PRAEDIUM GROUP AND MGP REAL ESTATE ACQUIRE MONUMENT III OFFICE TOWER FOR $55 MILLION

April 27, 2007 - New York -The Praedium Group LLC and MGP Real Estate LLC announced today the acquisition of Monument III in Herndon, VA for $54.9 million. The property was acquired from Monument Realty LLC and Apollo Real Estate Advisors.

Monument III is a newly constructed 193,138-square-foot, Class-A office tower. The seven-story building stands above a six-story parking garage with 656 parking spaces. The 2.9-acre property is situated adjacent to and facing the Dulles Toll Road, surrounded by Fortune 500 companies, corporate headquarters as well as other prominent regional and global firms. The property was 29 percent leased to DRS Technical Services, Inc at the time of purchase.

ěThe Dulles Corridor is currently one of the fastest growing locations in the U.S. This new Class-A building is unique because it shares the amenities of the Worldgate Office Park and is situated adjacent to the Dulles Toll Road,î said Chris Hughes, principal at Praedium.

This marks Praediumís first transaction with MGP Real Estate. ěThe Reston/Herndon sub-market is experiencing positive absorption and decreasing vacancies. We believe that these strong fundamentals will offer tremendous long term opportunities,î commented Andrew Eshelman, principal at MGP Real Estate LLC.

MGP Real Estate is a privately held real estate development, investment and management firm based in Bethesda, Maryland and focused on Washington, DC. and other east coast markets. The management team at MGP has diligently served investors by creating substantial real estate value from selective acquisitions and development programs for over 25 years. MGP has developed approximately 2.5 million square feet of office buildings and acquired approximately 8 million square feet of commercial properties, with the value of acquisitions totaling approximately $850 million.

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.