Document:

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                                                                     EXHIBIT 4.4

                        EMPLOYEE SUBSCRIPTION AGREEMENT
                        -------------------------------

          EMPLOYEE SUBSCRIPTION AGREEMENT, dated as of July 13, 2001 between
CBRE Holding, Inc., a Delaware corporation formerly known as BLUM CB Holding
Corp. (the "Company"), and the individual named on the signature page hereto
            -------
(the "Purchaser"). All capitalized terms used in this Agreement shall have the
      ---------
meanings set forth in Exhibit A hereto.

1.  Subscription for and Purchase of Directly Owned Class A Common Stock.
    --------------------------------------------------------------------

          1.1.  Purchase of Directly Owned Class A Common Stock.
          -----------------------------------------------------

                (a)  Pursuant to the terms and subject to the conditions set
forth in this Agreement, the Purchaser hereby subscribes for and agrees to
purchase, and the Company hereby agrees to issue and sell to the Purchaser, on
the Closing Date (as defined in Section 1.3), the number of shares of Directly
Owned Class A Common Stock set forth on Schedule I hereto at a price of $16.00
per share and for the aggregate amount and forms of consideration (the "Total
                                                                        -----
Purchase Price") set forth on Schedule I hereto. Notwithstanding the foregoing,
--------------
in the event that the offering for Directly Owned Class A Common Stock is over-
subscribed, the Company, in its sole discretion, reserves the right to reduce
the number of shares available for purchase by the Purchaser from the number of
shares subscribed for on Schedule I hereto. In the event the offering is over-
subscribed, the Company will deliver to the Purchaser the reduced number of
shares available and a check equal to the difference of (i) the Total Purchase
Price as set forth on Row 2 of Schedule I and (ii) the actual purchase price of
the shares delivered to the Purchaser. For the Purchaser to properly subscribe
pursuant to this Section 1.1, (a) the Purchaser must properly complete Schedule
I (attached hereto) and execute this Agreement, and (b) the Company must receive
                                                ---
from the Purchaser either by fax or mail (at the number or address indicated in
Section 4.9 hereto) both the properly completed Schedule I and this executed
Agreement no later than 5:00 p.m. Los Angeles time on July 13, 2001.
          ---------------------------------------------------------

                (b)  The Purchaser may pay the Total Purchase Price using any
combination of the following methods of payment: (i) assignment of all or a
portion of the net cash proceeds to be received by the Purchaser in the Merger
in respect of shares of CB Richard Ellis Services Common Stock owned of record
by the Purchaser; (ii) assignment of all or a portion of the cash proceeds, net
of withholding tax, to be received by the Purchaser in respect of options to
acquire shares of CB Richard Ellis Services common stock that are validly
tendered to CB Richard Ellis Services pursuant to its offer to purchase such
options; and (iii) payment of cash. In the event that either the Assigned Merger
Proceeds, as defined in Section 1.7(a) hereto, or the Assigned Options Proceeds,
as defined in Section 1.7(b) hereto, is less than the amounts indicated on Row 4
of Schedule I, as applicable, the Purchaser agrees to pay promptly, and in any
event within 2 business days upon demand, the shortfall to the Company in cash.

          1.2.  Limitations Regarding Sales of Directly Owned Class A Common
          ------------------------------------------------------------------
Stock. Notwithstanding anything in this Agreement to the contrary, the Company
-----
shall have no obligation to issue, sell or deliver any shares of Directly Owned
Class A Common Stock
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                                                                               2

pursuant to this Agreement to any person (i) who is not a full-time employee of
CB Richard Ellis Services or any of its Subsidiaries on the Closing Date or (ii)
who is a resident of a jurisdiction in which such issuance, sale or delivery to
such person would constitute a violation of the securities or "blue sky" laws of
such jurisdiction.

