Commercial real estate brokerages: ranked by value of property sales and leases in 2003.

COMMERCIAL REAL ESTATE BROKERAGES

Ranked by value of property sales and leases in 2003

       Company
Rank   (Ranking in 2003)           Value of Deals       Commercial
       * name                        (millions)           Brokers
       * address                     * 2003/2002       * L.A. County
                                 * 2003 leases/sales   * nationwide

  1    CB Richard Ellis           $5,107.7/$3,270.9         177
       Inc. (1)                   $2,273.3/$2,834.4        5,300
       355 S. Grand Ave.,
       27th Floor
       Los Angeles 90071

  2    Marcus & Millichap (3)        3,100/2,140            136
       16830 Ventura Blvd.,           N/A/3,100             850
       Suite 352
       Encino 91436

  3    Cushman & Wakefield of        2,600/2,300            80
       California Inc. (2)           1,400/1,200            850
       601 S. Figueroa St.,
       47th Floor
       Los Angeles 90017

  4    NAI Capital Commercial      1,982.3/1,916.4          102
       (4)                          951.5/1,030.8          3,600
       16001 Ventura Blvd.,
       Suite 200
       Encino 91436

  5    Grubb & Ellis Co. (5)        1,693.2/1,675           105
       19191 S. Vermont St.,        592.6/1,100.5          2,223
       Suite 600
       Torrance 90502

  6    Studley (6)                   1,592/1,440            42
       10960 Wilshire Blvd.,          1,507/85              270
       Suite 1700
       Los Angeles 90024

  7    RE/MAX of California &        1,345/1,072            194
       Hawaii Inc. (11) (1)         134.5/1,210.5           333
       52 Malaga Cove Plaza
       Palos Verdes Estates
       90274

  8    CRESA Partners (8)            1,344/1,258            27
       11726 San Vicente              1,253/91              678
       Blvd., Suite 500
       Los Angeles 90049

  9    Colliers Seeley              1,243/1,010.7           105
       International Inc. (12)         757/486              130
       444 Flower St.,
       Suite 2200
       Los Angeles 90017

 10    Beitler Commercial            1,222/1,176            73
       Reafty Services (9)           513.4/708.6            98
       825 S. Barrington Ave.
       Los Angeles 90049

       Company
Rank   (Ranking in 2003)                Leasing Services
       * name                            (partial list)
       * address

  1    CB Richard Ellis           office, retail, industrial,
       Inc. (1)                       tenant/landlord rep,
       355 S. Grand Ave.,           corporate services, lease
       27th Floor                  administration, consulting
       Los Angeles 90071

  2    Marcus & Millichap (3)                  N/A
       16830 Ventura Blvd.,
       Suite 352
       Encino 91436

  3    Cushman & Wakefield of     office, retail, industrial,
       California Inc. (2)       tenant/landlord rep, corporate
       601 S. Figueroa St.,      services, lease administration
       47th Floor
       Los Angeles 90017

  4    NAI Capital Commercial     office, retail, industrial,
       (4)                        tenant/andlord rep, corporate
       16001 Ventura Blvd.,      services, lease administration,
       Suite 200
       Encino 91436

  5    Grubb & Ellis Co. (5)      office, retail, industrial,
       19191 S. Vermont St.,     tenant/landlord rep, corporate
       Suite 600                 services, lease administration
       Torrance 90502

  6    Studley (6)                office, retail, industrial,
       10960 Wilshire Blvd.,     tenant rep, corporate services,
       Suite 1700                  strategic planning, project
       Los Angeles 90024                   management

  7    RE/MAX of California &     office, retail, industrial,
       Hawaii Inc. (11) (1)      tenant/landlord rep, corporate
       52 Malaga Cove Plaza      services, lease administration
       Palos Verdes Estates
       90274

  8    CRESA Partners (8)         office, retail, industrial,
       11726 San Vicente         tenant rep, corporate services,
       Blvd., Suite 500           lease administration, capital
       Los Angeles 90049           markets, corp. dispositions

  9    Colliers Seeley            office, retail, industrial,
       International Inc. (12)   tenant/landlord rep, corporate
       444 Flower St.,           services, lease administration,
       Suite 2200                     land, global shipping
       Los Angeles 90017

 10    Beitler Commercial         office, retail, industrial,
       Reafty Services (9)       tenant/landlord rep, corporate
       825 S. Barrington Ave.    services, lease administration
       Los Angeles 90049

Rank   (Ranking in 2003)                  Sales Services
       * name                             (partial list)
       * address

  1    CB Richard Ellis          office, retail, industrial, land,
       Inc. (1)                      apartment, hospitality,
       355 S. Grand Ave.,         residential income, investment
       27th Floor                property acquisition/disposition,
       Los Angeles 90071                    consulting

  2    Marcus & Millichap (3)    office, retail, industrial, land,
       16830 Ventura Blvd.,          apartment, hospitality,
       Suite 352                 investment property acquisition/
       Encino 91436                 disposition, self-storage,
                                       manufactured housing

