PRAEDIUM GROUP AND ORION PROPERTY PARTNERS ACQUIRE IRVINE SPECTRUM OFFICE PLAZA FOR $15 MILLION

February, 2007 - New York -The Praedium Group LLC and ORION Property Partners announced today the acquisition of the Irvine Spectrum Office Plaza for $15.1 million. The property was acquired from Banyan Realty Group.

Irvine Spectrum Office Plaza, a three-story, 65,030-square-foot Class-A office complex, is located in a prime location in the Irvine Spectrum just off the 5 Freeway. The Irvine Spectrum area is a prestigious business community that has drawn leaders in the software, computer hardware, biotech, medical devices, broadband communications, and automotive design industries.

The Irvine Spectrum Office Plaza property consists of twenty-eight office suites ranging in size from just under 1,000 to over 5,000-square-feet. The building provides tenants with easy access to various transportation outlets including the 5 and 405 Freeways, Orange County's John Wayne Airport and the Irvine Transportation Center, as well as several highly-rated hotels and a variety of amenities, such as retail, entertainment and golf facilities. The property was 92 percent leased at the time of purchase.

ìIrvine Spectrum Office Plaza is located in the strong Orange County leasing market. Exceptional job growth and attractive demographics have made this a difficult market to enter, however, we were able to acquire this property well below replacement cost,î said Bob Murray, director and head of the Western Region for Praediumís acquisition group. ìBy acquiring a building with Class-A amenities, we are well positioned to provide an attractive option for businesses seeking space in the area.î

This acquisition marks the second joint transaction between Praedium and ORION Property Partners. Previously, the two firms acquired Alicia Office Park, a six-building 113,000-square-foot office campus located in Laguna Hills, CA, for $22 million in September 2005.

ìOrange County offers terrific commercial real estate investment opportunities, as is evidenced by this well located, quality office complex. We are pleased to once again work with Praedium, a trusted partner, in acquiring the Irvine Spectrum Office Plaza property,î commented Jay Carnahan, Managing Partner at ORION Property Partners.

ORION Property Partners, Inc., based in Orange County California, is a commercial real estate services and investment company. Founded in 2000, the principals of ORION have extensive backgrounds in leading some the largest and most successful regional and national firms in the real estate development and services industry. The combined square footage of institutional quality commercial real estate developed, acquired, leased and/or managed by the principals is in excess of 35 million square feet in the West Coast Markets including Orange County, San Diego, the San Francisco Bay Area, the Pacific Northwest, Phoenix, Las Vegas and Hawaii.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $6 billion in total investments to date in more than 250 transactions comprised of 40 million square feet of commercial space and 50,000 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, targeting multi-family, office, retail and industrial property types. Cadim, a Montreal-based real estate investor 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.