          1.3.  The Closing. The closing (the "Closing") of the purchase of
          -----------------                    -------
Directly Owned Class A Common Stock hereunder shall take place at 9:00 a.m. New
York City time on July 20, 2001 or at such later date and at such time as the
Company shall direct on at least three business days' prior notice to the
Purchaser (the "Closing Date"). The Closing shall occur at the principal offices
                ------------
of the Company or at such other place as the parties may mutually agree. At the
Closing, the Company will deliver to the Purchaser one or more certificates
representing the number of shares of Directly Owned Class A Common Stock
purchased by the Purchaser pursuant to this Agreement (the "New Certificates")
                                                            ----------------
using New Cash Consideration as defined in Section 1.4(a)(ii) hereto, against
the Purchaser's (or the Purchaser's representative) prior delivery to the
Company of each of the agreements, documents and forms of consideration set
forth in Section 1.4(a)(i) and (ii) hereto applicable to the Purchaser. After
the Closing, the Company will deliver to the Purchaser one or more New
Certificates representing the number of shares of Directly Owned Class A Common
Stock purchased by the assignment to the Company (pursuant to Section 1.7
hereto) of all or a portion of the proceeds that the Purchaser would be
otherwise entitled to receive in the Merger for shares of CB Richard Ellis
Services Common Stock, against the Purchaser's (or the Purchaser's
representative) prior delivery to the Company of the form of consideration set
forth in Section 1.4(a)(iii) hereto.

          1.4.  Conditions to the Obligations of the Parties.
          --------------------------------------------------

                (a)  The obligations of the Company under this Section 1 shall
be subject to each of the following conditions:

                     (i)    the Purchaser shall have delivered to the Company on
     or prior to 5:00 p.m. Los Angeles time on July 13, 2001 a copy of this
     Agreement duly executed by Purchaser and, if applicable, his or her spouse,
     together with a properly completed Schedule I to this Agreement;

                     (ii)   the Purchaser shall have delivered to the Company
     prior to the closing cash or a certified bank check in an amount equal to
     Row 9 of Schedule I (the "New Cash Consideration");
                               -----------------------

                     (iii)  if the Purchaser is electing to pay all or a portion
     of the Total Purchase Price for shares of Directly Owned Class A Common
     Stock purchased hereby by the assignment to the Company (pursuant to
     Section 1.7 hereto) of all or a portion of the proceeds that the Purchaser
     would otherwise be entitled to receive in the Merger for shares of CB
     Richard Ellis Services Common Stock, the Purchaser shall deliver to the
     Company after the Closing (A) the certificate or certificates (the "Old
                                                                         ---
     Certificates") representing such CB Richard Ellis Services Common Stock
     ------------
     upon Purchaser's receipt of a letter from the Company after the Closing
     requesting the delivery of such Old Certificates, and (B) an executed,
     undated stock power in the form of
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                                                                               3

     Exhibit B hereto (a "Stock Power") with respect to the shares of CB Richard
                          -----------
     Ellis Services Common Stock represented by the Old Certificates;

                     (iv)   if the Purchaser is married, or will be married on
     the Closing Date, the Purchaser's spouse shall have duly executed and
     delivered to the Company the "Consent of Spouse" page attached to this
     Agreement;

                     (v)    the closing of the Merger Agreement shall have
     occurred prior to, or be occurring substantially simultaneously with, the
     Closing; and

                     (vi)   the representations and warranties of the Purchaser
     in Section 1.6 of this Agreement shall be true and correct as of the
     Closing Date in all material respects.

                (b)  The obligations of the Purchaser under this Section 1 shall
be subject to each of the following conditions:

                     (i)    the representations and warranties of the Company in
     Section 1.5 of this Agreement shall be true and correct as of the Closing
     Date in all material respects, and

                     (ii)   the closing of the Merger Agreement shall have
     occurred prior to, or be occurring substantially simultaneously with, the
     Closing.

