Commercial Real Estate Veteran John J. Knott II to Head CB Richard Ellis Las Vegas Office.

LAS VEGAS--(BUSINESS WIRE)--Sept. 21, 1999--

CB Richard Ellis, the world's leading real estate services company and the largest commercial real estate firm in Las Vegas, has named industry veteran John J. Knott II managing director of its Las Vegas office, it was announced today.

In his new role, Knott will oversee all company operations in the Las Vegas office, which consists of 54 employees. He replaces Kevin Higgins, CB Richard Ellis senior vice president and former managing director, who elected earlier this year to return to serving the commercial brokerage market, servicing the industrial industry.

Knott joins CB Richard Ellis from Sullivan & Knott, Inc., a full-service business and investment real estate firm which he founded in 1994. Prior to forming Sullivan & Knott, Inc., Knott was an associate director in the West Los Angeles office of Cushman & Wakefield.

"John brings with him more than 15 years of experience in the industry," said Chris Ludeman, President of Brokerage Services and Western Regional Executive Managing Director. "He has handled some of the largest lease and sale transactions ever negotiated in Los Angeles and Las Vegas and brings the right combination of significant transaction and managerial experience to the job. We are fortunate to have him join CB Richard Ellis."

"This is the top real estate executive position in the most exciting real estate market in the country," said Knott. "The Las Vegas office of CB Richard Ellis has some of the finest real estate professionals in the West. With its talented group of brokers and staff, this office is well positioned to continue its dominance in this fast-paced, ever-changing market. I look forward to creating an environment that will allow the brokers to pursue interesting and challenging real estate assignments."

Highlights of Knott's career include the sale for ITT Corp. of 15 acres in the resort corridor to Miami-based Turnberry Pavillion Partners, LP for $20 million; the sale for Gordon Gaming Corp. of 10 acres behind the Sahara Hotel to Silver Star Development LLC for $9.5 million; the sale for John Hancock Mutual Life Insurance of the 77,686-square-foot Delta Point Medical Building for $7.5 million; the purchase of Valley View Industrial Center for $10.8 million by Amresco; the sale on behalf of Meridian of Paradise Marketplace and Tropicana Marketplace to Weingarten Realty Investors for $20.6 million; and the $100 million lease for Teradata Corp. in Los Angeles. In addition, he represented Irvine-based FileNet in its office leasing requirements worldwide.

Knott has been a resident of Las Vegas for 35 years and graduated from Claremont McKenna College in Southern California with a bachelor's degree in economics. Locally he is a member of the Nevada Development Authority, the Commercial Marketing Group and serves on the Council of National Trustees for the National Jewish Center for Immunology and Respiratory Medicine. In addition, he serves as the co-chair of the Victory Valley Cure Asthma Golf Classic, one of Southern Nevada's most successful annual golf tournaments.

CB Richard Ellis (NYSE:CBG) is the world's largest real estate services company. Headquartered in Los Angeles with 10,000 employees worldwide, the company serves real estate owners, investors and tenants through nearly 250 principal offices in 35 countries. Services include property sales and leasing, property management, corporate advisory services and facilities management, mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting. CB Richard Ellis had 1998 revenues of over $1 billion.