CB Richard Ellis Aligns With Devnet to Offer Complete Telecommunications Services.

LOS ANGELES--(BUSINESS WIRE)--Dec. 16, 1999--

Devnet to Serve as Central Company to Manage Telecom Needs in the

Changing Property Management Landscape

In response to a growing telecommunications industry that includes hundreds of new service providers, CB Richard Ellis (NYSE:CBG) has partnered with Devnet to offer telecommunications services for CB Richard Ellis-managed properties. In this capacity, Devnet will provide building owners and property managers with needs assessment, installation and replacement of telecommunication infrastructure, and management of existing contracts with other service providers.

Devnet serves building owners with complete management of their communications infrastructure by both installing a state-of-the-art network with unlimited bandwidth and providing existing master non-exclusive, cooperative agreements with integrated communications service providers. As the "access landlord" controlling the telecommunications access rights for tens of millions of square feet of commercial office buildings for various institutional and private owners, Devnet brings building owners of all sizes revenue potential otherwise unattainable to any individual property owner.

"Devnet creates a level playing field for buildings as well as for small and mid-size businesses by giving them access to a new infrastructure, new services, new service providers and the Fortune 500 buying power that comes with this package," said Phil DiGennaro, president and chief operating officer of Devnet. "We provide building owners with the opportunity to turn their locations into `smart buildings.' Strong relationships with companies such as Nextlink, OnSite Access, Teligent and Winstar, with their high quality package of integrated communications services and dedication to customer service, are a key part of this execution."

"Nextlink has a quality relationship with Devnet and we are excited about the opportunities to work with CB Richard Ellis and their property owners," said Ron Scott, president of Nextlink One.

"Onsite Access' strategic alliance with Devnet allows us to work with such highly-regarded property managers as CB Richard Ellis to provide their buildings with the latest technology and communications services," said Howard Taylor, chairman and chief executive officer of OnSite Access.

"The growing need for telecommunications, combined with the expanding number of telecommunications providers, is making telecommunications one of the highest priorities for building owners today. It is changing the landscape of property management in exponential ways," said Rick Randolph of CB Richard Ellis Management Services. "CB Richard Ellis has struck an alliance with Devnet that is designed to help landlords and property managers take control of this changing landscape."

"In addition, by utilizing Devnet's cooperative agreements with telecom carriers, building owners can generate revenue payments otherwise unattainable to individual property owners," Randolph continued. "These agreements are non-exclusive and allow buildings to remain competitive as new services are developed or as tenant needs change. This makes the building more attractive to tenants and as a result, enhances the value of the building."

"Today, telecommunications companies are rushing to obtain access to larger buildings in large cities. The results can be chaotic in equipment rooms and risers of office buildings, as the service providers place their equipment and run their cables virtually without restraint," said DiGennaro. "Building owners and managers are now realizing that they must aggressively address their building's communications needs. Devnet is The Link between sorting out a constantly emerging provider pool and tenant market demand."

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 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. For more information about CB Richard Ellis, visit the company's website at www.cbrichardellis.com.