COMMERCIAL REAL ESTATE BROKERAGES.

Ranked by value of property sales and leases in 1998

EXECUTIVE SUMMARY

THE commercial real estate sector had a busy year in 1998, with most local brokerages showing an increase in the value of deals over the previous year. As a group, the brokerages on this year's list saw $21.1 billion in transactions, compared with last year's total of $18.2 billion, a 16 percent increase.

Debuting at No. 11 on this year's list, Trammell Crow Co. had the largest increase in value of deals from 1997, going from $274.8 million to $713.9 million for an increase of 159.7 percent. Jonathan Larsen, senior vice president at Trammell, attributed some of the gain to several senior brokers hired away from larger houses such as CB Richard Ellis and Cushman & Wakefield, who brokered larger transactions with higher dollar values.

The real estate investment market hit record levels in 1998, though things have slowed down this year. Turmoil in the capital markets has made lenders more cautious and caused developers to become more hesitant as well.

THE PACESETTER

CB RICHARD ELLIS

ONCE again topping the list of the largest commercial real estate brokerages in Los Angeles County is CB Richard Ellis. Last year, the brokerage debuted at No. 1 after being created when CB Commercial acquired REI Ltd., the holding company for all Richard Ellis operations outside of the United Kingdom. Today, CB Richard Ellis has more than 10,000 employees in 250plus offices, operating in 35 countries. In L.A. County, the value of transactions closed by CB increased by 12 percent to $2.8 billion, up from $2.5 billion in 1997. Lew Horne, senior managing director at CB, said the office, industrial, retail and multifamily leasing sectors, as well as investment activity, all had exceptional performance levels for 1998, and for the most part. hit record highs for the region.

Still, 1998 was a fairly tough year for the company as a whole. Though it started off with a bang, the year ended with a severe drop-off in real estate investment sales, cutting into CB 's earnings and dampening its stock price. Wall Street, which has not favored real estate stocks in general, has been particularly unkind to CB. Its stock closed at $13.13 on Nov. 30, down from $17.75 a year earlier.

CB Richard Ellis currently counts Newhall Land and Farming Co., Prudential Insurance and Morgan Stanley/PacTen Partners among its clients.