          1.5.  Representations and Warranties of the Company. The Company
          ---------------------------------------------------
represents and warrants to the Purchaser as follows:

                (a)  The Company is a corporation duly incorporated, validly
existing and in good standing under the laws of the State of Delaware and has
full corporate power and authority to execute and deliver this Agreement and to
perform its obligations hereunder. The execution, delivery and performance by
the Company of this Agreement has been duly authorized by all necessary
corporate and legal action by the Company, and no other corporate proceeding by
the Company is necessary for the execution, delivery and performance by the
Company of this Agreement. This Agreement has been duly executed and delivered
by the Company and, assuming it is duly executed and delivered by the Purchaser,
constitutes a valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors' rights generally and by the
effect of general principles of equity (regardless of whether enforcement is
considered in a proceeding in equity or at law).

                (b)  The Directly Owned Class A Common Stock to be issued to the
Purchaser pursuant to this Agreement, when issued and delivered in accordance
with the terms hereof, will be duly and validly issued and, upon receipt by the
Company of the Total Purchase Price therefor, will be fully paid and
nonassessable with no personal liability attached to the ownership thereof and
will not be subject to any preemptive rights under the DGCL.
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                                                                               4

                (c)  The execution, delivery and performance by the Company of
this Agreement will not (i) conflict with the certificate of incorporation or
by-laws (or equivalent organizational documents) of the Company or any of its
Subsidiaries, (ii) result in any breach of any terms or conditions of, or
constitute a default under, any contract, agreement or instrument to which the
Company or any of its Subsidiaries is a party or by which the Company or any of
its Subsidiaries is bound or (iii) conflict with or violate any law, rule,
regulation, ordinance, writ, injunction, judgment or decree applicable to the
Company or any of its Subsidiaries or by which any of their assets may be bound
or affected.

          1.6.  Representations and Warranties of the Purchaser. The Purchaser
          -----------------------------------------------------
represents and warrants to the Company as follows:

                (a)  He or she is competent to, and has sufficient capacity to,
execute and deliver this Agreement and to perform his or her obligations
hereunder and thereunder.

                (b)  This Agreement has been, and simultaneously with the
Closing will be, duly executed and delivered by the Purchaser.

                (c)  Assuming the due execution and delivery of this Agreement
by the Company, this Agreement constitutes, and simultaneously with the Closing,
will constitute, valid and binding obligations of the Purchaser, enforceable
against the Purchaser in accordance with their terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors' rights generally and by
the effect of general principles of equity (regardless of whether enforcement is
considered in a proceeding in equity or at law).

                (d)  The execution, delivery and performance of this Agreement
by the Purchaser will not (i) conflict with or violate any law, rule,
regulation, ordinance, writ, injunction, judgment or decree applicable to the
Purchaser or by which any of his or her assets may be bound or affected or (ii)
result in any breach of any terms or conditions of, or constitute a default
under, any contract, agreement or instrument to which the Purchaser is a party
or by which the Purchaser is bound.

                (e)  The Purchaser is the owner of record of the total number of
outstanding shares of CB Richard Ellis Services Common Stock indicated on Row 3,
as applicable, of Schedule I.

                (f)  The Purchaser acknowledges and agrees that the Transfer of
any of the shares of Directly Owned Class A Common Stock purchased by the
Purchaser at the Closing and, pursuant to Section 4.2 hereto, other Securities
that the Purchaser shall hereafter acquire, shall be subject to restrictions and
limitations, including, without limitation, those restrictions set forth in
Sections 2.1 (Transfers to be Made Only as Permitted or Required by this
Agreement), 2.2 (Permitted Transfers), 2.4 (Legend on Securities), 2.5 (Co-Sale
Rights), 2.7 (Required Sale Right) and 3.1 (Holdback Agreement).

                (g)  The Purchaser has received a copy of the Prospectus and has
read all of the Prospectus, including the section therein titled "Risk Factors."
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                                                                               5

                (h)  As of the date hereof and as of the Closing Date, the
Purchaser is buying for investment purposes only and has no immediate plan or
intention to transfer his or her shares of Directly Owned Class A Common Stock
following the Closing.

