CB Richard Ellis Expands Its Downtown Manhattan Operations; New York Market Leader Signs 24,000-Sq-Ft Lease at 140 Broadway.

NEW YORK -- CB Richard Ellis (NYSE:CBG) is moving its Downtown Manhattan operations to 24,000 square feet at 140 Broadway, significantly expanding its presence in the Lower Manhattan market. The world's largest commercial real estate firm outgrew its former Downtown home at 33 Whitehall Street, and has now traded up to the recently renovated 140 Broadway, a 52-story Class A tower.

A major driver in the relocation to 140 Broadway is the existing state-of-the-art conference/training facility built for Brown Brothers Harriman in 2000. CBRE plans to use the center as the New York branch of its national corporate training program. The comprehensive curriculum includes courses in brokerage, management, sales and professional development, among others.

"140 Broadway is a first-class property, extremely well located, and since we're expanding by approximately 30 percent, we are set for future growth," added Bruce Surry, executive managing director of CBRE's Downtown Manhattan operations. "Moreover, we had been looking for a venue in which to establish a New York campus for our corporate training program and 140 Broadway is ideal for that purpose."

CBRE has been involved in a number of prominent Downtown deals since the beginning of the year. It represented Lehman Brothers in a three-party transaction that resulted in a 456,101-square-foot lease to Cadwalader Wickersham & Taft, at One World Financial Center. It acted for the landlord, Trinity Center LLC, in two deals at 111 Broadway and sister building 115 Broadway, respectively: 1) a 22,152-square-foot lease for WOR Radio at 111 and 2) multiple deals at 115 for the Port Authority of New York & New Jersey, resulting in its lease extension for a total of 76,000 square feet. And, CBRE represented Computer Generated Services (CGS) in its 42,265-square-foot lease at Three World Financial Center.

CBRE will move to its new offices at 140 Broadway on September 15th. In the transaction -- a sublease from Brown Brothers Harriman -- Mr. Surry represented CBRE, while CBRE's Scott Gamber and Jonathan Cope acted for Brown Brothers, the building's anchor tenant. The term is for ten years.

Reflecting its commitment to Downtown, late last year CBRE launched the first-ever Downtown Market Forecast Breakfast, which drew broad interest from the Downtown business community. CBRE's second annual Downtown Market event is scheduled for Friday, November 12th, at the Ritz Carlton Hotel in Battery Park. The event will feature Charles Gargano, Chairman, Empire State Development Corporation; William Rudin, President, Rudin Management Company; and Mary Ann Tighe, CBRE CEO for the Tri-State Region.

CB Richard Ellis (NYSE:CBG) is the world's leading commercial real estate services firm (in terms of 2003 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, CB Richard Ellis has more than 300 offices across 50 countries around the world. Please visit our Web site at www.cbre.com.