CB Richard Ellis Services, Inc. Announces Receipt of Requisite Consents and Extension of Offer to Purchase 87/8% Senior Subordinated Notes Due 2006.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--June 8, 2001

CB Richard Ellis Services, Inc. (NYSE:CBG) (the "Company") announced that it has received as of 5:00 p.m., New York City time today, which was the Consent Date, the requisite consents from a majority of the holders of the outstanding $175,000,000 87/8% Senior Subordinated Notes Due 2006 (the "Notes") to certain amendments to the indenture under which the Notes were issued.

The Company solicited the consents in its Offer to Purchase and Consent Solicitation Statement issued May 25, 2001 (the "Statement").

In accordance with the terms and conditions of the Statement, the Company has elected to extend its offer to purchase the Notes (the "Offer") so that the Expiration Date (as defined in the Statement) will now be 12:00 noon, New York City time, on July 18, 2001, unless further extended. Holders of Notes may continue to tender their Notes until that time but such Holders will no longer be entitled to receive the Consent Payment portion of the Total Consideration as described in the Statement if the Offer is completed and their Notes are accepted for payment. The Tender Consideration and the Consent Payment, as described in the Statement, will be determined and announced on July 3, 2001, which is ten business days prior to the Expiration Date. The Offer was previously scheduled to expire on June 25, 2001.

Consummation of the Offer and the Company's acceptance of and payment for tendered Notes and consents is subject to certain conditions described in the Statement, including, among others: (i) consummation of the Merger and (ii) satisfaction of certain General Conditions defined in the Statement.

The Company intends promptly to execute a supplemental indenture, which will become effective upon execution by State Street Bank and Trust Company of California, N.A., the Trustee under the Indenture. The supplemental indenture will include amendments that substantially modify or eliminate restrictive covenants in the Indenture.

The Company commenced the Offer on May 25, 2001. The detailed terms and conditions of the Offer are contained in the Statement. Holders of Notes may obtain copies of the Statement and related material from MacKenzie Partners, Inc., the information agent for the consent solicitation, at [phone] (toll free) or [phone] (collect). Credit Suisse First Boston Corporation ("CSFB") is acting as Dealer Manager for the Offer and Solicitation Agent for the solicitation. Questions regarding the Offer and the solicitation can be addressed to CSFB at [phone] (toll free) or [phone] (collect).

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to the Notes. The Company is making the Offer solely pursuant to the Statement.

This press release contains certain forward-looking statements. These forward-looking statements generally can be identified by the context of the statement or the use of words such as the Company or its management "believes," "anticipates," "intends," "expects," "plans," or words of similar meaning. Similarly, statements that describe the Company's future plans, objectives, strategies or goals are forward-looking statements. Although the management of the Company believes that the assumptions underlying the forward-looking statements are reasonable, these assumptions and the forward-looking statements are subject to various factors, risks and uncertainties, many of which are beyond the control of the Company, including but not limited to, uncertainties concerning the completion of the transactions contemplated above and the availability of financing therefor. Accordingly, actual results could differ from those contemplated by the forward-looking statements contained in this press release.

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 some 250 principal offices in 44 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. For more information about CB Richard Ellis, visit the Company's website at www.cbre.com.