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EXHIBIT 10.2(N)
                             Dated January 31, 2001









                         INSIGNIA RICHARD ELLIS LIMITED



                                     - and -



                              ALAN CHARLES FROGGATT









                           EXECUTIVE SERVICE AGREEMENT





















                              PBA/ACH.Ex.Serv.Ag.01





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                                    CONTENTS





    CLAUSE                                        HEADING             PAGE

       1        Definitions                                            3
       2        Term and Appointment                                   3
       3        Duties                                                 5
       4        Holiday Entitlement                                    6
       5        Disclosure of Interests                                6
       6        Remuneration                                           6
       7        Expenses                                               7
       8        Confidential Information                               8
       9        Inventions and Creative Works                          8
      10        Restrictions after Termination                         9
      11        Termination by Events of Default                       10
      12        Incapacity                                             10
      13        Obligations upon Termination                           11
      14        Share Dealing                                          11
      15        Data Protection                                        12
      16        Reconstruction and Amalgamation                        12
      17        Notices                                                12
      18        Previous Contracts                                     12
      19        Proper Law                                             13
      20        Construction                                           13
      21        Statutory Information and Schedule 2                   13
      22        Exclusion of Claims                                    13
      23        Indemnity                                              13

  Schedule 1    Description of Duties                                  15
  Schedule 2    Register of Employee's Interests                       16
  Schedule 3    Terms of the Agreement                                 17



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THIS AGREEMENT is made on             January 31,                          2001

BETWEEN:-

(1)      INSIGNIA RICHARD ELLIS LIMITED (No. 3350437) whose registered office is
         at Berkeley Square House, London W1X 6AN (the "COMPANY"); and


(2)      ALAN CHARLES FROGGATT of Touchstone, Hullbrook lane, Shamley Green,
         Guildford, Surrey GU5 OUQ (the "EXECUTIVE").




THE PARTIES AGREE AS FOLLOWS:

1.       DEFINITIONS
         In this agreement unless the context otherwise requires:-

1.1      "BOARD" means the board of directors of the Company;

1.2      "COMMENCEMENT DATE" means the date [hereof];

1.3      "GROUP COMPANIES" means the Company, its holding company, and all
         subsidiary and associated companies of holding company;

1.4      "ASSOCIATED COMPANY" means a company which is treated as such for the
         purposes of Statement of Standard Accounting Practice No. 1 of the
         Institute of Chartered Accountants in England and Wales.

1.5      "SUBSIDIARY" and "HOLDING COMPANY" have the meanings given to them in
         section 736 of the Companies Act 1985.

1.6      "IRE GROUP BONUS SCHEME " means

         (a)      The Insignia Richard Ellis Group Bonus Scheme (as amended from
                  time to time in accordance with the rules thereof) and/or;

         (b)      Any other bonus scheme or arrangement in which executives of
                  the Group employed at the grades "IREL Director", "Divisional
                  Director" and "Associate" (and no other Executives of the
                  Group) are eligible to participate.

2.       TERM AND APPOINTMENT

2.1     The Company shall engage the Executive and the Executive shall serve the
        Company as Chief Executive on the terms hereinafter provided (the
        "APPOINTMENT"). The Appointment shall commence on the Commencement Date
        and shall continue subject as hereinafter mentioned for a period of 3
        years ("THE FIXED TERM") and shall continue thereafter unless or until
        terminated by the Company giving to the Executive not less than 12
        months notice in writing or the Executive giving to the Company not less
        than 6 months notice in writing but not in any event so as to extend
        beyond the normal retirement age of 60 years. Notice to terminate the
        Appointment cannot be given by either party under this clause 2.1 prior
        to the expiry of the Fixed Term.



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2.2     The Company shall be entitled to terminate the Appointment at any time
        in which case it will pay to the Executive payments in lieu of salary,
        bonus and contractual benefits which the Executive would have received
        had the Appointment continued until the date upon which the Company
        would have been entitled to terminate the Appointment in accordance with
        clause 2.1 above "the Termination Payment". For the purposes of
        determining the value of pay in lieu of any bonus entitlement the
        relevant amount will be the average of the bonuses awarded to the
        Executive in respect of the 3 previous financial years prior to the date
        of termination of employment.

