million square feet of office and industrial properties that are valued at over $400 million. Mainstreet was formed in 1999 by Paul Kilgallon and has completed 14.

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 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.