CB Richard Ellis Group, Inc. Announces Filing of Registration Statement for Secondary Public Offering.

LOS ANGELES -- CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has filed a Registration Statement with the Securities and Exchange Commission relating to a proposed secondary public offering of 15,000,000 shares of its Class A common stock. The offering will consist solely of shares to be offered by affiliates of Blum Capital Partners, L.P. and other selling shareholders named in the Registration Statement. Some of the selling shareholders will grant the underwriters an option to purchase up to an additional 2,250,000 shares to cover over-allotments, if any. None of the shares are being sold by the Company or by its officers or other employees.

Credit Suisse First Boston LLC and Citigroup Global Markets Inc. are acting as joint book-running managers. Goldman Sachs & Co., J.P. Morgan Securities, Inc., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Bear, Stearns & Co. Inc. are acting as co-managers.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of a prospectus, copies of which, when available, may be obtained by contacting the prospectus department of Credit Suisse First Boston, Eleven Madison Avenue, New York, NY 10010-3629 or the prospectus department of Citigroup Global Markets, Brooklyn Army Terminal, 140 58th Street, Brooklyn, NY 11220.

About CB Richard Ellis

Headquartered in Los Angeles, CB Richard Ellis is the world's largest commercial real estate services firm (in terms of 2003 revenue). With approximately 13,500 employees, the company serves real estate owners, investors and occupiers through 220 offices worldwide (excluding affiliate and partner offices). The Company's core services include property sales, leasing and management; corporate services; facilities and project management; mortgage banking; investment management; appraisal and valuation; research; and consulting.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, which are subject to the "safe harbor" created by those sections. The forward-looking statements are based on our current expectations and projections about future events, such as the ultimate consummation of the offering and expectations with respect to the terms of the over-allotment option. These forward-looking statements are based on our current expectations and are subject to a number of risks and uncertainties. For example, changes in market or other conditions could affect our ability to consummate the offering in a timely manner, if at all. In addition, the selling shareholders may decide to delay or to not proceed with the offering. CBG undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.