2.3     Notwithstanding the provisions of clauses 2.1 and 2.2 above, and for the
        purposes only of subsisting options granted prior to the Company
        Acquisition (the "OPTION") under the Share Scheme, if the Appointment is
        terminated by the Company before the fourth anniversary of the
        Commencement Date, save where terminated under clause 11, then:

         (a)      the Executive shall not be treated as having ceased
                  employment, as that term is used in Rule 7 of the Share
                  Scheme, until the fourth anniversary of the Commencement Date
                  ("the Deemed Cessation Date") and on the Deemed Cessation Date
                  the Executive shall be treated as ceasing employment in
                  accordance with Rule 7.5 of the Share Scheme.

         (b)      in the event of the Executive being unable to exercise the
                  Option under clause 2.3(a) above as a result of either (i) his
                  being treated as ceasing employment for the purposes of the
                  Share Scheme on the termination of the Appointment or (ii) the
                  Remuneration Committee not exercising its discretion in favour
                  of the Executive to allow him to exercise the Option in full
                  (to the extent not previously exercised) under Rule 7.5 of the
                  Share Scheme, the Company shall, within seven days of the
                  termination of the Appointment, pay to the Executive (in full
                  and final satisfaction of all and any claims which the
                  Executive may have in respect of the Option), less any tax or
                  other deduction the Company may be obliged or required to make
                  by law in Pounds Sterling an amount representing the Common
                  Shares he then holds under the Option on the assumption that
                  the Option was exercised in whole on the date of cessation of
                  employment, and in consideration of the Company making such
                  payment the Executive agrees that the Option shall immediately
                  lapse and all and any rights the Executive has or may have to
                  any Common Shares under the Option are immediately released.
                  The amount due to the Executive under this clause 2.3(b) shall
                  be:

                                            (A-C) x B

              where:

              A is the average middle market quotation for a Common Share (for
              the three dealing days prior to the date on which the Executive's
              employment with the Company is terminated) on any recognised
              investment exchange on which Common Shares are for the time being
              traded (and, if more than one, on the recognised investment
              exchange in the United States of America on which such Common
              Shares are for the time being traded);

              B is the total number of Common Shares over which the Executive
              holds the Option; and



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              C is the price per Common Share under the Option payable by the
              Executive on exercise of the Option in full.

         For the purposes of this clause 2.3:

         (c)      "Common Shares" means common shares of US(pound)0.01 each in
                  Insignia Financial Group Inc; and

                  "Company Acquisition" means a Company Acquisition as defined
                  in the Share Scheme; and

                  "Remuneration Committee" means the Remuneration Committee as
                  defined in the Share Scheme; and

                  "Share Scheme" means the Richard Ellis Group Limited 1997
                  Unapproved Share Option Scheme as adopted on 17 December 1997
                  and from time to time amended;

         (d)      for the purposes of determining the amount payable in Pounds
                  Sterling to the Executive under clause 2.3(b), the US$ price
                  of a Common Share shall be converted into Pounds Sterling at
                  the spot rate for the purchase of Pounds Sterling (as
                  certified by Barclays Bank plc) at or about 11.00 am on the
                  date of cessation of employment.

3.       DUTIES

3.1      During the Appointment the Executive shall devote the whole of his time
         and attention to the duties assigned to him which are consistent with
         the position of Chief Executive and shall well and faithfully serve the
         Company and use his reasonable endeavours to promote the interests of
         the Company and shall obey all reasonable and lawful directions given
         to him by or under the authority of the Board. The duties for the time
         being are contained in Schedule 1 to this Agreement.

3.2      The Executive may be required in pursuance of his duties hereunder:-

         (a)      to perform services not only for the Company but also for any
                  of the Group Companies provided that such services are
                  commensurate with his status and without further remuneration
                  (except as otherwise agreed) to accept such offices in any of
                  the Group Companies as the Company may from time to time
                  reasonably require;

         (b)      to work at the Company's principal place of business in London
                  or such other location in the United Kingdom as may be agreed
                  between the parties;

         (c)      to travel to such places whether in or outside the United
                  Kingdom by such means and on such occasions as the Board
                  and/or the Board of the holding company may from time to time
                  reasonably require;

         (d)      to make reports to the Board and/or the Board of its holding
                  company on any matters concerning the affairs of the Company
                  or any other Group Company as it or they may reasonably
                  require.



