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EXHIBIT 12

CBRE HOLDING, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

(Dollars in thousands)

		Company		Predecessor			Predecessor		Predecessor		Predecessor		Predecessor
		CBRE Holding, Inc.		CB Richard Ellis Services, Inc.			CB Richard Ellis Services, Inc.		CB Richard Ellis Services, Inc.		CB Richard Ellis Services, Inc.		CB Richard Ellis Services, Inc.
		February 20, 2001 (inception) through December 31, 2001		Period from January 1 to July 20, 2001			Twelve Months Ended December 31, 2000		Twelve Months Ended December 31, 1999		Twelve Months Ended December 31, 1998		Twelve Months Ended December 31, 1997
Income before provision for income tax		$	35,442	$	(32,910	)	$	68,139	$	39,461	$	50,483	$	45,906
Less: Equity earnings of unconsolidated subsidiaries			1,661		2,854			7,112		7,528		3,443		—
	Preferred stock dividends (1)		—		—			—		—		—		6,557
Add: Distributed earnings of unconsolidated subsidiaries			2,408		2,844			8,389		12,662		2,267		1,440
	Fixed charges		38,618		31,063			60,448		56,524		42,089		30,654

Total earnings before fixed charges		$	74,807	$	(1,857	)	$	129,864	$	101,119	$	91,396	$	71,443

Fixed charges:
	Portion of rent expense representative of the interest factor (2)	$	8,901	$	10,760		$	18,748	$	17,156	$	11,042	$	8,317
	Interest expense		29,717		20,303			41,700		39,368		31,047		15,780
	Preferred stock dividends (1)		—		—			—		—		—		6,557

	Total fixed charges	$	38,618	$	31,063		$	60,448	$	56,524	$	42,089	$	30,654

Ratio of earnings to fixed charges			1.94		n/a	(3)		2.15		1.79		2.17		2.33

(1): Preferred stock dividend requirements have been reflected at their pre-tax amounts. The 1998 amount does not reflect the deemed dividend associated with the Company's repurchase of convertible preferred stock for $32.3 million.
(2): Represents one-third of operating lease costs which approximates the portion that relates to the interest portion.
(3): The ratio of earnings to fixed charges is negative for the period from January 1, 2001 to July 20, 2001. Additional earnings of $32.9 million would be needed to have a one-to-one ratio.