The Carlyle Group Sells 40 Court Street, Boston For $37 Million To Brickman Associates; CB Richard Ellis' Capital Markets Team Represents Seller In Transaction

Boston, MA — CB Richard Ellis/New England today announced that its Capital Markets team has brokered the sale of 40 Court Street from The Carlyle Group to Brickman Associates for $37 million. 40 Court Street is a 110,005 square foot, 84% leased, boutique multi-tenant office building in Boston’s Central Business District.

"We thank CB Richard Ellis for assisting us throughout the term of this investment," said Hayden Jones, Principal of The Carlyle Group. "CBRE helped us lease this asset through the market downturn and then flawlessly executed the sale."

40 Court Street is located in the heart of Boston’s Financial District. The property sits next to Government Center and the Historic Faneuil Hall Marketplace and is within walking distance to Boston’s waterfront, the Downtown Crossing shopping area and historic Beacon Hill. Multiple MBTA stops accommodate the building, while the nearby South Station provides access to the commuter rail and Boston’s Logan International Airport. The Financial District is situated nearby to Interstate 90 (the Massachusetts Turnpike), Interstate 95 and Interstate 93.

40 Court Street was recently renovated at a cost of $2.5 million, which included the renewal and redecoration of its lobby. The Oceanaire Seafood Room, a high-end restaurant with fourteen locations around the United States, is scheduled to open for business on the street level of 40 Court Street in the fall of 2007.

The CB Richard Ellis Capital Markets team of Gary Lemire, Bill Moylan and Chris Angelone, along with CBRE downtown leasing specialists Timothy Lyne and William Crean, represented The Carlyle Group and procured Brickman Associates.

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About CB Richard Ellis/New England

CB Richard Ellis/New England is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for: property leasing and sales, property, facilities and project management, corporate services, debt and equity financing, investment management, valuation and appraisal, research and investment strategy, and consulting.

Headquartered in Los Angeles, CB Richard Ellis (NYSE:CBG) is the world's leading commercial real estate services firm (in terms of 2005 revenue). Including partners and affiliates, CB Richard Ellis has more than 356 offices across 58 countries around the world. In 2007, BusinessWeek named CB Richard Ellis one of the 50 "best in class" companies across all industries. For more information, visit the company’s website at: www.cbre-ne.com.

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Contacts:

Upendra Mishra - The Mishra Group, Inc. - 781 487 0014

Carolyn Sidor - CB Richard Ellis/New England - 617 867 2407

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