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EXHIBIT 21


SUBSIDIARIES OF CBRE HOLDING, INC.

At December 31, 2002

NAME

  State (or Country)
of Incorporation

CB Commercial Ltd.   United Kingdom
CB Richard Ellis, Inc.   Delaware
CB Richard Ellis Services, Inc.   Delaware
CBRE Stewardship   United Kingdom



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SUBSIDIARIES OF CBRE HOLDING, INC. At December 31, 2002