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                                                                Exhibit 10.12(A)

                                                       February 23, 2001



Blum CB Holding Corp.
c/o RCBA Strategic Partners, L.P.
909 Montgomery Street
San Francisco, CA  94133

Attention:     Mr. Claus Moller

Dear Sir:

     We understand that RCBA Strategic Partners, L.P. (the "Sponsor"), and
certain other investors (together, the "Investor Group") through a newly formed
affiliated entity ("Blum CB Holding Corp." or "Holdings") and a newly formed
subsidiary of Holdings ("Merger Sub") intend to acquire all of the equity
securities of CB Richard Ellis Services, Inc. (the "Company") pursuant to an
agreement and plan of merger (the "Merger Agreement") by and among Holdings,
Merger Sub and the Company. Pursuant to the Merger Agreement, Merger Sub will
merge (the "Merger") with and into the Company, with the Company being the
surviving corporation in the Merger. We further understand that the existing
stockholders of the Company will receive aggregate merger consideration of
approximately $348.7 million (consisting of cash and/or "rollover" equity). In
addition, (i) the Company will repay all amounts outstanding under, and will
terminate, its existing credit agreement dated as of May 20, 1998 (the "Existing
Credit Agreement"), with Bank of America, N.A. and a syndicate of lenders, (ii)
the Company will make a tender offer to repurchase (the "Debt Tender Offer")
100% of its outstanding 8-7/8% senior subordinated notes due 2006 (the "Existing
Subordinated Notes" and, together with the Existing Credit Agreement, the
"Existing Debt") and will seek the consent of the holders thereof to amend the
indenture relating thereto to remove the significant covenants and restrictions
contained therein (the "Consent Solicitation"), and (iii) certain long-term debt
of the Company's subsidiaries in an aggregate amount of approximately $21.2
million related to various financings will remain outstanding. The transactions
contemplated by the Merger Agreement, the Debt Tender Offer and the Consent
Solicitation are referred to herein as the "Transaction."

     The financing described herein will be provided for the purpose of paying a
portion of the consideration payable in the Transaction. You have advised us
that the aggregate purchase price, including the purchase of the equity
securities of the Company held by the stockholders other than the Investor
Group, the rollover by the Investor Group of existing equity, the refinancing or
assumption of the Existing Debt of the Company, the pre-funding of approximately
$49.3 million of cash of the Company (to be partially funded using $20.9 million
of cash on hand), and fees and expenses will be approximately $752.2 million
(the "Transaction Price") and that the
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Transaction (including such refinancing) will be financed in part with $400.0
million of borrowings under a $500.0 million credit facility (the "Credit
Facilities"). We further understand that in connection with the Merger (a) the
Investor Group will contribute an aggregate amount of total equity (in the form
of cash or rollover equity) of not less than $235 million (such amount not to
include the proceeds of the senior note financing described herein), with not
less than $98.8 million of such amount being in the form of new common equity
contributed in cash by the Investor Group and certain employees and members of
management of the Company to Holdings as common equity, (b) Holdings will
contribute the amount of cash common equity so received to Merger Sub as common
equity in exchange for the issuance to Holdings of all the common stock of
Merger Sub and (c) Holdings will issue the senior notes described herein and
will contribute the proceeds thereof to Merger Sub as cash common equity. The
Investor Group will own 100% of the outstanding common stock (the "Common Equity
Securities") of Holdings (on a fully diluted basis, before giving effect to
investment opportunities made available to the Company's management and the
common stock discussed below). It is also understood that Holdings will own 100%
of the stock of Merger Sub.

     Subject to the terms and conditions set forth herein, DLJ Investment
Funding, Inc. on behalf of itself and its investment affiliates (collectively,
the "Buyer"), hereby commits to purchase, on the closing date of the Transaction
(the "Closing Date"), up to $75.0 million of senior notes of Holdings (the
"Notes") with common stock representing 3.0% of the shares of Holding's Common
Equity Securities (the "Buyer Common Stock" and, together with the Notes, the
"Securities") on a fully diluted basis after giving effect to management
options. The terms of the Securities are described in Exhibit A hereto. The
purchase by the Buyer of the Securities is hereinafter referred to as the "Buyer
Investment". It is understood that the proceeds from the Buyer Investment will
be used solely to fund a portion of the Transaction. Any shortfall in capital
required to consummate the Transaction shall be financed with an additional
equity contribution by the Investor Group, and an amount equal to the principal
amount of Existing Subordinated Notes that remain outstanding following the Debt
Tender Offer and any change of control offer with respect to the Existing
Subordinated Notes, if necessary, will reduce the term portion of the Credit
Facilities.

