<PAGE>
Exhibit 99.1
[LOGO]
PRESS RELEASE CB Richard Ellis, Inc.
-------------
Los Angeles Downtown Office
200 North Sepulveda Blvd.
Suite 300
Los Angeles, CA 90245
www.cbrichardellis.com
----------------------
FOR IMMEDIATE RELEASE -- 13 November 2000
For further information:
Joseph Fitzpatrick
CB Richard Ellis
213 683.4317
CB Richard Ellis Services, Inc. Receives Buyout Offer From Investment
Group Led by Blum Capital Partners Valuing the Company at $740 Million
Los Angeles, CA (13 November 2000):
CB Richard Ellis Services, Inc (NYSE:CBG) announced today it received a proposal
from an investor group led by Blum Capital Partners, L.P. to purchase all of CB
Richard Ellis' outstanding common stock for a cash purchase price of $15.50 per
share. The proposal values the company at $740 million, including approximately
$400 million of debt of CB Richard Ellis that would be refinanced or assumed.
In addition to Blum Capital, the investor group is comprised of Ray Wirta, CB
Richard Ellis' Chief Executive Officer; Brett White, Chairman of the Americas
for CB Richard Ellis; Freeman Spogli & Co.; Fred Malek, a director of the
company; and the Koll Holding Company, which is controlled by Don Koll, also a
director of CB Richard Ellis. The investor group currently owns approximately
38% of CB Richard Ellis' outstanding common stock. According to the proposal,
the investor group intends to offer employees of CB Richard Ellis the
opportunity to participate as equity investors in the company.
The Board of Directors for CB Richard Ellis has formed a Special Committee,
which has been granted authority to accept or reject the Blum proposal and to
consider other proposals or alternatives for the company. The proposal is
subject to approval by CB Richard Ellis' Board of Directors and stockholders,
receipt of required debt financing, modification of the terms of CB Richard
Ellis' senior subordinated notes to permit the proposed transaction,
confirmatory legal due diligence and other customary conditions.
About CB Richard Ellis
CB Richard Ellis, headquartered in Los Angeles, has 250 principal offices in 37
countries and 10,000 employees worldwide. CB Richard Ellis manages a portfolio
of 422 million square feet of property in the Americas and 600 million square
feet worldwide. The company placed over $7 billion of commercial debt and $15
billion of equity. 1999 revenues were $1.2 billion. For more information about
CB Richard Ellis, visit the company's website at www.cbrichardellis.com.
----------------------
About Blum Capital Partners
Blum Capital is a leading private equity and strategic block investment firm
with approximately $3.8 billion of equity capital under management, including
through affiliates. Blum Capital was founded 25 years ago and has invested in a
wide variety of businesses in partnership with management teams to create long-
term value.
-more-
N A V I G A T I N G A N E W W O R L D
<PAGE>
CB Richard Ellis Press Release
13 November 2000
About Freeman Spogli & Co.
Freeman Spogli & Co. is a private investment firm that invests together with
management in companies positioned for growth. Since 1983, the firm has invested
over $1.7 billion in 34 companies with aggregate enterprise values of more than
$11 billion.
# # #