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4.       HOLIDAY ENTITLEMENT

        During the Appointment the Executive shall be entitled to 30 working
        days' holiday (in addition to the public holidays) in each calendar year
        January to December at full salary to be taken at such time or times as
        may be approved by the Board. Holidays not taken cannot be carried over
        to a subsequent year. Upon the determination of the Appointment either
        the Executive shall be entitled to receive payment in lieu of accrued
        holidays not taken at that date (provided that such determination is not
        pursuant to clause 12) or the Company shall be entitled to make a
        deduction from the Executive's remuneration in respect of holidays taken
        in excess of the accrued entitlement. The accrued holiday entitlement at
        the date of determination shall be calculated on the basis of 2 1/2 days
        holiday for each completed calendar month of service in the then current
        calendar year and the amount of the payment in lieu or deduction shall
        be calculated on the basis of 1/260 of the Executive's annual salary for
        each day's holiday not taken or taken in excess of the accrued
        entitlement.

5.      DISCLOSURE OF INTERESTS

5.1     Except as a representative of the Company or with the previous written
        approval of the Board which shall be deemed to be given in respect of
        any financial interest, office or employment which the Executive holds
        at the date hereof, brief details of which are attached at schedule 2 to
        this Agreement, the Executive shall not during the Appointment whether
        directly or indirectly paid or unpaid be engaged or concerned in the
        conduct of any other actual or prospective business or profession or be
        or become an Executive, agent, partner, consultant or director of any
        other company or firm or assist or have any financial interest in any
        other such business or profession.

5.2     The Executive shall be permitted to hold shares or securities of a
        company any of whose shares or securities are quoted or dealt in on any
        recognised investment exchange provided that any such holding shall not
        exceed three per cent of the issued share capital of the company
        concerned and is held by way of bona fide investment only
        ("INVESTMENT").

5.3     The Executive shall disclose to the Board any matters relating to his
        spouse (or anyone living as such), their children, step children,
        parents or any trust or firm whose affairs or actions he controls which,
        if they applied to the Executive, would contravene clause 5.1, to the
        extent that the Executive has actual knowledge of such matters.

6.      REMUNERATION

6.1     During the Appointment, as remuneration for his services hereunder, the
        Executive shall be paid a fixed salary at the rate of (pound)175,500 per
        annum or such higher rate as may from time to time be agreed. Such
        salary shall be inclusive of any fees or remuneration which he would
        otherwise be entitled to receive from the Company or any associated
        Company and shall be payable by bank credit transfer in equal monthly
        instalments in arrears on or before the last working day of each
        calendar month and will be reviewed annually by the Board.

6.2     In addition to the said salary the Executive shall be entitled to
        participate in any IRE Group Bonus Scheme (in accordance with the rules
        thereof for the time being) in each case subject to the Compensation
        Committee of the Board of the


                                       6
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        holding company approving in advance the amount of bonus to be paid to
        the Executive under the above Scheme. The Executive acknowledges that
        his bonus entitlement for the calendar year commencing 1st January 2001
        and each subsequent year shall be subject to the absolute discretion of
        the Board, which may amend, discontinue or vary any such Schemes. The
        Executive shall have no entitlement to receive bonuses except as
        provided in this clause 6.2.

6.3     No provision of benefits on retirement (including annuities) will be
        made by the Company for the Executive. There is therefore no
        contracting-out certificate in force under the Pension Schemes Act 1993
        in respect of the Employment.

6.4     The Executive shall be entitled to participate in such permanent health
        insurance, life assurance and medical expenses insurance schemes as the
        Company shall from time to time maintain for the benefit of executives
        of the seniority of the Executive subject to their terms and conditions
        from time to time in force.

6.5     In acknowledgement of the Executive entering into this agreement the
        Company will make a cash payment of (pound)47,344 and is payable with
        the Salary following the 1st January 2001 provided the agreement has
        been entered into by the Executive at that date. The Executive shall be
        deemed to have earned one third of the cash payment on each anniversary
        of this agreement. In the event that the Executive leaves the Company or
        any of its Group Companies or Associated Companies for whatever reason
        prior to the expiry of the fixed term of this agreement the unearned
        portion or portions of this payment will be repayable to the Company in
        full. There shall be no pro-rated earnings during the period between
        anniversaries. The Company reserves the right to deduct the full amount
        from any final payment due to the Executive and the Executive expressly
        agrees to and authorises the Company to make such a deduction. The
        payment and any subsequent repayment will be subject to applicable tax
        and national insurance arrangements in force at the appropriate time.
        Repayment will not be required if the Executive dies or if this
        agreement is terminated because of redundancy.

