CB Richard Ellis declined to comment on the offering, citing SECregulations that restrict comment on pending offerings. Itsprospectus says that it intends to use the proceeds of the offering"for general corporate purposes, which may include the repayment ofprincipal of revolving credit loans and term loans under our seniorsecured credit agreement."

The prospectus states, "We are highly leveraged and havesignificant debt service obligations." Although CBRE paid down itshigh-interest debt in 2006, it borrowed approximately $2.1 billionof term loans under its line of credit inDecember 2006 to financeits acquisition of Trammell Crow Co. and $300 million more in March2008. As of September 30, the company had $2.7 billion of totalrecourse debt outstanding, according to the prospectus.

CBRE's president and CEO, Brett White, said during the company'sconference call last week that the company was considering a numberof options for raising public or private capital. "While we do notneed additional cushion at this time," White said, the companybelieves that raising capital "for a rainy day, could be a veryconservative and prudent course of action."

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