OliverMcMillan Buys Downtown San Diego Lots

SAN DIEGO – September 25, 2008 – CB Richard Ellis announced that developer OliverMcMillan purchased two lots totaling 0.76 acres in downtown San Diego from Escondido Property Managers LLC for $6,750,000.

Located at the northwest corner of 15th Street and Island Avenue, the two lots will be used for the development of multi-family housing.

Doug Matheson of CB Richard Ellis represented the buyer, OliverMcMillan. Escondido Property Managers LLC represented itself.

OliverMcMillan is a 29-year-old private firm that develops mixed-use retail, entertainment and residential projects, both privately and through public-private partnerships with public entities and redevelopment agencies.

OliverMcMillan has developed five unique downtown San Diego projects featuring a mix of residential units and retail space including the 160-unit Aloft on Cortez Hill condominiums, the 148-unit live/work apartment project The Lofts at 677 Seventh, the seven-story, 207-unit The Lofts at 707 Tenth Avenue and the 97-unit The Lofts at 655 Sixth Avenue.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2007 revenue). With over 29,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis is the only commercial real estate services company named one of the 50 “best in class” companies by BusinessWeek, and was also named one of the 100 fastest growing companies by Fortune. Please visit our Web site at www.cbre.com/sandiego.