EXHIBIT 21.1

                       SUBSIDIARIES OF CBRE HOLDING, INC.

<TABLE>
<CAPTION>
      Name                                   State (or Country) of Incorporation
      ----                                   -----------------------------------
      <S>                                    <C>
      CB Commercial Ltd.                     United Kingdom
      CB Richard Ellis Services, Inc.        Delaware
      CB Richard Ellis Investors KK          Japan
      CB Richard Ellis, Inc.                 Delaware
      CB Richard Ellis Services Stewardship  United Kingdom
</TABLE>