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EXHIBIT 12

CBRE HOLDING, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in thousands)

		Company		Company		Predecessor			Predecessor		Predecessor		Predecessor
		CBRE Holding, Inc.		CBRE Holding, Inc.		CB Richard Ellis Services, Inc.			CB Richard Ellis Services, Inc.		CB Richard Ellis Services, Inc.		CB Richard Ellis Services, Inc.
		Twelve Months Ended December 31, 2002		February 20, 2001 (inception) through December 31, 2001		Period from January 1, 2001 through July 20, 2001			Twelve Months Ended December 31, 2000		Twelve Months Ended December 31, 1999		Twelve Months Ended December 31, 1998
Income (loss) before provision for income taxes		$	48,833	$	35,442	$	(32,910	)	$	68,139	$	39,461	$	50,483
Less: Equity income from unconsolidated subsidiaries			8,968		1,661		2,854			7,112		7,528		3,443
Add: Distributed earnings of unconsolidated subsidiaries			10,417		2,408		2,844			8,389		12,662		2,267
	Fixed charges		83,019		38,618		31,063			59,985		56,524		42,089

Total earnings before fixed charges		$	133,301	$	74,807	$	(1,857	)	$	129,401	$	101,119	$	91,396

Fixed charges:
	Portion of rent expense representative of the interest factor(1)	$	22,518	$	8,901	$	10,760		$	18,285	$	17,156	$	11,042
	Interest expense		60,501		29,717		20,303			41,700		39,368		31,047

	Total fixed charges	$	83,019	$	38,618	$	31,063		$	59,985	$	56,524	$	42,089

Ratio of earnings to fixed charges			1.61		1.94		n/a	(2)		2.16		1.79		2.17

(1): Represents one-third of operating lease costs, which approximates the portion that relates to the interest portion.
(2): The ratio of earnings to fixed charges was 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.