6.6    The Company will also grant the Executive 6,000 shares of restricted
       common stock of the US Parent Company, Insignia Financial Group. These
       restricted shares shall vest on the third anniversary of the grant,
       always provided that the Executive remains at that date employed by the
       Company and is not under any period of notice whether notice has been
       served by the Executive or the Company. In all other circumstances i.e.
       if the Executive leaves the employment of the company for whatever
       reason, these restricted shares will lapse and no entitlement to these
       restricted shares will become due. The complete terms of the restricted
       share grant shall be made in a Restricted Share Grant Agreement, the
       terms and conditions of which shall govern.

7.      EXPENSES

        The Executive shall be entitled to be repaid all reasonable travelling,
        hotel and other expenses properly authorised by the Board and incurred
        in or about the performance of the duties hereunder, which expenses
        shall be evidenced in such manner as the Company may specify from time
        to time.



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8.       CONFIDENTIAL INFORMATION
8.1     The Executive shall not use or divulge or communicate to any person
        other than with proper authority any of the trade secrets or other
        confidential information of or relating to the Company or any of the
        Group Companies (including but not limited to details of customers,
        potential customers, consultants, suppliers, potential suppliers,
        designs, product details, future product details, prices, discounting
        arrangements, specific product applications, existing trade
        arrangements, terms of business and those in the course of negotiation,
        operating systems, pricing and fee structures, financial information,
        inventions, research and development activities and which he may have
        created, developed, received or obtained while in the service of the
        Company or any of the Group Companies). This restriction shall cease to
        apply with respect to any information, confidential report or research
        which comes into the public domain other than as a result of the
        Executive being in breach of his obligations under this clause.

8.2     The Executive shall not during the Appointment make otherwise that for
        the benefit of the Company any records (whether recorded on paper,
        computer memory or discs or otherwise) relating to any matter within the
        scope of the business of the Company or any of the Group Companies or
        concerning any of its or their dealings or affairs nor either during the
        Appointment or thereafter use or permit to be used any such records
        otherwise than for the benefit of the Company, it being agreed by the
        parties that all such records (and copies thereof) in the possession or
        control of the Executive shall be property of the Company and shall be
        handed over by the Executive to the Company from time to time and on
        demand and in any event upon the termination of the Appointment.

8.3     The Executive shall not during the Appointment speak in public or write
        any article for publication on any matter connected with or relating to
        the business of the Company or any of the Group Companies without first
        obtaining the approval of the Board.

9.      INVENTIONS AND CREATIVE WORKS

9.1     The Executive acknowledges that because of the nature of his duties and
        the particular responsibilities arising as a result of such duties which
        he owes to the Company and the Group Companies he has a special
        obligation to further the interests of the Company and the Group
        Companies. In particular the duties of the Executive shall include
        reviewing the products and services of the Company and Group Companies
        with a view to improving them by new and/or original ideas and
        inventions and implementing such improvements.

9.2     The Executive shall promptly disclose to the Company any idea, invention
        or work which is relevant to or capable of use in the business of the
        Company or any of the Group Companies made by the Executive in the
        course of his employment whether or not in the course of his duties. The
        Executive acknowledges that the intellectual property rights subsisting
        or which may in the future subsist in any such ideas, inventions or
        works created by him in the course of his employment will, on creation,
        vest in and be the exclusive property of the Company and where the same
        does not automatically vest as aforesaid, the Executive shall assign the
        same to the Company (upon the request and at the cost of the Company).
        The Executive hereby irrevocably waives any rights which he may have in
        any such ideas, inventions or works which are or have been conferred
        upon him by chapter


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        IV of part I of the Copyright, Designs and Patents Act 1988 headed
        "Moral Rights".

9.3     The Executive hereby irrevocably appoints the Company to be his attorney
        in his name and on his behalf to execute and do any such instrument or
        thing and generally to use his name for the purpose of giving to the
        Company or its nominee the full benefit of the provisions of this clause
        9 and acknowledges in favour of any third party that a certificate in
        writing signed by any Director or Secretary of the Company that any
        instrument or act falls within the authority hereby conferred shall be
        conclusive evidence that such is the case.