     This commitment letter ("Commitment Letter"), and the Buyer's obligations
hereunder, are subject to the prior satisfaction (unless waived in writing by
the Buyer) of each of the following conditions: (i) the negotiation, execution
and delivery of definitive agreements and other documents acceptable to the
Buyer and its counsel with respect to the Buyer Investment, including, without
limitation, (a) a securities purchase agreement for the purchase by the Buyer of
the Securities (the "Buyer Purchase Agreement(s)"), (b) an agreement providing
for contractual anti-dilution protection for the Buyer Common Stock, (c) an
indenture specifying the terms of the Notes and (d) such other agreements and
documents

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as are necessary or customary in connection with transactions similar to the
Buyer Investment; (ii) the consummation (simultaneously with the consummation of
the Buyer Investment) by the Investor Group or their affiliates of the purchase
of the Common Equity Securities held by stockholders other than the Investor
Group for an aggregate purchase price of not less than $235.0 million, of which
not less than $98.8 million will be in the form of new common equity contributed
in cash by the Investor Group at the closing of the Transaction and certain
employees and members of management of the Company to Holdings as common equity
(collectively, the "Other Investments"); (iii) the consummation by the Company,
pursuant to definitive agreements and other documents reasonably acceptable to
the Buyer and its counsel, of the funding of the Credit Facilities which, when
aggregated with the proceeds of the Buyer Investment, the Other Investments and
cash on hand, shall be sufficient to pay the Transaction Price and shall include
sufficient unused lines of credit to support the operations of the Company (it
being understood that the Credit Facilities as described in the commitment
letter with respect thereto, dated the date hereof, shall be deemed to satisfy
such obligation regarding sufficient unused lines of credit after giving effect
to the Transaction); (iv) there not having occurred any event, change or
condition that has had or could reasonably be expected to have a material
adverse effect on the business, assets, operations or condition (financial or
otherwise) of the Company and its subsidiaries, taken as a whole, since December
31, 1999; (v) the Merger shall be consummated simultaneously with the closing of
the sale of the Securities to the Buyer in accordance with applicable law and on
substantially the terms described herein; (vi) the Merger Agreement and all
other related documentation shall be reasonably satisfactory to the Buyer; (vii)
the Other Investments shall have been made; (viii) the Buyer shall be reasonably
satisfied with the capitalization, structure and equity ownership of Holdings
after giving effect to the Transaction; and (ix) Buyer's not having discovered
or otherwise become aware of any information not previously disclosed to Buyer
or not in the public domain that we believe to be inconsistent in a material and
adverse manner with our understanding, based on the information, taken as a
whole, provided to us prior to the date hereof, of the business, assets,
liabilities, operations or condition (financial and otherwise) of the Company
and its subsidiaries, taken as a whole.

     This Commitment Letter may not be assigned by any party hereto without the
prior written consent of DLJ Investment Funding, Inc. and/or one or more of its
investment affiliates, and any attempted assignment shall be null and void and
of no force or effect, except that the Buyer may assign its commitment hereunder
to any affiliate of the Buyer. This Commitment Letter may not be amended, and no
provision hereof waived or modified, except by an instrument in writing signed
by the Buyer and you. This Commitment Letter may be executed in any number of
counterparts, each of which shall be an original and all of which, when taken
together, shall constitute one agreement. Delivery of an executed counterpart of
a signature page of this

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Commitment Letter by facsimile transmission shall be effective as delivery of a
manually executed counterpart of this Commitment Letter. In consideration of
delivery of this Commitment Letter, Holdings agrees to the indemnification and
other obligations set forth in Schedule I attached hereto, which Schedule is an
integral part hereof. This Commitment Letter is intended to be solely for the
benefit of the parties hereto and is not intended to confer, and shall not be
deemed to confer, any benefits upon, or create any rights in or in favor of, any
person other than the parties hereto and the Indemnified Persons (as defined in
Schedule I). This Commitment Letter shall be governed by, and construed in
accordance with, the laws of the State of New York.

     As additional consideration for the delivery of this Commitment Letter,
Holdings agrees that should it consummate the Transaction or any similar
transaction in which the Sponsor or one of its affiliates directly or indirectly
acquires all or substantially all of the capital stock or assets of the Company
(any such transaction, an "Alternate Transaction") within one year from the date
hereof and Buyer has not been given an opportunity to purchase the Securities on
terms no less favorable to Buyer than those outlined in the Commitment Letter in
connection with the Transaction or the Alternate Transaction, as the case may
be, Holdings will issue or cause its affiliate to issue to Buyer on the Closing
Date or closing date of the Alternate Transaction common stock (the "Commitment
Fee") representing 1.0% of the Holdings Common Equity Securities (or the
appropriate holding company of the Alternate Transaction) on terms no less
favorable to Buyer than those described in Exhibit A.

