CB Richard Ellis Investors Acquires 525,000Square-Foot Office Building at White Plains, NY...

Business Editors

LOS ANGELES--(BUSINESS WIRE)--April 24, 2000

98 Percent-Leased Highrise Anchors Popular Transit-Based Development

In Contrast To Surrounding Soft Office Markets

CB Richard Ellis Investors, L.L.C. announced today the acquisition of the 18-story, 525,000 square-foot Gateway I office building at One North Lexington Ave. in White Plains, NY for a separate account investor. The seller was CIGNA Investment Management. The transaction includes a seven-level parking garage and an office/multi-family site poised for new development. The price was undisclosed.

Gateway I, which is 98 percent leased to tenants such as Sanford Bernstein, TIAA-CREF and PaineWebber, is one of the most desirable locations in White Plains due to its adjacency to the local Metro North station just 32 minutes from Manhattan, according to Philip Hench, Managing Director-Acquisitions for CB Richard Ellis Investors.

"The office building and development site are gems within a recovering soft market," said Hench. "The area around the Metro station is a strong micro-market -- 1 percent vacancy -- within the weaker submarket of the White Plains Central Business District -- 25 percent vacancy -- which is in turn surrounded by strong markets of Manhattan and Fairfield County. We feel all of White Plains will be the beneficiary of further strengthening as space-constrained Fairfield and Manhattan tenants expand from their tight markets."

Hench and Senior Acquisitions Director Jeff Miller arranged the transaction. Jim Patterson is the firm's Portfolio Manager on the account.

CB Richard Ellis Investors, L.L.C., is a Los Angeles-based real estate investment management firm with over $8.5 billion of assets in the U.S., Europe and Asia. CB Richard Ellis Investors, L.L.C. is positioned at the center of the world's leading real estate services organization, CB Richard Ellis (NYSE:CBG), and harnesses the research, investment sourcing, and other resources of the CB Richard Ellis platform for the benefit of its investor clients and partners.

CB Richard Ellis (NYSE:CBG) 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 nearly 250 principal offices in 36 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 1999 revenues of $1.2 billion. For more information about CB Richard Ellis, visit the company's website at www.cbrichardellis.com.