10.     RESTRICTIONS AFTER TERMINATION

10.1    The Executive acknowledges and agrees that the covenants set out below
        are reasonably necessary for the proper protection of the legitimate
        business interests of the Company. The Executive covenants to the
        Company (for itself and as trustee for each of the Group Companies) that
        he shall not for the following periods after the termination of the
        Appointment howsoever arising (but excluding repudiatory breach of this
        agreement by the Company) directly or indirectly, either alone or
        jointly with or on behalf of any person, firm, company or entity and
        whether on his own account or as principal, partner, shareholder,
        director, Executive, consultant or in any other capacity whatsoever:-

        (a)       for 12 months following termination in the Relevant Territory
                  and in competition with the Company or any of the Relevant
                  Group Companies engage, assist or be interested in any
                  undertaking which provides services similar to those provided
                  by the Company or any of the Relevant Group Companies in the
                  12 months prior to termination and with which the Executive
                  was concerned in the said period of 12 months;

        (b)       for 12 months following termination in the Relevant Territory
                  solicit or interfere with or endeavour to entice away from the
                  Company or any of the Relevant Group Companies any person,
                  firm, company or entity who was a client of the Company or any
                  of the Relevant Group Companies in the 12 months prior to
                  termination and with whom the Executive was concerned or had
                  personal contact in the said period of 12 months;

        (c)       for 12 months following termination in the Relevant Territory
                  be concerned with the supply of services to any person, firm,
                  company or entity which was a client of the Company or any of
                  the Relevant Group Companies in the 12 months prior to
                  termination where such services are identical or similar to or
                  in competition with those services supplied by the Company or
                  any of the Relevant Group Companies in the said 12 month
                  period, with which supply the Executive was concerned in the
                  said period of 12 months;

        (d)       for 12 months following termination offer to employ or engage
                  or solicit the employment or engagement of any person who
                  immediately prior to the date of termination was a senior
                  Executive or consultant of the Company or any of the Relevant
                  Group Companies and with whom the Executive had significant
                  working contact in the 12 months prior to termination (whether
                  or not such person would commit any breach of their contract
                  of employment or engagement by reason of leaving the service
                  of such company); and



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         (e)      represent himself as being in any way connected with or
                  interested in the business of the Company or any of the
                  Relevant Group Companies.

10.2     Each of the obligations contained in this clause constitutes an entire
         separate and independent restriction on the Executive, despite the fact
         that they may be contained in the same phrase and if any part is found
         to be unenforceable the remainder will remain valid and enforceable.

10.3     While the restrictions are considered by the parties to be fair and
         reasonable in the circumstances, it is agreed that if any such
         restrictions should be judged to be void or ineffective for any reason
         but would be treated as valid and effective if part of the wording
         thereof were deleted or the periods thereof reduced or the area thereof
         reduced in scope, the said restrictions shall apply with such
         modifications a will be necessary to make them valid and effective.

10.4     The Executive agrees that he will at the request and cost of the
         Company enter into a direct agreement with any of the Group Companies
         under which he will accept restrictions corresponding to the
         restrictions contained in this clause (or such as will be appropriate
         in the circumstances) in relation to such Group Company.

10.5     The provisions of this clause will not prevent the Executive from
         holding an Investment.

10.6     For the purposes of this clause:-

         (a)      a "RELEVANT GROUP COMPANY" means any of the Group Companies
                  for which the Executive has performed services or in which he
                  has held office during the 12 months immediately preceding
                  termination and, if applicable, their predecessors in business
                  during such 12 month period; and

         (b)      "RELEVANT TERRITORY" means the United Kingdom.

11.      TERMINATION BY EVENTS OF DEFAULT

         The Appointment shall be subject to summary termination at any time by
         the Company by notice in writing if the Executive shall have committed
         any serious breach or (after warning in writing) any repeated or
         continued material breach of the obligations hereunder or shall have
         been guilty of any act of dishonesty or serious misconduct or shall be
         declared bankrupt or shall compound with his creditors. Any delay by
         the Company in exercising such right to termination shall not
         constitute a waiver thereof.

12.      INCAPACITY

12.1     The Company shall continue to pay the Executive's salary and other
         contractual entitlements to remuneration during any period of absence
         on medical grounds up to a maximum of 24 consecutive months provided
         that the Executive shall from time to time if required supply the
         Company with medical certificates covering any period of sickness or
         incapacity exceeding 7 days (including weekends).