     This Commitment Letter shall be treated as confidential and is being
provided to Holdings and the Sponsor solely in connection with the Transaction
and may not be used, circulated, quoted or otherwise referred to in any
document, except with the written consent of the Buyer. Notwithstanding the
foregoing, this Commitment Letter and the attached term sheet (but not Schedule
I) (i) may be shown to the Board of Directors of the Company and their financial
advisors; provided that such parties agree to treat this Commitment Letter as
confidential and (ii) may be filed in any public filing relating to the Merger.

     The obligations of the Buyer under this Commitment Letter shall
automatically terminate and be superseded by the provisions of the definitive
documentation relating to the Buyer Investment contemplated herein upon the
execution and delivery thereof. The force, effect and provisions of this
Commitment Letter shall automatically terminate on the earliest of: (i) 5:00
p.m., New York City time, on February 28, 2001 if this Commitment Letter has not
been entered into by such date; (ii) the termination of any Agreements entered
into in accordance with clause (v) of the second paragraph

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of this Commitment Letter; or (iii) the failure to consummate the Transaction
by July 20, 2001, unless Buyer shall agree to an extension.

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          Please indicate your acceptance of the terms hereof by signing in the
appropriate space below:

                                             Very truly yours,

                                             DLJ INVESTMENT FUNDING, INC.


                                             By:  _________________________
                                                  Paul Thompson III
                                                  Managing Director


Accepted and Agreed to as
of the date first above written:

BLUM CB HOLDING CORP.


By:  _________________________
     Name:
     Title:

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                                  SCHEDULE I

     This Schedule I is a part of and is incorporated into the Commitment Letter
dated February 23, 2001 by and between the DLJ Investment Funding, Inc.
("DLJIF") and Blum CB Holding Corp. ("Holdings").

     Holdings will indemnify and hold harmless DLJIF and its affiliates, and the
respective directors, officers, agents and employees of DLJIF and its affiliates
(DLJIF and each such entity or person, an "Indemnified Person"), from and
against any actual losses, claims, damages, judgments, liabilities and expenses
(collectively "Liabilities"), and will reimburse each Indemnified Person upon
demand for all reasonable fees and expenses (including the reasonable fees and
expenses of counsel) (collectively, "Expenses") as they are incurred in
investigating or defending any claim, action, proceeding or investigation,
whether or not in connection with pending or threatened litigation and whether
or not any Indemnified Person is a party (collectively, "Action(s)"), arising
out of or in connection with the Commitment Letter to which this Schedule I is
attached (the "Commitment Letter") or the transactions contemplated thereby or
any Indemnified Person's actions or inactions in connection with the Commitment
Letter or any such transactions; provided that Holdings will not be responsible
for any Liabilities or Expenses of any Indemnified Person that are determined by
a judgment of a court of competent jurisdiction which is no longer subject to
appeal or further review to have resulted primarily from such Indemnified
Person's willful breach of the Commitment Letter or gross negligence or willful
misconduct in connection with any of the actions or inactions referred to above.

     Upon receipt by an Indemnified Person of actual notice of an Action against
such Indemnified Person with respect to which indemnity may be sought under this
Commitment Letter, such Indemnified Person shall promptly notify Holdings in
writing; provided that failure to notify Holdings shall not relieve Holdings
from any liability which Holdings may have on account of this indemnity or
otherwise, except to the extent Holdings shall have been materially prejudiced
by such failure. Holdings will be entitled to participate in the proceedings
relating to any Action and, if it so elects, upon prior written notice to such
Indemnified Person, to (at Holdings' expense) assume the defense thereof, with
counsel reasonably satisfactory to such Indemnified Person; provided that any
Indemnified Person shall have the right to employ separate counsel in any such
action and assume the defense thereof if: (i) Holdings has failed promptly to
assume the defense and employ counsel or (ii) the named parties to any such
Action (including any impleaded parties) include such Indemnified Person and
Holdings, and such Indemnified Person shall have been advised by counsel that
there may be one or more legal defenses available to it which are different from
or in addition to those available to Holdings; provided that Holdings shall not
in such event be responsible hereunder for the fees and expenses of more than
one firm of

                                      -7-
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separate counsel in connection with any Action in the same jurisdiction, in
addition to one local counsel in each relevant jurisdiction. Holdings shall not
be liable for any settlement or compromise of any Action effected without its
written consent (which consent shall not be unreasonably withheld). In addition,
Holdings will not, without prior written consent of DLJIF (which consent shall
not be unreasonably withheld), settle, compromise or consent to the entry of any
judgment in or otherwise seek to terminate any pending or threatened Action in
respect of which indemnification may be sought hereunder (whether or not any
Indemnified Person is a party thereto) unless such settlement, compromise,
consent or termination includes an unconditional release of each Indemnified
Person from all Liabilities arising out of such Action.

