CB Richard Ellis and PropertyFirst.com Announce New Agreement; All 1,500 U.S.-Based CB Richard Ellis Brokers are Now Members of PropertyFirst.

Business Editors/Real Estate Writers

LOS ANGELES--(BUSINESS WIRE)--March 5, 2001

CB Richard Ellis (NYSE:CBG) and PropertyFirst.com have executed a new agreement under which all CB Richard Ellis brokers based in the U.S. have become members of PropertyFirst.com. CB Richard Ellis is the largest commercial real estate services company in the world. PropertyFirst.com provides technology, marketing and information services that make the Web work for commercial real estate professionals.

Under the new agreement, CB Richard Ellis brokers will use PropertyFirst's for-sale and for-lease systems to market their properties. As part of PropertyFirst membership, brokers are able to utilize the company's lead-generation tools, which identify and connect sellers' representatives with buyers interested in similar properties, as well as connect landlords and tenants. Also, brokers can create online, customized property marketing packages with unlimited attachments, such as demographic information or Argus files. Additionally, PropertyFirst's for-sale marketplace allows for controlled-access marketing; a broker can choose to make a listing public, private or confidential, with password-protected access.

As a result of the new agreement between PropertyFirst and CB Richard Ellis, it's expected that all CB Richard Ellis properties for sale and lease in the U.S. will be listed in the PropertyFirst.com marketplace.

In 1999, CB Richard Ellis completed over 30,000 sale and lease assignments, with an aggregate consideration value of approximately $48 billion. The company placed over $6 billion of commercial debt and $22 billion of equity.

John Stanfill, President and CEO of PropertyFirst, said, "Our expanded agreement with CB Richard Ellis reflects positively on the reach of the PropertyFirst.com marketplace and the functionality of our property marketing tools. We're excited to help CB Richard Ellis get their properties in the market faster, close transactions faster and reduce their marketing costs."

The PropertyFirst.com marketplace currently includes more than 11,500 properties for sale, with a consideration value of over $40 billion, and 13,700 spaces for lease. The PropertyFirst.com website generates four million hits per month.

About CB Richard Ellis

CB Richard Ellis 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. CB Richard Ellis had 2000 revenues of $1.3 billion.

About PropertyFirst.com

PropertyFirst.com provides technology, marketing and information services that make the Web work for commercial real estate professionals. The company helps over 2,000 firms and 28,000 users market commercial real estate, manage property information and workflow, create property websites and connect with each other across the Internet. PropertyFirst clients are leading commercial real estate owners, brokers, investors and service providers; they rely on the company's platform, marketplace and services to accelerate transactions, reduce transaction and marketing costs, increase efficiencies and opportunities, increase business volume and expand their reach.

Based in Alhambra, Calif., in Los Angeles County, PropertyFirst has strategic alliances with the Appraisal Institute and MortgageRamp.com, and client relationships with firms such as CB Richard Ellis, Cushman & Wakefield, AMB Property Corp., RREEF, The CORE Network and Transwestern Commercial Services.