12.2     Payment of the salary and other remuneration pursuant to clause 12.1
         shall be inclusive of any Statutory Sick Pay to which the Executive may
         be entitled.



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12.3     If the Executive's absence shall be occasioned by the actionable
         negligence of a third party in respect of which damages are
         recoverable, then all remuneration paid hereunder shall constitute
         loans to the Executive who shall:

         (a)      Forthwith notify the Company of all the relevant circumstances
                  and of any claim, compromise, settlement or judgement made or
                  awarded in connection therewith;

         (b)      If the Company so requires, refund to the Company such sum as
                  the Company may determine, not exceeding the lesser of:

                  (i)      the amount of damages recovered by him under such
                           compromise, settlement or judgement in respect of his
                           loss of earnings as an Executive hereunder; and

                  (ii)     the sums advanced to him in respect of the period of
                           incapacity.

         In either case after deducting the amount of all professional costs
         incurred by the Executive in connection with the action or negligence
         of such third party.

13.      OBLIGATIONS UPON TERMINATION

         Upon the termination of the Appointment howsoever arising the Executive
         shall:-

13.1     At any time or from time to time thereafter upon the request of the
         Company, resign without claim for compensation from:-

         (a)      all offices held in the Company or any of the Group Companies;
                  and

         (b)      any office in any other company acquired by reason of or in
                  connection with the Appointment;

        and should he fail to do so the Company is hereby irrevocably appointed
        to be the Executive's Attorney in his name and on his behalf to execute
        any documents and to do any things necessary or requisite to give effect
        to this clause;

13.2    deliver to the Board all documents (including, but not limited to,
        correspondence, lists of clients or customers notes, memoranda, plans,
        drawings and other documents of whatsoever nature and all copies
        thereof) made or complied or acquired by the Executive during the
        Appointment and concerning the business, finances or affairs of the
        Company or any of the Group Companies or clients.

14.     SHARE DEALING

14.1    The Executive shall as applicable comply, and shall procure that his
        spouse or partner and minor children shall comply, with all applicable
        rules of law stock exchange regulations and codes of conduct of the
        Company and any Group Company for the time being in force in relation to
        dealings in shares debentures or other securities of the Company or any
        Group Company or any unpublished price sensitive information affecting
        the securities of any other company (provided that the Executive shall
        be entitled to exercise any options granted to him under any share
        option scheme established by the Company or any Group Company subject to
        the rules of any such scheme and any other rules for the time being in
        force in relation to exercise of options under such scheme).



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15.     DATA PROTECTION

15.1    The Executive hereby confirms that the Company will be entitled to
        process (within the meaning of the Data Protection Act 1998 (and any
        amending or subordinate legislation passed from time to time)) in any
        way it reasonably considers fit any data and other information
        concerning the Executive provided that the Employer shall exercise all
        reasonable care to treat such data and information with the degree of
        confidentiality that would normally be expected of a reasonable and
        responsible Employer engaged in the processing of such data or
        information.

15.2    The Executive hereby consents to the passing of any such data and
        information by the Company to any of the Group Companies whether within
        or outside the European Union or to any associated Companies subject to
        the conditions set out above.

16.     RECONSTRUCTION AND AMALGAMATION

        If at any time the Executive's employment is terminated in connection
        with any reconstruction or amalgamation of the Company or any of the
        Group Companies whether by winding up or otherwise and the Executive
        receives an offer on terms which (considered in their entirety) are not
        less favourable to any material extent than the terms of this agreement
        from a company involved in or resulting from such reconstruction or
        amalgamation the Executive shall have no claim whatsoever against the
        Company or any such company arising out of or connected with such
        termination.

17.     NOTICES

        Any notice to be given hereunder shall be in writing. Notices may be
        given by either party by personal delivery or post or by fax addressed
        to the other party at (in the case of the Company) its registered office
        for the time being and (in the case of the Executive) his last known
        address and any such notice given by letter or fax shall be deemed to
        have been served at the time at which the letter was delivered
        personally or transmitted or if sent by post would be delivered in the
        ordinary course of post.

