Exhibit 99.9

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Business Review Day

New York Tri-State Region

Mary Ann Tighe

Chief Executive Officer

March 23, 2005

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2004 Total Americas Revenue Percentages

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2004 New York Tri-State Business Activity Statistics

Employees		1,170

Sales Professionals		388

Total Transaction Value		$13.3 billion

Property Sales (Transaction Value)		$3.5 billion

Property Leasing (Transaction Value)		$9.8 billion

Leasing Activity		32 million sq.ft.

Property Management Portfolio		34 million sq.ft.

Available Space – Midtown Direct and Sublet

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Figures are year-end unless otherwise noted.

Recent Accomplishments (Past 3 Months)

• Midtown

• Lehman Brothers

• 308,000 sq.ft. at 1301 Sixth Avenue

• Latham & Watkins

• 319,000 sq.ft at 885 Third Avenue

• King & Spalding

• 221,000 sq.ft. at 1185 Sixth Avenue

• Amerada Hess

• 127,000 sq.ft. at 1185 Sixth Avenue

• Downtown

• 7 World Trade Center

• 1.7 million sq.ft leasing assignment

• Fried Frank Harris Shriver & Jacobson

• 380,000 sq.ft at One New York Plaza

• Bowne

• 203,000 sq.ft. at 55 Water Street

CBRE Unique Value Proposition

• Required Disciplines

• Market Clout

• Specific Real-Time Data

Required Disciplines

Full Spectrum Services

• Asset Services

• Corporate Services

• Investment Properties

• Landlord Representation

• Tenant Representation

• Valuation

Quantitative Analysis - Cash vs Book

Pre Tax Cash Basis (in 000’s)		RSF	Total		NPV @ 11%		2005			2006		2007		2008		2009		Avg. 2010 - 2013

1.	Keep Building A & Expand @ Suburban Location	85,000	$	15,293	$	10,314	$	2,977		$	1,413	$	1,435	$	1,458	$	1,481	$	1,636

2.	Sell Building A & Split Locations	72,000	$	22,792	$	12,966	$	713		$	2,192	$	2,217	$	2,242	$	2,268	$	2,570

Incremental cost (benefit) of Building A Sale / Relocation		—	$	7,499	$	2,652	$	(2,264	)	$	779	$	782	$	784	$	787	$	934

Pre Tax P&L Basis (in 000’s)		RSF	Total		Avg. Annual		2005			2006		2007		2008		2009		Avg. 2010 - 2013

1.	Keep Building A & Expand @ Suburban Location	85,000	$	17,269	$	1,727	$	1,502		$	1,658	$	1,682	$	1,705	$	1,714	$	1,762

2.	Sell Building A & Split Locations	72,000	$	24,758	$	2,476	$	(201	)	$	2,640	$	2,665	$	2,690	$	2,716	$	2,785

Incremental cost (benefit) of Building A Sale / Relocation		—	$	7,489	$	749	$	(1,703	)	$	982	$	983	$	985	$	1,002	$	1,023

Labor/Incentive Analysis - Call Centers

Phase I	Phase II	Phase III	Phase IV

Labor Market	Community	Tax &	Global Real
Analysis	Evaluation	Incentive	Estate
		Analysis	Brokerage

	Short List	Choose
Internal	Candidate	Candidate	Occupy
Interview	Communities	Community

4-6 Weeks	3-5 Weeks	3-4 Weeks	6-10 Weeks

Capital Expenditure Analysis - Interior Construction

Step 1	Step 2	Step 3

STRATEGIC	LEASE ANALYSIS/	DESIGN
PLANNING	TEAM SELECTION	MANAGEMENT

Step 4	Step 5	Step 6

		POST
CONSTRUCTION	MOVE	OCCUPANCY
MANAGEMENT	MANAGEMENT	ANALYSIS

Human Resource Analysis

Today

U.S. Operations

Tomorrow

U.S.	Overseas	Work
Call Center	Operations	From Home

CBRE Unique Value Proposition

• Required Disciplines

• Market Clout

Market Clout

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Crain’s New York Business

• 23 of top 50 deals

• 7 of top 10

• #1 for 8^thyear in a row

2004 NYC Tenant Representation Marketshare*

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* Deals 10K+ sq.ft.

Source: CBRE statistics

2004 NYC Landlord Representation Marketshare*

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* Deals 10K+ sq.ft.

Source: CBRE statistics

2004 Suburban Tenant Representation Marketshare*

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* Deals 10K+ sq.ft.

Source: CBRE statistics

2004 Suburban Landlord Representation Marketshare*

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* Deals 10K+ sq.ft.

Source: CBRE statistics

REITs/Public Companies that have Outsourced Leasing Responsibility to CBRE

• Boston Properties

• Times Square Tower

• 599 Lexington Avenue

• 28 Park Avenue

• Brookfield Properties Corporation

• 3 World Financial Center

• Equity Office Properties Trust

• 825 Eighth Avenue

• 527 Madison Avenue

• Forest City Ratner

• MetroTech

• Pierrepont Plaza

• Atlantic Terminal

• New York Times Building

• Harlem Center

• Mack-Cali Realty Corporation

• Harborside Financial Center (Plaza 4 & 5)

• Plaza 1, Jersey City

• Reckson Associates

• Tower 45

(120 West 45th Street)

• Vornado Realty Trust

• 909 Third Avenue

Institutional Property Owner

2004 - 2005 Tenant Representation Marketshare

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CBRE Unique Value Proposition

• Market Clout

• Required Disciplines

• Specific Real-Time Data

Specific Real-Time Data

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	Market Research			Strategic Planning
	FULL TIME STAFF OF 10+			Group Meetings BI-WEEKLY

Third-Party Sources					Executive Market
CO- STAR/LOOPNET			Property View Tentracs		Meetings BI-WEEKLY
		Tenants in the Market (TIM)
			Lease Comps
Canvassing Notes					Senior Training Groups
240 MANHATTAN					DAILY
BROKERS

	Deal Sheets			Exchange Meetings
	#1 MARKET SHARE			MONTHLY
			Senior Group
			Meetings
			4 PER WEEK

The Power of CBRE Market Data

Proprietary

Analytics

Stack Plans

Lease Expirations / Roll-off

Tenants in the Market

Leasing Comparables

Commodity

Listing Data

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