Rank Company                                  Value of deals     Commercial
     * name                                     (millions)         brokers
     * address                                  * 1998/1997     * L.A. County
                                            * 1998 leases/sales * nationwide
 1   CB Richard Ellis                          $2,800/$2,500        200
     333 S. Beaudry Ave.                       $1,500/$1,300       1,800
     Los Angeles 90071
 2   Grubb & Ellis Co.                          2,180/1,982          150
     1000 Wilshire Blvd., Suite 20               938/1,242          1,200
     Los Angeles 90017
 3   Cushman & Wakefield of California Inc.    2,091.4/1,800         62
     556 S. Flower St., Suite 4200                WND/WND            850
     Los Angeles 90071
 4   The Seeley Co.                            1,816.8/1,430         100
     444 S. Flower St., Suite 2200              878.4/938.4          125
     Los Angeles 90071
 5   Marcus & Millichap [1]                    1,690/1,215.3         98
     16830 Venture Blvd., Suite 100             925.2/472.4          500
     Encino 91436
 6   Lee & Associates                         1,397.6/1,215.3        86
     13181 Crossroads Parkway N., Suite 300     925.2/472.4          300
     City of Industry 91746
 7   Jones Lang LaSalle Americas Inc.            1,315/WND           36
     355 S. Grand Ave., Suite 4280               190/1,120          2,500
     Los Angeles 90071
 8   Julien J. Studley Inc.                      1,075/923           46
     109600 Wilshire Blvd., Suite 1500            WND/WND            260
     Los Angeles 90024
 9   Cresa Partners                               978/752            19
     11726 San Vicente Blvd., Suite 500           927/51             655
     Los Angeles 90049
10   NAI Capital Commercial                     968.2/872.7          94
     1600 Ventura Blvd., Suite 900                WND/WND           4,000
     Encino 91436
11   Trammell Crow Co.                          713.9/274.8          36
     11150 Santa Monica Blvd., 200              669.2/163.6          625
     Los Angeles 90025
12   Charles Dunn Co. Inc.                       643.5/514           85
     800 W. Sixth St., Fifth Floor              263.8/379.6          NA
     Los Angeles
13   Bailes & Associates Inc.                   459.2/376.4          12
     11601 Wilshire Blvd., Suite 1900           367.4/91.8           17
     Los Angeles 90025
14   Klabin Co.                                 450.3/439.3          22
     6601 Center Drive West, Suite 300          319.7/130.3          22
     Los Angeles 90045
15   Daum Commercial Real Estate Services       418.2/384.5          38
     123 S. Figueroa St., Suite 400              188.2/230           65
     Los Angeles 90012
Rank            Leasing services
                 (partial list)
 1      tenant representation, ownership
          services, corporate services
 2         office, retail, industrial
 3     office, retail, industrial, agency
 4         office, industrial, retail
 5                    none
 6         office, retail, industrial
 7   tenant representation, corporate relo-
      cation, master planning, consulting,
      occupancy advisory, lease inventory
 8             office, industrial
 9         office, industrial, tenant
                 representation
10         office, industrial, retail
11         office, industrial, retail
12      landlord/tenant representation,
         corporate services, consulting
13      tenant representation, strategic
          planning, business planning
14             office, industrial
15         office, industrial, retail
Rank             Sales services                      Other services
                 (partial list)                      (partial list)
 1   investment property acquisition & dis-      management, valuation
     position, financial services, mortgage             research
         banking, investment management
 2     office, retail, industrial, land,          property management,
            multifamily, hospitality          appraisal, consulting, cor-
                                                    porate services
 3                    same                      advisory, asset, corpo-
                                               rate, financial, research,
                                                       valuation
 4      office, industrial, land, retail    property & facility consulting,
            investment, hospitality            appraisal, construction &
                                                 development management
 5   office, retail, industrial, apartment,       self storage, land,
      residential income, senior housing,         manufactured housing
           single tenant, hotel/motel                  properties
 6        office, retail, industrial,                     none
            investments, portfolios
                                                   founding principal
 7         office, industrial, land,           financing, private equity
            retail & property sales                    placements
 8      office, retail, industrial, land             joint ventures
 9           corporate dispositions            strategic plannings, lease
                                             adminstration, corporate con-
                                                        sulting
10        office, industrital, retail,      asset/property management, cor-
            residential income, land        porate services, accelerate mar-
                                                keting, mortage services
11         office, industrial, retail           development, management,
                                                  outsourcing services
12        investment sales, portfolio         asset management, facilities
                  disposition                          management
13      tenant representation, property           project management,
                   evaluation                    relocation management
14          office, industrial, land            investment, consulting,
                                                   corporate services
15         office, industial, retail,                     none
                   investment
Rank         Profile              Top local executive
     * offices (county/total) * name
         * headquarters       * title
          * year founded      * phone
 1            8/146           Ray Wirta
           Los Angeles        president
               1924           [phone]
 2             5/54           Robert Osbrink
         Northbrook, III.     exec. v.p., managing dir.
               1968           [phone]
 3             3/45           I. Richard Davis
             New York         sr. managing director
               1917           [phone]
 4             6/11           Cody Plott
