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Do a javascript link with an onclick= to send the user where you want them to go. Or cloak googlebot and don't geed it that link.
But you really should forget all that and go ahead and link to the other site. Your *page* does not lose any PR if you link out, and your *site* doesn't lose much. But you gain in many ways, other than PR, when you link out normally. PR hoarding really is a bad plan.
Don't be a miser. If the site is worth a link then just do it. If there's a way to sensibly use one of your own keywords in that link then it may actually help you.
Kaled.
Plugging the page rank leak [webmasterworld.com]