CB Richard Ellis, Jones Lang LaSalle and Trammell Crow Company Partner with Insignia Financial Group for Expansive Online Transaction Services Platform New Partner Strengthens E-Business Alliance and Commercial Real Estate eMarketplace LOS ANGELES, CHICAGO, DALLAS and NEW YORK, September 21, 2000 - CB Richard Ellis (NYSE:CBG), Jones Lang LaSalle Incorporated (NYSE:JLL), Trammell Crow Company (NYSE:TCC) and Insignia Financial Group, Inc. (NYSE:IFS) today announced that the four companies have joined forces as equal partners to continue the development and launch of a comprehensive online transaction services platform. As part of its membership in the transaction portion of Project Octane, the alliance's temporary name, Insignia will commit an equal percentage of capital to the transaction initiatives jointly led by the partner companies. "The vision for the Project Octane transaction platform is very comprehensive and structured to drive value to owners, occupiers and the commercial real estate professionals who serve them. With Insignia as a partner, we reinforce our ability to deliver this shared vision for the benefit of our companies, our clients and the real estate services industry," said Ray Wirta, Chief Executive Officer of CB Richard Ellis. "Our firms each engage in real estate transactions that are very complex and diverse. The Project Octane transaction platform will directly leverage the internet to deliver improved deal flow efficiency and collaboration for the full range of transaction services each company provides," said Andrew L. Farkas, Chairman and Chief Executive Officer of Insignia. "Insignia is proud to be a key partner in the development and delivery of this unique transaction eMarketplace. We are devoting substantial resources and senior management to ensure the success of this important effort and are presently evaluating other Project Octane initiatives." Added Stuart Scott, Chairman and Chief Executive Officer of Jones Lang LaSalle, "Insignia's participation in Project Octane will work to fulfill their web-based commercial real estate transaction goals, while affording the newly expanded alliance a dramatic advantage in delivering leading-edge online content and service to the market." George Lippe, Chief Executive Officer of Trammell Crow Company said, "Insignia's decision to join our transaction initiative provides substantial intellectual capital in the technology arena and will add to our growing market strength in the transaction eMarketplace space." Formed in March, the Project Octane alliance intends to set the industry standard for the delivery of real estate services via open market, leading-edge online procurement, transaction management and enterprise resource planning (ERP) platforms. The transaction services platform continues in its development and planned launch in the first quarter of 2001. The Project Octane transaction platform will be a hardware and software application service provider offering an internet-based marketplace, communication, collaboration and process management vehicle for the benefit of the entire commercial real estate industry. CB Richard Ellis, Insignia Financial Group, Jones Lang LaSalle and Trammell Crow Company, the founding member firms of the transaction platform, completed a combined total of 47,000 United States sales and lease transactions in 1999 and currently represent over 1.5 billion square feet of properties under management in the United States. About CB Richard Ellis CB Richard Ellis, headquartered in Los Angeles, has 250 principal offices in 36 countries and 10,000 employees worldwide. CB Richard Ellis manages a portfolio of 422 million square feet of property in the Americas and 600 million square feet worldwide. The company placed over $7 billion of commercial debt and $15 billion of equity. 1999 revenues were $1.2 billion. For more information about CB Richard Ellis, visit the company's website at www.cbrichardellis.com. About Jones Lang LaSalle Jones Lang LaSalle, headquartered in London and Chicago, operates across more than 100 key markets in 36 countries on five continents with 7,350 employees. The company's investment manager, LaSalle Investment Management, has $21.5 billion of assets under management. Jones Lang LaSalle has a portfolio of approximately 400 million square feet in the Americas and a total of 700 million square feet under management worldwide. Its 1999 adjusted pro forma revenues were $813.9 million. About Trammell Crow Company Headquartered in Dallas, Trammell Crow Company operates 170 offices in the United States and Canada with 7,600 employees. The company's current portfolio comprises 539 million square feet of managed and/or leased space. Trammell Crow Company's 1999 revenues were $687.4 million. Its web address is www.trammellcrow.com. About Insignia Financial Group Insignia Financial Group, Inc., based in New York, operates through more than 60 offices in the United States and Europe with more than 8,000 employees. The Company provides commercial real estate services through Insignia/ESG in the United States and Insignia Richard Ellis in the United Kingdom. Its businesses include Realty One, a residential real estate brokerage firm in Ohio; Douglas Elliman, a residential sales and rental brokerage in New York City; Insignia Residential Group, a manager of cooperative and condominium housing in New York City. In 1999, Insignia reported revenues of $678.5 million. Its web address is www.insigniafinancial.com. ### ©2000 Jones Lang LaSalle IP, Inc. All rights reserved.