           Los Angeles        president
               1908           [phone]
 5             3/33           Harvey Green
            Palo Alto         executive pres., coo
               1981           [phone]
 6             6/18           Bill Lee
         City of Industry     founding principal
               1990           [phone]
 7           WND/WND          John Minks
             Chicago          managing director
               1987           [phone]
 8             3/14           Howard Sadowsky
             New York         vice chairman
               1971           [phone]
 9             2/44           Gerald Porter
            Los Angels        President
               1983           [phone]
10            7/220           Robert Scullin
              Encino          ceo
               1979           [phone]
11            4/150           Robert Ruth
              Dallas          area president
               1972           [phone]
12             7/NA           Darrell Levonian
           Los Angeles        president
               1921           [phone]
13             1/2            Len Bailes
           Los Angeles        president
               1981           [phone]
14             2/2            David prior
           Los Angeles        president
               1961           [phone]
15             4/9            Michael Nubel
           Los Angeles        ceo
               1904           [phone]
16 First Property Retaily Corp.              $303/$276  15
   1930 Century Park West, Third Floor       $127/$176  15
   Los Angeles 90067
17 RE/MAX Commercial                        264.6/217.6 50
   52 Malaga Cove Plaza                       WND/WND   NA
   Palos Verdes Estates 90274
18 Madison Partners                         249.3/182.8  6
   12121 Wilshire Blvd., Suite 959          12.6/236.6   6
   Los Angeles 90025
19 Matlow-Kennedy [2]                         207/203   22
   4510 E Pacific Coast Highway, Suite 100    151/56    NA
   Long Beach 90804
20 Muselli Commercial Realtors                201/186   10
   501 Santa Monica Blvd., Suite 702          76/125    10
   Santa Monica 90401
21 Westmac Commercial Real Estate           196.4/171.7 15
   1516 Pontius Ave., First Floor            163.9/32.5 15
   Los Angeles 90025
22 Westcord Commercial Real Estate Services   180/157   24
   16461 Sherman Way, Suite 230                88/92    24
   Van Nuys 91406
23 John Alle Co.                             126/98.5    6
   3201 Wilshire Blvd., Suite 100            50.4/75.6   6
   Santa Monica 90403
24 Delphi Business Properties               121.8/92.9  11
   7100 Hayvenhurst Ave., Suite 211          75.3/46.5  11
   Van Nuys 91406
25 Told Partners Inc.                        102.6/128  25
   5940 Variel Ave.                          40.3/62.3  851
   Woodland Hills 91367
16      office, retail, medical - landlord
              & tenant representation
17             office, retail, tenant
                  representation
18       tenant & landlord representation
19       landlord & tenant representation,
             construction management,
                   consultation
20       landlord & tenant representation:
            office, retail, industrial
21     office (primary), industrial, retail
22     office, retail, industrial, landlord
             and tenant representation
23       office, retail, industrial, land,
                mobile home parks
24           warehouse, manufacturing,
         R&D, office, land, build-to-suit
25 tenant representation, investment, facilities
     analysis, space planning, site selection,
        market surveys, property management
16   office, retail, land, industrial,         financing, consulting
          apartments, investments
17  office, retail, investment property         property management,
                                                  mortgage banking
18  full building lease-up, off-market       triple net opportunities,
                                         REIT & pension fund representation
19     seller & buyer representation,          lease audits, corporate
         due dilligence consulting                    services
20      office, retail, industrial,            expert witness, tenant
             apartments, land               representation, consulting,
                                                      research
21 office (primary), industrial, retail       investment sales, tenant
                                             representation, consulting
22 office, retail, industrial, buyer and   asset management construction,
      seller representation, raw land            estates, appraisal
23   office, retail, industrial, land,      corporate office and retail
             mobile home parks               tenant representation and
                                                     consulting
24 land & building acquisitions, realty         property management
      consulting, investment, office,
               build-to-suit
25   investment analysis, consulting,         partner in CORE Network
       representation, build-to-suit
                development
16         1/1          Jeffrey Resnick
       Century City     president
           1990         [phone]
17         4/NA         Richard Purvis
   Palos Verdes Estates regional director
           1982         [phone]
18         1/1          Bob Safai
       Los Angeles      president
           1996         [phone]
19         1/NA         Lawrence Thompson
        Long Beach      coo
           1993         [phone]
20         1/1          Vincent Muselli
       Santa Monica     president
           1976         [phone]
21         1/1          Timothy Macker
       Los Angeles      president
           1988         [phone]
22         3/3          Joe Lopez
         Van Nuys       president
           1989         [phone]
23         2/2          John Alle
       Santa Monica     president
           1986         [phone]
24         1/1          Ross Thomas
         Van Nuys       partner
           1977         [phone]
25        2/308         V. Patrick Hall
      Woodland Hills    president
           1982         [phone]

WND - Would not disclose

NA - Not available

(1.)Full company name is Marcus & Millichap Real Estate Investment Brokerage Co.

(2.)Full company name is Matlow-Kennedy Commercial Real Estate Services.

Note: The information on this list was provided by representatives of the brokerages themselves.

Brokerages are ranked by the value of their closed transactions in 1998 for commercial sales and leases, including income properly. Companies were asked to include only the value of their portion of the deals. Thus, if a brokerage represented only the buyer in a $100 million deal, the brokerage can include only $50 million as the value of their transaction for this list. The survey was completed during the week of November 29, 1999.