CB Richard Ellis Advises Time Warner in Hong Kong's Largest Single Lease Agreement of This Year.

NEW YORK--(BUSINESS WIRE)--Sept. 13, 1999--

CB Richard Ellis, the world's leading commercial real estate company, advised and consulted Time Warner in an agreement to lease up to 12 floors (133,000 square feet) of office space at Oxford House in Hong Kong. The transaction is the largest single lease agreement in Hong Kong this year and is subject to completion of final documentation and approvals.

The CB Richard Ellis account team, which works specifically with international clients, has been advising Time Warner on cross-border issues relating to the creation of a new headquarters in Asia since 1997. The new facility will allow Time Warner to house most of its business units in one single location. The 12 floors of Oxford House will be occupied by Time Warner Corporate, Time Inc. Asia, Time Life, Asiaweek, Warner Bros. Consumer Products, Warner Bros. Far East Theatrical, CNN, Turner Broadcasting System International, TNT, Cartoon Network and Turner Entertainment Networks Asia.

Philip Pitruzzello, Vice-President of Real Estate for Time Warner, said "The consolidation of offices at Oxford House is a reflection of Time Warner's commitment to Asia and the importance of the region as a source of growth for our company. Bringing together most of our offices under one roof will enable us to enhance our ability to serve our customers in many lines of business and to continue to build our presence as the center of our Asia operation."

Key CB Richard Ellis executives involved in the assignment included: Dino Piccini, Senior Managing Director, and Jill Gambino, Senior Associate of the New York City office in coordination with John Falkiner, Executive Director, Greater China and Jason Whitcombe, Associate Director of the Hong Kong office. The team provided analysis and advice on the space providing Time Warner with strategic insight throughout the entire process.

"We are pleased to assist our client, Time Warner, with a very important lease which consolidates many of its Asian business units under one roof and creates an Asian headquarters. We have been pleased to provide the family of Time Warner companies with advice on numerous cross border issues around the world. Coordinating this complex lease displays our ability to assist clients with all real estate related services worldwide," said Gerald R. Younce, Executive Managing Director of CB Richard Ellis in New York.

John Falkiner, the Executive Director of CB Richard Ellis' Greater China business added, "We accomplished our goal which was to secure attractive financial terms and to negotiate technical upgrades allowing CNN to construct a state-of-the-art broadcasting studio on the 40th Floor of the building."

Commenting on CB Richard Ellis' services, Alec Fraser, President of Turner Properties said, "I have undertaken a number of projects with CB Richard Ellis, most recently the consolidation of The Time Warner group companies in Hong Kong to a new Asian headquarters. CB Richard Ellis consistently use their thorough market knowledge, appraisal abilities and negotiating skills to ensure that the occupational strategies we implement fully satisfy our immediate and projected occupational requirements."

Time Warner Inc. (NYSE:TWX, www.timewarner.com), the world's leading media company, consists of four businesses: cable networks, publishing, entertainment and cable.

CB Richard Ellis (NYSE:CBG) is the world's leading real estate services company. Headquartered in Los Angeles with 10,000 employees worldwide, the company serves real estate owners, investors and occupiers through nearly 250 principal offices in 35 countries. Services include property sales and leasing, property management, corporate advisory services and facilities management, mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting. CB Richard Ellis had 1998 revenues of over $1 billion.