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Investors propose buyout

Monday, Nov. 13, 2000 | 11:08 a.m.

An investor group that owns 38 percent of CB Richard Ellis Services Inc., a commercial real estate brokerage with 250 offices, including one in Las Vegas, has proposed to buy out the company.

The investors, led by Blum Capital Partners LP, are offering $15.50 per share for the company's outstanding common stock. The deal values the company at $740 million, including $400 million of CB Richard Ellis debt that would be refinanced or assumed.

In addition to Blum Capital, the investor group includes two CB Richard Ellis officers and two companies, Freeman Spogli & Co., and the Koll Holding Co., controlled by Don Koll, also a CB Richard Ellis director.

Los Angeles-based CB Richard Ellis has 10,000 employees in 37 countries and manages a portfolio of 422 million square feet in North America and 600 million square feet worldwide.

A company spokesman said the Las Vegas office manages 3 million square feet of property and has 24 brokers and 75 employees.

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