          1.7.  Assignment of Certain Proceeds to the Company.
          ---------------------------------------------------

                (a)  Subject to the provisions of this Section 1.7(a), the
Purchaser hereby irrevocably assigns to the Company the right to receive the
amount of the Purchaser's Merger Proceeds set forth in Row 3 of Schedule I
hereto, if any (the "Assigned Merger Proceeds"), otherwise payable at the
                     ------------------------
Effective Time. Pursuant to the terms of this Agreement, the parties agree that,
at the Effective Time, the Assigned Merger Proceeds assigned to the Company
shall be applied to the payment on behalf of the Purchaser of all or a portion
of the Total Purchase Price as the case may require. As a result of this Section
1.7(a), the Assigned Merger Proceeds shall, at the Effective Time, become the
property of the Company. In lieu of the delivery to the Purchaser of the
Assigned Merger Proceeds, the Company shall return or cause to be returned to
the Purchaser, and the Purchaser shall be entitled to receive, subject to the
terms and conditions of this Agreement, the New Certificates. Notwithstanding
the foregoing, this assignment shall not restrict in any manner the Purchaser's
ability to exercise voting rights with respect to the shares in his or her sole
discretion, or his or her ability to transfer or sell the shares in his or her
sole discretion. In the event that the Purchaser transfers or sells the shares
at any time, the assignment will be deemed revoked automatically and the
Purchaser agrees to deliver payment in cash in lieu of the Assigned Merger
Proceeds.

                (b)  Subject to the provisions of this Section 1.7(b), the
Purchaser hereby irrevocably assigns to the Company the right to receive the
amount of the Purchaser's Options Proceeds set forth in Row 4 of Schedule I
hereto, net of withholding tax, if any (the "Assigned Options Proceeds"),
                                             -------------------------
otherwise payable at the Effective Time with respect to those CB Richard Ellis
Services Options indicated by the Purchaser on his or her Options Payment
Consent. Pursuant to the terms of this Agreement, the parties agree that, at the
Effective Time, the Assigned Options Proceeds assigned to the Company shall be
applied to the payment on behalf of the Purchaser of all or a portion of the
Total Purchase Price as the case may require. As a result of this Section
1.7(b), the Assigned Options Proceeds shall, at the Effective Time, become the
property of the Company. In lieu of the delivery to the Purchaser of the
Assigned Options Proceeds, the Company shall return or cause to be returned to
the Purchaser, and the Purchaser shall be entitled to receive, subject to the
terms and conditions of this Agreement, the New Certificates. Notwithstanding
the foregoing, this assignment shall not restrict in any manner the Purchaser's
ability to withdraw his or her tender of such options as indicated on the
Options Payment Consent. In the event that the Purchaser withdraws the Options
Payment Consent at any time prior to the Effective Time, the assignment will be
deemed revoked automatically and the Purchaser agrees to deliver payment in cash
in lieu of the Assigned Merger Proceeds.

                (c)  If the Purchaser is assigning any of his or her Merger
Proceeds to the Company pursuant to Section 1.7(a) hereto, the Purchaser agrees
to deliver to the Company the Old Certificates after the Closing accompanied by
a Stock Power, as set forth in Section 1.4(a)(iii). Do not send or deliver the
Old Certificates to the Company at this time. The Company will send a separate
letter requesting delivery of Old Certificates after the Closing as
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                                                                               6

set forth in Section 1.4(a)(iii) hereto. If the Purchaser is assigning any of
his or her Options Proceeds, net of withholding tax, to the Company pursuant to
Section 1.7(b) hereto, the Purchaser agrees to complete, sign and deliver his or
her Options Payment Consent prior to the Closing.

2.   Transfers.
     ----------

          2.1.  Transfers to be Made Only as Permitted or Required by this
          ----------------------------------------------------------------
Agreement.
---------

                (a)  Each of the Purchaser and his or her Permitted Transferees
hereby agrees that he or she will not, directly or indirectly, Transfer any
shares of Directly Owned Class A Common Stock unless such Transfer complies with
the provisions of this Agreement.