18.     PREVIOUS CONTRACTS

18.1    This agreement contains the entire agreement relating to the Executive's
        employment with the Company and is in substitution for and replaces any
        previous contract of service between the Company or any of the Group
        Companies and the Executive shall be deemed to have been terminated by
        mutual consent as from the commencement of the Appointment and the
        Executive hereby waives with effect from the Commencement Date any and
        all claims which he may have arising out of or in connection with any
        such previous contract of service excluding (i) any claim for expenses
        reasonably incurred by him in the performance of his duties under his
        previous contract of service; and (ii) any claim the Executive may have
        under the IRE Group Bonus Scheme for the period 1 January to 31 December
        2000.

18.2    The Executive hereby warrants and represents to the Company that he will
        not, in entering into this agreement or carrying out his duties
        hereunder, be in breach of


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        any terms of employment whether express or implied or any other
        obligation binding upon him.

19.     PROPER LAW

        This agreement shall be governed and construed in all respects in
        accordance with English law.

20.      CONSTRUCTION

20.1    The headings in this agreement are inserted for convenience only and
        shall not affect its construction.

20.2    Any reference to a statutory provision shall be construed as a reference
        to any statutory modification or re-enactment thereof (whether before or
        after the date hereof) for the time being in force.

21.     STATUTORY INFORMATION AND SCHEDULE 3

        Schedule 3 hereto (in addition to this agreement) constitutes a written
        statement as at the date hereof of the terms of employment of the
        Executive in compliance with the provisions of the Employment Rights Act
        1996.

22.     EXCLUSION OF CLAIMS

        The Executive hereby agrees to exclude any right to a redundancy payment
        pursuant to Part XI of the Employment Rights Act 1996 and to exclude any
        claim in respect of the dismissal being unfair pursuant to Part X of the
        said Act on the termination of the Appointment in accordance with the
        terms hereof.

23.     INDEMNITY

        The Company agrees to indemnify the Executive against any and all
        liabilities he may incur as a result of carrying out his duties
        hereunder, save in circumstances where the Executive has committed an
        act of default under clause 11 above (including by way of example any
        act of wilful misconduct or gross negligence) and insofar as such an
        indemnity would be rendered void by section 310 of the Companies Act
        1985 and any subsequent amendments or modifications.


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<PAGE>


IN WITNESS whereof this agreement has been executed as a deed on the date first
before written.



Executed as a Deed by
INSIGNIA RICHARD ELLIS LIMITED      /s/Stephen B. Siegel
Acting by:                          Director/Secretary




Signed as a deed by the said
ALAN CHARLES FROGGATT
in the presence of:                 /s/Alan Charles Froggatt




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<PAGE>

                                   SCHEDULE 1



                                 LIST OF DUTIES



         o        Director of Insignia Financial Group; Member of Insignia
                  Europe Board and Chairman of UK and European Operating Boards;

         o        Principally responsible for business and financial performance
                  of Insignia's European businesses, reporting to the IFG
                  Executive Committee

         o        Prepare, present and monitor overall business plan and budget

         o        Review and approve proposals for European acquisitions pre
                  consideration by IFG

         o        Drive the development of relevant business lines onto a
                  European footing

         o        Monitor development of co-investment business

         o        Share responsibility for press relations with Chairman,
                  particularly focusing on corporate matters




                                       15
<PAGE>

                                   SCHEDULE 3


         1.       The Executive has been continuously in the employment of the
                  Company (including reckonable service with any of the Group
                  Companies) since 1 May 1997.

         2.       Rate of remuneration and the intervals at which it is paid are
                  contained in clause 6.

         3.       There are no specific terms and conditions relating to hours
                  of work except as provided in clause 3.1.

         4.       The terms and conditions relating to holidays are contained in
                  clause 4 and those relating to sickness are contained in
                  clause 12.

         5.       Particulars as to the length of Appointment are contained in
                  clause 2.

         6.       Particulars as to the work for which the Executive is employed
                  are contained in clause 3.

         7.       There are no disciplinary rules applicable to the Executive
                  except as provided in this agreement and if the Executive is
                  dissatisfied with any disciplinary decision he should apply
                  orally or in writing to the Board.

         8.       Any application for the purpose of seeking redress of any
                  grievance relating to the Executive's employment should be
                  made either orally or in writing to the managing director of
                  the Company and if still unresolved after ten days to the
                  Board.

         9.       A contracting-out certificate is not in force in respect of
                  the Executive's employment.

         10.      Details of the Executive's work outside the UK are contained
                  in clause 3.2.


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