     Holdings also agrees that no Indemnified Person shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to Holdings for
or in connection with the Commitment Letter or the transactions contemplated
thereby or any Indemnified Person's actions or inactions in connection with any
such Commitment Letter or transactions except for Liabilities (and related
Expenses) of Holdings that are determined by a judgment of a court of competent
jurisdiction which is no longer subject to appeal or further review to have
resulted solely from such Indemnified Person's willful breach of the Commitment
Letter or gross negligence or willful misconduct in connection with any of the
actions or inactions referred to above.

     The reimbursement, indemnity and contribution obligations of Holdings set
forth herein shall apply to any modification of the Commitment Letter to which
this Schedule I is attached and shall remain in full force and effect regardless
of any termination of DLJIF's obligations under the Commitment Letter.

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                                                                       EXHIBIT A
                                                  SENIOR NOTES WITH COMMON STOCK

Senior Notes With Common Stock
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Issuer:                  Holdings.

Purchaser:               DLJ Investment Funding Inc. ("DLJIF") and its
                         designated affiliates.

Securities Offered:      16.0% Senior Notes (the "Notes").

Amount:                  $75.0 million aggregate principal amount.

Maturity Date:           10 years.

Interest Rate:           Interest will accrue on the Notes at a rate of 16.0%
                         per annum and be payable quarterly in cash in arrears;
                         provided that (i) until the fifth anniversary of the
                         issuance of the Notes, interest in excess of 12% per
                         annum may, at the option of Holdings, be paid in kind
                         and (ii) to the extent the Company's ability to pay
                         cash dividends to Holdings is at such time restricted
                         by the terms of the Company's senior credit facilities,
                         interest may, at the option of Holdings, be paid in
                         kind, i.e. by adding such excess to the principal
                         amount of Notes.

Ranking:                 The Notes will be senior to all current and future
                         indebtedness of Holdings.

Optional Redemption:     The Notes will be redeemable, in whole or in part, at
                         any time or from time to time upon not less than 30 nor
                         more than 60 days' notice, at the option of Holdings at
                         the following redemption prices (expressed as a
                         percentage of the principal amount thereof) if redeemed
                         during the twelve-month period commencing April 1 of
                         the year set forth below, plus, in each case, accrued
                         and unpaid interest thereon:

                         Year                                     Percentage

                         2001........................................116.0%
                         2002........................................112.8%
                         2003........................................109.6%
                         2004........................................106.4%
                         2005........................................103.2%
                         2006 and thereafter.........................100.0%
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                                                  SENIOR NOTES WITH COMMON STOCK

Sinking Fund:            No mandatory Sinking Fund payment for the Notes.

Change of Control Put:   In the event of a Change of Control (as defined),
                         Holdings is obligated to make an offer to purchase all
                         outstanding Notes at a redemption price of 101% on any
                         repurchase date, plus accrued interest.

Conditions Precedent:    Usual and customary including satisfaction of
                         conditions set forth in the Commitment Letter.

Covenants:               Will include covenants in form and substance customary
                         for high yield issues, with exceptions and baskets to
                         be agreed upon (subject to carve-outs to be agreed upon
                         related to investments by L.J. Melody and for
                         indebtedness incurred by L.J. Melody, as well as
                         investments by Holdings and its subsidiaries in real
                         estate funds (including U.S. and foreign joint
                         ventures) and the incurrence of non-recourse debt)
                         including, without limitation:

                         Limitation on Restricted Payments
                         Limitation on Indebtedness and Issuance of
                         Subsidiary Preferred Stock
                         Limitation on Consolidation or Merger
                         Limitation on Transactions with Affiliates
                         Limitation on Liens
                         Limitation on Dividend and Other
                         Payment Restrictions Affecting Subsidiaries
                         Limitation on Issuance of Shares of Subsidiaries
                         Limitation on Disposition of Assets

Registration Rights:     The holders of the Notes will have one demand
                         registration right three months following the first day
                         on which Holdings shall have any outstanding public
                         debt or equity securities (other than any debt or
                         equity outstanding at the closing of the Transaction)
                         but prior to the time when all of the Notes are freely
                         transferable pursuant to the exemption from
                         registration provided by Rule 144 under the Securities
                         Act of 1933, as amended, on terms, conditions and
                         exceptions to be finalized.