                (b)  Each of the Purchaser and his or her Permitted Transferees
hereby agrees that, except for Transfers pursuant to Sections 2.2(a)(iii), 2.5
and 2.7 hereof or Transfers in any Public Offering, no Transfer of any shares of
Directly Owned Class A Common Stock prior to the Lapse Date shall occur unless
such transferee (i) shall agree to be bound by, and become subject to, specified
terms of this Agreement in accordance with the provisions of Section 4.5 hereof
or (ii) is an Other Purchaser.

                (c)  Each of the Purchaser and his or her Permitted Transferees
hereby agrees that neither the Purchaser nor any of his or her Permitted
Transferees shall, without the prior written consent of the Company (which
consent may be withheld by the Company in its absolute discretion), effect a
Transfer of shares of Directly Owned Class A Common Stock prior to the Lapse
Date, except for Transfers pursuant to Sections 2.2, 2.5 and 2.7 hereof or
Transfers in any Public Offering.

          2.2.  Permitted Transfers. The Purchaser may Transfer any of the
          -------------------------
shares of Directly Owned Class A Common Stock beneficially owned by him or her
(i) to his or her spouse, parent, descendant, step-child or step-grandchild or
any executor, estate, guardian, committee, trustee or other fiduciary acting as
such solely on behalf or solely for the benefit of any such spouse, parent,
descendant, step-child or step-grandchild (collectively, a "Family Group"), (ii)
                                                            ------------
to any trust, corporation, partnership or limited liability company, all of the
beneficial interests in which shall be held, directly or indirectly, by such
Purchaser and/or one or more of the Family Group of such Purchaser; provided,
however, that during the period that any such trust, corporation, partnership or
limited liability company holds any right, title or interest in any shares of
Directly Owned Class A Common Stock, no Person other than the Purchaser or
members of the Family Group of the Purchaser may be or become beneficiaries,
stockholders, general partners or members thereof, (iii) to the Company, RCBA
Strategic or any of its Affiliates or Freeman Spogli or any of their Affiliates,
or (iv) to any Other Employee. A transferee under Section 2.2(a)(i) or
2.2(a)(ii) is referred to as a "Permitted Transferee."
                                --------------------

          2.3.  Void Transfers.
          --------------------

          In the event of any purported Transfer of any Securities in violation
of the provisions of this Agreement, such purported Transfer shall be void and
of no effect and the Company shall not give effect to such Transfer.
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                                                                               7

          2.4.  Legend on Securities.
          --------------------------

          Each certificate representing shares of Directly Owned Class A Common
Stock issued to any Stockholder shall bear the following legend on the face
thereof:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
SUBSCRIPTION AGREEMENT BETWEEN CBRE HOLDING, INC. AND THE PURCHASER (AS DEFINED
IN THE SUBSCRIPTION AGREEMENT), A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF
THE COMPANY.  NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SUCH SUBSCRIPTION AGREEMENT.  THE HOLDER OF
THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL
OF THE PROVISIONS OF SUCH SUBSCRIPTION AGREEMENT, INCLUDING RESTRICTIONS
RELATING TO TRANSFER OF THE SECURITIES."

