CB Richard Ellis Ranked as Fastest-Growing Global Retail Manager by Industry Publication Chain Store Age.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--May 6, 2002

CB Richard Ellis, the world-market leader in real estate services, has been named the fastest-growing retail manager worldwide for 2001 in a survey conducted by Chain Store Age, a national magazine for retail executives. The survey results were announced in the publication's May edition.

Retail services grew by 13 million square feet last year, encompassing 9.2 million square feet in the United States and another 3.8 million square feet abroad, according to Bob Burke, Senior Managing Director for National Retail Services in North America. The U.S. assignments are in markets spread through more than 15 states, while international contracts include properties in Australia, Canada, Spain and the United Kingdom.

In the preceding year's Chain Store Age survey, CB Richard Ellis led in U.S. retail growth, and additional business in the United Kingdom and Australia pushed CB Richard Ellis into the top spot globally for 2001 with a total of 57 million square feet of retail space managed worldwide.

Burke attributes the 2001 gains to a focus on optimizing value for clients. "Our team approach, accountability and deep market knowledge are a huge advantage for making the value-added decisions required to serve clients well and earn this leadership position," he says. "We work to form a real partnership with clients and leverage the capital they have invested in these retail assets to maximize that asset's value."

Anthony Buono, Managing Director for National Retail Services, Western U.S., says, "Our international growth was remarkable last year, in large part because property owners are looking for management firms that can enter a market with ease. Our global presence gives us both the speed and sophistication in managing assets in a great many locations."

Todd Caruso, Managing Director for National Retail Services, Eastern U.S., notes that as retail specialists, team members are well qualified to act as an advisor to clients, creating strategic plans designed to create long-term asset value. The retail specialists manage all types of retail assets, with an emphasis on regional, community and neighborhood centers.

Looking ahead, the company plans to expand its management services among traditional, enclosed malls, which currently represent a small percentage of the total portfolio, according to Buono. "Mall owners, especially for properties not owned by a REIT, need a great deal of support and can benefit from having experienced advisors in place," he says.

Caruso adds, "Some significant opportunities also exist for redevelopment, and currently we're searching throughout the United States to identify assets in prime locations -- either existing retail properties, or an in-fill site that's currently industrial but well-placed for retail use."

Headquartered in Los Angeles, CB Richard Ellis is the largest commercial real estate services company in the world. With nearly 10,000 employees, the company serves real estate owners, investors and occupiers throughout more than 250 offices in 47 countries. The company's core services portfolio includes property sales, leasing and management, corporate services, facilities and project management, mortgage banking, investment management, capital markets, appraisal and valuation, research, and consulting. The Company reported net revenues of $1.17 billion in 2001. For more information about CB Richard Ellis, visit the company's web site at www.cbre.com.