New investment sales team off to brisk start.

The newly-formed Tri-State Investment Sales Team at CB Richard Ellis has gotten off to a brisk start in 1998, having undertaken many projects and completed the sale of several high-profile properties in the New York region.

The investment team is led by Senior Vice President Jeffrey Dunne, a consistent top producer within CB Richard Ellis who has negotiated transactions totaling over $100 million in consideration to date in 1998. Together with investment specialist colleagues Jim Fagan, Jim Tully, William Reilly and Bruce Nelson, Jeff works with national, regional and local clients concentrating on real estate investment opportunities within all of suburban New York, including Upstate New York, Westchester County, Long Island, Fair field County, CT, and Northern New Jersey.

In transactions earlier this month, the team partnered with William T. Bell and Associates, a Syracuse-based real estate firm, to market and sell One Lincoln Center, a high-profile, 305,000 square-foot, 18-story office tower in Syracuse, NY. The property, which was marketed on behalf of Syracuse PT Limited Partnership, was purchased for $17 million by The Arden Group, a Philadelphia-based investment group.

On May 19th, Dunne's Tri-State Team sold Parsippany Place, a 131,000 square-foot office building located at 959 Route 46 in Parsippany, NJ. CB Richard Ellis represented FGP Parsippany, Inc., owned by AEGON, in the sale to Lincoln Property Company, in partnership with the Whitehall Fund. Other properties sold year-to-date include Veterans Plaza in New Milford, CT; the Home Depot property in Port Chester, NY; the sale and leaseback of Dictaphone's world headquarters in Stratford, CT to U.S. Realty Advisors, which was financed by Nomura; and the sale of The Woodlands Office Park in Hauppauge, NY on behalf of CIGNA to Lighthouse Real Estate Ventures.

According to Dunne, a thriving economy, an influx of foreign capital, new domestic capital fueled by Wall Street, the growth of real estate investment trusts and increasingly tight office and apartment leasing markets, has significantly fueled the buying and selling of real estate properties throughout the region.

"Given the intricacies of completing a transaction, it is critical for real estate services firms to provide a broad spectrum of capabilities, which is what CB Richard Ellis offers via its Investment Team approach," he said.

Among the numerous projects currently being marketed by the Team are:

* Kings Park, a 309,000 [+ or -] square-foot office building in Irondequoit, NY.

* 900 King Street, containing 200,000 + square feet on a 17.76-acre parcel in Rye Brook, NY;

* Hanover Hall/Summer Terrace Apartments, a 388-unit apartment complex in Stamford, CT;

* 199 Main Street, a 65,000 [+ or -] square-foot office building in White Plains, NY:

* The Krupp Brothers apartment portfolio of 915 apartments in Newark, NJ; and

* Milford Campus I, a 425,000 square-foot office complex in Milford. CT.

"Under Jeff's leadership, the team completed some of the largest and most significant transactions in the tri-state region," said Mark R. Costello, managing director of CB Richard Ellis' Stamford, CT and Westchester County, NY offices. Jeffrey M. Schotz, managing director of CB Richard Ellis' New Jersey offices, added "No other real estate services firm can offer the local knowledge, investment expertise and global resources that CB Richard Ellis can provide to clients."

CB Richard Ellis (NYSE:CBG) is headquartered in Los Angeles. With over 8,000 employees worldwide, the company serves real estate owners, investors and occupiers through over 200 principal offices in 29 countries. Services include property sales and leasing, investment property acquisitions and dispositions, property management, corporate advisory services and facilities management, development advisory, mortgage banking, investment management, capital markets, appraisal/valuation and market research. CB Commercial had 1997 revenues in excess of $730 million, while REI reported 1997 revenues of approximately $119 million.