Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
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For further information: |
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Kenneth Kay |
Steve Iaco |
Shelley Young |
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Senior Executive Vice President and |
Director of Corporate |
Director of Investor |
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Chief Financial Officer |
Communications |
Relations |
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213.438.4833 |
212.984.6535 |
212.984.8359 |
CB Richard Ellis Names President of the Americas
Cal Frese to Oversee Company’s Largest Operation
Los Angeles, CA, January 4, 2005 — CB Richard Ellis, Inc. (NYSE:CBG), a leading global commercial real estate services company, today announced that Calvin W. Frese, Jr. has been appointed President of the Company’s Americas operations. Mr. Frese will report to Brett White, President of CB Richard Ellis.
The Americas, encompassing the United States, Canada and Latin America, is the Company’s largest geographic operation. These operations comprise revenues of approximately $1.5 billion. Previously, Mr. Frese was Chief Operating Officer of the Americas.
In his new role, Mr. Frese will have responsibility for all revenue-producing business lines in the Americas with the exception of CB Richard Ellis Investors (the firm’s investment management division) and CBRE Mortgage Brokerage.
“Cal personifies the high standards of excellence that are the core values of CBRE’s culture,” said Mr. White. “Our America’s operation is the industry’s pacesetter and under the leadership of Cal and his strong management team, we are poised for even greater success in the future.”
Prior to assuming his role as Chief Operating Officer, Mr. Frese served as Executive Managing Director of CB Richard Ellis’ Central Region, and was responsible for overseeing business operations in 35 cities, with over 2,000 employees. From 1989 to 1998, he was General Partner and Chief Operating Officer of Whittier Partners, a New England-based full-service real estate company and joint venture partner of CB Richard Ellis.