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                                                  SENIOR NOTES WITH COMMON STOCK

Modification of
 Indenture:              Modifications and changes of the Indenture for the
                         Notes may be made with the consent of a majority in
                         principal amount of the holders of the Notes then
                         outstanding except that without consent of each holder
                         of Notes affected, no modification or change may change
                         the maturity of the Notes or the optional redemption
                         provisions, the provisions relating to any required
                         offer to purchase (including the related definitions),
                         reduce the principal amount of the Notes or the rate of
                         interest, affect the time for payment or the place or
                         currency of payment of the principal or interest on the
                         Notes or in any other way reduce the percentage of
                         holders necessary to modify the Indenture.

Reports to Holders:      Holdings will provide holders of the Notes with such
                         monthly, quarterly and annual consolidated financial
                         reports as Holdings is required to provide to the
                         Senior Lenders, if any. At such time as Holdings is no
                         longer required to provide financial reports to the
                         Senior Lenders and is not subject to the annual and
                         quarterly reporting requirements of the Securities
                         Exchange Act of 1934, as amended, Holdings will provide
                         holders of the Notes with such annual and quarterly
                         consolidated financial reports as it would be required
                         to file with the Securities and Exchange Commission if
                         it were then subject to such requirements.

Commitment Fee:          Common Stock representing 1.0% of the fully diluted
                         ownership of Holdings after giving full effect to all
                         management equity and options and equity and warrants
                         granted to other financing sources (with the exception
                         of the Takedown Fee). The Commitment Fee shall be
                         earned upon execution of the Commitment Letter and
                         issued upon the earlier of the closing of the
                         Transaction and the closing of any similar transaction
                         by the Sponsor or any of its affiliates.

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                                                  SENIOR NOTES WITH COMMON STOCK

Takedown Fee:            Common Stock representing 2.0% of the fully diluted
                         ownership of Holdings after giving full effect to all
                         management equity and options and equity and warrants
                         granted to other financing sources (with the exception
                         of the Commitment Fee). The Common Stock representing
                         the Takedown Fee shall be issued at closing of the
                         Transaction.

Transaction Fee:         3.5% of the gross proceeds of the Notes purchased by
                         DLJIF, payable to DLJIF, in cash, upon such purchase
                         (such transaction fee to be shared by DLJIF and Credit
                         Suisse First Boston as they may mutually agree).

Board Observer           The holders of a majority in aggregate principal amount
                         of the Notes shall be entitled to designate one non-
                         voting representative to attend meetings of the board
                         of directors of Holdings.

Other Fees and
 Expenses:               Out-of-pocket reasonable fees and expenses of DLJIF in
                         connection with the purchase of the Notes (including
                         reasonable fees and expenses of counsel) will be paid
                         by Holdings upon the earlier of the closing of the
                         Transaction and the closing of any similar transaction
                         by the Sponsor or any of its affiliates.

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                                                  SENIOR NOTES WITH COMMON STOCK

Common Stock
--------------------------------------------------------------------------------

Issuer:                  Holdings.

Number of Shares:        Common Stock representing 3.0% (including the
                         Commitment Fee and the Takedown Fee) of the fully
                         diluted ownership of Holdings after giving full effect
                         to all management equity and options and equity and
                         warrants granted to other financing sources.

Anti-Dilution:           The Buyer Common Stock will be entitled to anti-
                         dilution provisions customary for comparable size
                         issues of warrants, including, but not limited to,
                         adjustments for sales of equity below fair market
                         value.

Governance:              A shareholders' agreement containing satisfactory terms
                         and conditions including, without limitation, customary
                         provisions relating to transfer restrictions, drag-
                         along rights, tag-along rights and preemptive rights
                         will be signed by the significant shareholders of
                         Holdings (it being understood that a shareholders
                         agreement on terms similar to the draft dated February
                         1, 2001, with such exceptions as may be mutually
                         agreed, shall be deemed to contain satisfactory terms
                         and conditions).

Board Observer:          The holders of a majority of the Buyer Common Stock
                         shall be entitled to designate one non-voting
                         representative to attend meetings of the board of
                         directors of Holdings.

Registration Rights:     The Buyer Common Stock will have one demand
                         registration right following the expiration of any
                         applicable lock-up period relating to the initial
                         underwritten public offering of common stock by
                         Holdings (other than the offering of common stock to
                         employees of the Company pursuant to the registration
                         statement on Form S-1 filed in connection with the
                         Merger), and unlimited piggyback registration rights
                         with respect to equity registrations by Holdings, all
                         on terms and conditions and exceptions to be finalized.

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