P R E S S R E L E A S E

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  • 1. P R E S S R E L E A S E CB Richard Ellis Pty Ltd ABN 57 057 373 574 Level 26, 363 George Street Sydney NSW 2000 DX 10262 T 61 2 9333 3333 F 61 2 9333 3330 w ww.cbre.com . au H H FOR IMMEDIATE RELEASE ⎯ 15 September 2009 For further information: Andrew Dawkins James Kaufman Kathryn House Managing Director, South Yarra Regional Director Communications Manager 61 3 9863 5301 Jones Lang LaSalle 61 2 9333 3585 61 419 317 006 03 9672 6691 61 402 465 440 0418 325460 Box Hill landmark listed for sale by BlackRock Investment Management Melbourne, VIC (15 September 2009) BlackRock Investment Management is moving to capitalise on increased demand for commercial property investment opportunities with the sale of a prime suburban office complex at Box Hill. BlackRock has appointed CB Richard Ellis and Jones Lang LaSalle as the joint exclusive selling agents for the 883 Whitehorse Road complex, which is fully occupied by the Victorian Department of Human Services. CBRE’s Andrew Dawkins and Justin Clarkson together with JLL’s Robert Anderson and James Kaufman will steer the Expressions of Interest campaign, closing October 8, 2009. Mr Dawkins said the property’s prime suburban location and the strength of the government tenancy covenant were expected to drive significant interest in the upcoming sale campaign. “The government has been a longstanding tenant in the building, having occupied the property for more than 10 years,” Mr Dawkins said. “The strength of the tenancy covenant combined with the building’s high profile location will be significant drawcards for the growing number of private investors and syndicators seeking well positioned commercial property investment opportunities.” The Department of Human Resources last year signed a new 10+5 year lease over the building, which has a total net lettable area of circa 7,237 square metres. The lease provides for an annual net rental of $1,982,264 and there is built-in rental growth from 4% fixed reviews.
  • 2. 15 September 2009 JLL’s Mr James Kaufman said the building also offered good depreciation benefits, which had been enhanced following a significant refurbishment program. “The recent refurbishment has been designed to achieve a 4.5 star ABGR rating and will ensure that future capital expenditure requirements are limited,” Mr Kaufman said. The building is well serviced by public transport and also offers significant parking, with 311 on-site car spaces. CBRE’s Justin Clarkson said the property’s prime Box Hill location was expected to be another drawcard for prospective purchasers, with the outer eastern suburb continuing to benefit from low vacancy rates and limited new supply. 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 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. 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 has been named a BusinessWeek 50 “best in class” company three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com. Page 2