  3    Cushman & Wakefield of    office, retail, industrial, land,
       California Inc. (2)           apartment, hospitality,
       601 S. Figueroa St.,      investment property acquisition/
       47th Floor                           disposition
       Los Angeles 90017

  4    NAI Capital Commercial    office, retail, industrial, land,
       (4)                           apartment, hospitality,
       16001 Ventura Blvd.,       residential income, investment
       Suite 200                 property acquisition/disposition,
       Encino 91436                        due diligence

  5    Grubb & Ellis Co. (5)     office, retail, industrial, land,
       19191 S. Vermont St.,         apartment, hospitality,
       Suite 600                  residential income, investment
       Torrance 90502            property acquisition/disposition

  6    Studley (6)               office, retail, industrial, land
       10960 Wilshire Blvd.,
       Suite 1700
       Los Angeles 90024

  7    RE/MAX of California &    office, retail, industrial, land,
       Hawaii Inc. (11) (1)          apartment, hospitality,
       52 Malaga Cove Plaza      investment property acquisition/
       Palos Verdes Estates                 disposition
       90274

  8    CRESA Partners (8)        office, retail, industrial, land,
       11726 San Vicente             capital markets advisory,
       Blvd., Suite 500               corporate dispositions
       Los Angeles 90049

  9    Colliers Seeley           office, retail, industrial, land,
       International Inc. (12)       apartment, hospitality,
       444 Flower St.,            residential income, investment
       Suite 2200                property acquisition/disposition
       Los Angeles 90017

 10    Beitler Commercial        office, retail, industrial, land,
       Reafty Services (9)           apartment, hospitality,
       825 S. Barrington Ave.     residential income, investment
       Los Angeles 90049         property acquisition/disposition

                                    Profile
       Company                     * offices      Top Local Executive
       (Ranking in 2003)         (county/total)         * name
       * name                    * headquarters         * title
Rank   * address                 * year founded         * phone

  1    CB Richard Ellis              6/300          Lewis C. Horne
       Inc. (1)                   Los Angeles       exec. managing
       355 S. Grand Ave.,             1906             director
       27th Floor                                   [phone]
       Los Angeles 90071

  2    Marcus & Millichap (3)         4/41          Harvey E. Green
       16830 Ventura Blvd.,          Encino         ceo, president
       Suite 352                      1971          [phone]
       Encino 91436

  3    Cushman & Wakefield of        5/163         Andrew D. Ratner
       California Inc. (2)          New York        exec. managing
       601 S. Figueroa St.,           1917             director
       47th Floor                                   [phone]
       Los Angeles 90017

  4    NAI Capital Commercial        7/281        Michael A. Zugsmith
       (4)                           Encino            chairman
       16001 Ventura Blvd.,           1979          [phone]
       Suite 200
       Encino 91436

  5    Grubb & Ellis Co. (5)          5/98            Chuck Hunt
       19191 S. Vermont St.,      Northbrook,      exec. v.p., area
       Suite 600                      III.              manager
       Torrance 90502                 1958          [phone]

  6    Studley (6)                    2/18         Sullivan/Schuman/
       10960 Wilshire Blvd.,        New York            Dudley
       Suite 1700                     1954           co-regional
       Los Angeles 90024                               managers
                                                    [phone]

  7    RE/MAX of California &        40/92         Richard C. Purvis
       Hawaii Inc. (11) (1)       Palos Verdes     regional director
       52 Malaga Cove Plaza         Estates         [phone]
       Palos Verdes Estates           1982
       90274

  8    CRESA Partners (8)             2/47         Gerald A. Porter
       11726 San Vicente            New York         vice chairman
       Blvd., Suite 500               1983          [phone]
       Los Angeles 90049

  9    Colliers Seeley                6/13        Jeffrey Scheferman
       International Inc. (12)    Los Angeles       ceo, president
       444 Flower St.,                1908          [phone]
       Suite 2200
       Los Angeles 90017

 10    Beitler Commercial             3/6            Barry Beitler
       Reafty Services (9)        Los Angeles          president
       825 S. Barrington Ave.         1979          [phone]
       Los Angeles 90049

N/A - Not Applicable

NA - No Answer

(1) Listed as RE/MAX Commercial last year.

Note: The information on this list was provided by
representatives of the brokerages themselves.
Brokerages are ranked by the value of their 2003
commercial sales and leases in L.A. County, including
income property. 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 the list. Insignia/ESG,
No. 7 last year, was acquired by CB Richard Ellis in July,
2003. Jones Lang LaSalle, No. 20 last year, could not
provide L.A. County data this year. Lambert Smith Hampton,
No. 25 last year, declined to participate.

To the best of our knowledge, this information is accurate
as of press time. While every effort is made to ensure the
accuracy and thorough-ness of the list, omissions and
typographical errors sometimes occur.

Please send corrections or additions on company letterhead
to the Research Department, Los Angeles Business Journal,
5700 Wilshire Blvd., Suite 170, Los Angeles 90036. [c] 2004
Los Angeles Business Journal. This list may not be reprinted
in whole or in part without prior written permission from
the editor. Reprints are available from Wright's Reprints,
[phone].