CB Richard Ellis & Alfa Capital Partners Announce Noble Gibbons Transaction in Russia

Noble Gibbons has been CB Richard Ellis' affiliate in Russia since1995, and the transaction reflects the Company's strategy of buying-inaffiliate firms that are leaders in their regional markets.

Noble Gibbons has long been a leader in the rapidly growingRussian market. Founded in 1994, the firm is based in central Moscowand has 230 employees, including 115 property and facilitiesmanagement personnel located at client premises. It provides a fullrange of real estate advisory and management services, including:property management, office, retail and industrial agency, consultingand valuation, project management, and asset investment brokerage.

Noble Gibbons completed sales and leasing transactions valued atapproximately $233 million in 2005, and manages more than 2.6 millionsquare feet of commercial real estate.

"The Noble Gibbons acquisition fits perfectly with our strategy ofestablishing a leading position in the world's top business capitals,"said Brett White, CB Richard Ellis' President and Chief ExecutiveOfficer. "Moscow continues to attract significant investment capitalas its economy and real estate market matures."

Alfa Capital Partners, a Moscow-based private equity and realestate investment firm, acquired its stake in Noble Gibbons on behalfof its investors in 2004 as part of its private equity investmentstrategy. ACP has been active in supporting Noble Gibbons' managementand its business development strategies.

"We have been very pleased with our investment in Noble Gibbonsand the dedication and professionalism of its staff. The transactionis a reflection of the dynamic and rapidly developing Russian realestate market and the global trend towards consolidation of the realestate services industry," said Alfa Capital Partners' Chief ExecutiveOfficer Richard Sobel.

Noble Gibbons will now operate as CB Richard Ellis Noble Gibbons.Michael Strong, President of CB Richard Ellis' Europe Middle East andAfrica operations, said: "Noble Gibbons is an important addition toour capabilities on the Continent, and represents a key building blockin the development and expansion of our resources in Central andEastern Europe. This is an opportune time to integrate the businessinto our platform, as we increasingly offer occupiers and investorssolutions on a pan-European basis."

Darrell Stanaford, a veteran of six years with Noble Gibbons andmore than 10 years in the Russian real estate market, will continue asManaging Director of CB Richard Ellis Noble Gibbons. "We havebenefited enormously from our relationship with ACP and our othershareholders, and are excited about the possibilities afforded by moreclosely integrating with CB Richard Ellis. It is the industry'spremier brand name with a global platform that will enable us tofacilitate the flow of capital into the Russian real estate market andto support our Russian clients as they seek investments abroad. Ourclients will benefit tremendously."

CB Richard Ellis is the world's largest commercial real estateservices firm, with global revenues of $2.9 billion in 2005. TheCompany was responsible for more than $150 billion of property salesand leasing transactions on a global basis in 2005, and managed morethan 1.0 billion square feet of commercial property worldwide(including partner and affiliate company portfolios) as of December31, 2005.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a FORTUNE 1000 companyheadquartered in Los Angeles, is the world's largest commercial realestate services firm (in terms of 2005 revenue). With approximately14,500 employees, the Company serves real estate owners, investors andoccupiers through more than 200 offices worldwide (excluding affiliateand partner offices). CB Richard Ellis offers strategic advice andexecution for property sales and leasing; corporate services;property, facilities and project management; mortgage banking;investment management; appraisal and valuation; research; andconsulting. Founded in 1906, CB Richard Ellis marks a century ofexcellence in real estate services this year. Please visit our Website at www.cbre.com.

About Alfa Capital Partners

Alfa Capital Partners, a Moscow-based private equity and realestate investment group, manages $285 million in capital frominternational institutional and private investors alongside capitalfrom Alfa Group, one of Russia's largest financial industrial groups.Alfa Capital Partners seeks to invest in leading companies in emergingand growing sectors in Russia, Ukraine and the CIS.

In April 2005 Alfa Capital Partners was appointed Regional Managerof the US OPIC-sponsored $180 million Great Circle Fund. The GreatCircle Fund is a dedicated emerging markets infrastructure fund withregional focus on Russia, CIS, Turkey, Baltic and Mediterraneanregions. In December 2005, ACP held its first closing of its AlfaPrivate Equity Partners, L.P., a private equity fund that wasorganized to invest in medium-sized private companies in Russia,Ukraine and other countries in the CIS. Please visit Alfa's Web siteat www.alfacp.ru.

"Safe Harbor" Statement Under the Private Securities LitigationReform Act of 1995:

The statements in this release regarding the acquisition of amajority interest in Noble Gibbons and other matters discussed in thisnews release that do not concern purely historical data, areforward-looking statements within the meaning of the "safe harbor"provisions of the Private Securities Litigation Reform Act of 1995.These forward-looking statements involve risks and uncertainties,including, but not limited to, the ability of the parties tosuccessfully integrate the operations of Noble Gibbons with CB RichardEllis, and to grow its market share in Russia as well as other risksand uncertainties discussed in CB Richard Ellis' filings with theSecurities and Exchange Commission (SEC). Any forward-lookingstatements speak only as of the date of this release and, except tothe extent required by applicable securities laws, CB Richard Ellisexpressly disclaims any obligation to update or revise any of them toreflect actual results, any changes in expectations or any change inevents. If CB Richard Ellis does update one or more forward-lookingstatements, no inference should be drawn that it will make additionalupdates with respect to those or other forward-looking statements. Foradditional information concerning factors that may cause actualresults to differ from those anticipated in the forward-lookingstatements, and risks to CB Richard Ellis' business in general, pleaserefer to the Company's SEC filings, including its Annual Report onForm 10-K for the fiscal year ended December 31, 2005. This filing isavailable publicly and may be obtained off the company's website atwww.cbre.com or upon request from the CB Richard Ellis InvestorRelations Department at investorrelations@cbre.com.