CB Richard Ellis Partners with Energy Star Buildings to Enhance Value of Property Management Portfolio.

LOS ANGELES--(BUSINESS WIRE)--Dec. 9, 1999--

CB Richard Ellis (NYSE:CBG), the world's leading real estate services company, recently announced its participation in the U.S. Environmental Protection Agency's (EPA) ENERGY STAR Buildings(SM) program.

The goal of the program is to improve the energy performance of commercial real estate properties and in turn, reduce air pollution, lower operating costs and make income-producing properties more competitive, profitable and valuable.

The partnership touches 2,000 buildings, totaling 422 million square feet managed by CB Richard Ellis nationwide.

According to the EPA, utility costs make up nearly 1/3 of a building's operating expenses. For buildings operating at average levels of energy efficiency, a financially viable upgrade that results in a 30 percent savings in energy costs can translate into a 6 percent increase in a building's net operating income (NOI), thereby increasing the value of the property.

"CB Richard Ellis believes it is in the best interest of our clients to adopt an energy-efficient strategy that enhances the value and competitiveness of the properties we manage," said Rick Randolph, Managing Director of Technical Services for CB Richard Ellis. "In addition to reducing environmental pollution and lowering operating costs, an energy-efficient building is more comfortable, convenient and attractive, which translates to better tenant retention and higher occupancy rates."

Over the next five years, CB Richard Ellis will take a four-step approach to improving the energy efficiency of its real estate portfolio: it will benchmark the energy performance of its managed properties against the Department of Energy's (DOE) database of more than 4,000 other buildings using Internet-based benchmarking software developed by the DOE and EPA; determine the financial viability of energy-efficiency projects using the EPA's QuikScope software to allocate the costs and benefits of energy-efficiency upgrades between owners and tenants; encourage clients to implement energy-efficient upgrades; and apply for the ENERGY STAR Label for Buildings on behalf of clients.

The ENERGY STAR Label for Buildings is the "Mark of Excellence in Energy Performance," and is made available by the EPA and DOE. Buildings that display the ENERGY STAR symbol have met specific performance criteria and have demonstrated strategic energy management, smart business and environmental responsibility. The Label is awarded to buildings that rank in the top 25 percent of the most energy-efficient buildings in the nation.

Currently, there are nearly 100 buildings nationwide that have earned the ENERGY STAR Label and hundreds of others that have used ENERGY STAR software to identify opportunities for energy efficiency upgrades.

CB Richard Ellis (NYSE:CBG) is the world's leading real estate services company. With headquarters in Los Angeles and 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 more than $1 billion. For more information about CB Richard Ellis, visit the company's Web site at www.cbrichardellis.com.