CB Richard Ellis and BT Commercial Announce Suspension of Proposed Joint Venture.

Business Editors/Real Estate Writers

LOS ANGELES--(BUSINESS WIRE)--April 15, 2003

CB Richard Ellis and BT Commercial announced today that discussions regarding the merger of their respective San Francisco Bay Area and Sacramento brokerage operations have been suspended indefinitely. A recent announcement confirmed that discussions between the two firms were being pursued "pending a successful resolution of conditions required of such a transaction."

Earlier, CB Richard Ellis had announced the acquisition of Insignia ESG, which transaction was scheduled to close contemporaneously with the BT Commercial Joint Venture sometime in June 2003.

According to Brett White, president, CB Richard Ellis, "Both CB Richard Ellis and BT Commercial agree that the strategic merits of the proposed merger remain compelling. However, the near term integration challenges proved extremely complex. We soon concluded that attempting to simultaneously integrate the Northern California operations of all three firms at this time would lead us to a less than optimal result."

Mike Kamm, president of BT Commercial agreed. "As my Bay Area CB Richard Ellis counterpart, Mike Smith, and I began planning the integration of our operations, it became readily apparent that the Insignia ESG transaction could become an insurmountable distraction."

White went on to say, "We found in BT Commercial, and its leadership team of Tad Taube and Mike Kamm, one of the finest regional brokerage firms in the business. They would have made a tremendous partner for us in Northern California. We are disappointed that the logistics did not afford us the opportunity to bring our firms together at this time."

As to when the discussions might resume, both Brett White and Mike Kamm agreed that no timetable exists, and no further discussions are planned at present.

About CB Richard Ellis

Headquartered in Los Angeles, CB Richard Ellis is one of the world's leading real estate services companies. With approximately 9,500 employees, the company serves real estate owners, investors and occupiers throughout more than 250 owned and affiliated 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 2002. For more information about CB Richard Ellis, visit the company's Web site at www.cbre.com.

About BT Commercial Real Estate

With offices in Burlingame, Monterey, Oakland, Palo Alto, San Francisco, San Jose, Salinas, San Rafael and Soquel, BT Commercial Real Estate is one of the largest full-service brokerages in Northern California with over 150 agents. BT Commercial brokers sell and lease for a range of clients including landlords, tenants, individuals and institutions. BT Commercial, through its division, Terranomics Retail Services, also operates the largest retail brokerage firm in Northern California.

www.btcommercial.com