PRAEDIUM GROUP, TOWER REALTY SELL ORLANDO OFFICE PROPERTY FOR $91 MILLION

May 10, 2007 - New York -The Praedium Group LLC, a New York City-based national real estate investment firm, and Tower Realty Partners, Inc, an Orlando-based commercial real estate firm, today announced the disposition of One Orlando Centre, a Class-A office property located in Orlando, FL. The 356,000 square foot, 19-story property was sold for $90.6 million or $255 per square foot to Eola Capital. The sale price marks a new record for price per square foot in the Orlando market, exceeding the previous record by more than 10 percent.

Built in 1987 by Olympia & York, One Orlando Centre is one of the premier office buildings in downtown Orlando. One Orlando Centre includes an adjacent, eight-story parking facility. At the time of sale, the property was 92 percent leased, an increase from its low of 72 percent since Praedium and Towerís acquisition. The broker for the seller was Ron Rogg of CB Richard Ellis.

ìOur leasing program was effective in quickly stabilizing the Property,î said Mark Lippmann, director and head of the southern region at Praedium. ìGiven the tightness in the downtown Orlando market, we were able to accomplish the lease-up plan in less time than we had expected.î

Cliff Stein, of Tower Realty Partners, said, ìOur business plan helped to attract quality tenants which enabled us to achieve record pricing for this asset.î Praedium and Tower have partnered on ten joint venture acquisitions. ìCentral Florida has been a very active market for us. We continue to look to expand our presence in this area,î added Lippmann.

Tower Realty Partners, Inc. is a commercial real estate firm concentrating on investment, brokerage and property management services. Tower was established in 1987 between principals, Clifford Stein and Reid Berman. Currently, Tower owns and operates a portfolio of office and retail projects in the Central Florida area in excess of $200 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.