          2.5.  Co-Sale Rights.
          --------------------

                (a)  Prior to a Qualified Initial Public Offering, with respect
to any proposed Transfer (other than as provided in Section 2.6) to any Non-RCBA
Strategic Party by one or more Stockholders (in such capacity, the "Transferring
                                                                    ------------
Stockholders") of Common Stock constituting a majority of the outstanding Common
------------
Stock, whether pursuant to a merger, consolidation, share exchange, tender offer
or otherwise (a "Majority Sale"), the Company agrees that, subject to Section
                 -------------
2.5(b) hereof, it will take all necessary actions to ensure that in such
Majority Sale the Purchaser will have the right to Transfer to the proposed
transferee or acquiring Person (a "Proposed Transferee") a number of shares of
                                   -------------------
Directly Owned Class A Common Stock equal to at least the product (rounded down
to the nearest whole number of shares) of (i) the quotient determined by
dividing (A) the aggregate number of issued and outstanding shares of Directly
Owned Class A Common Stock owned of record by the Purchaser on the closing date
of the Majority Sale by (B) the aggregate number of issued and outstanding
shares of Common Stock on the closing date of the Majority Sale and (ii) the
total number of shares of Common Stock proposed to be directly or indirectly
Transferred to the Proposed Transferee in the Majority Sale, at the same price
per share and upon the same terms and conditions (including, without limitation,
time of payment and form of consideration) as to be paid by and given to the
Transferring Stockholders (such product, the "Co-Sale Amount"); provided,
                                              --------------    --------
further, that subject to compliance with applicable law, in the event that the
-------
Proposed Transferee notifies the Company that it will require the structure of
the transaction related to the proposed Majority Sale to be treated as a
recapitalization for financial accounting purposes and that it will require the
Company to no longer be subject to the reporting requirements or Section 14 of
the Exchange Act after the closing date of the proposed Majority Sale, then,
solely to the extent deemed necessary by the Proposed Transferee to satisfy such
requirements, the Proposed Transferee may pay to the Purchaser consideration in
the Majority Sale with respect to the shares of Directly Owned Class A Common
Stock owned by him or her that differs from the form of consideration paid to
one or more of the Transferring Stockholders.
<PAGE>

                                                                               8

                (b)  To the extent permitted under applicable law, in order to
be entitled to the right set forth in Section 2.5(a) hereto, the Purchaser must
agree to (i) make representations and warranties (and provide related
indemnification) as to his or her individual Ownership of Directly Owned Class A
Common Stock (and then only to the same extent such representations and
warranties are severally given by the Transferring Stockholders with respect to
their several Ownership of Common Stock), and (ii) agree to pay his or her pro
rata share (based on the number of shares Transferred by each Stockholder in
such Majority Sale) of any liability arising out of any representations,
warranties, covenants or agreements of the Transferring Stockholders that
survive the closing of such Majority Sale and do not relate to Ownership of
Common Stock. If the Purchaser is a holder of Common Stock Equivalents and
wishes to participate in a sale of Common Stock pursuant to Section 2.5(a), the
Purchaser shall convert or exercise or exchange such number of Common Stock
Equivalents into or for Directly Owned Class A Common Stock as may be required
therefor on or prior to the closing date of the Majority Sale.

                (c)  Subject to the Purchaser's compliance with the terms of
Section 2.5(b) hereto, if and to the extent the Proposed Transferee fails to
purchase from the Purchaser on the closing date of the Majority Sale any portion
of the Co-Sale Amount that Purchaser has properly exercised his or her right to
Transfer pursuant to this Section 2.5, then the Company agrees to purchase from
the Purchaser on the closing date of the Majority Sale a number of shares of
Directly Owned Class A Common Stock beneficially owned by the Purchaser such
that, after such purchase by the Company, the Purchaser shall have Transferred
to the Company and the Proposed Transferee, to the extent applicable, an amount
of shares of Directly Owned Class A Common Stock equal to such portion of the
Co-Sale Amount that Purchaser has properly exercised his or her right to
Transfer pursuant to this Section 2.5. The Purchaser agrees that this Section
2.5(c) shall be the sole and exclusive remedy of the Purchaser in the event that
the Proposed Transferee fails to purchase from the Purchaser on the closing date
of the Majority Sale any portion of the Co-Sale Amount that Purchaser has
properly exercised his or her right to Transfer pursuant to this Section 2.5.

          2.6.  Public Offerings. The provisions of Section 2.5 and Section 2.7
          ----------------------
shall not be applicable to offers and sales of Securities in a Public Offering.

          2.7.  Required Sale Right.
          -------------------------

                (a)  Prior to a Qualified Initial Public Offering, to the extent
permitted under applicable law, if one or more Stockholders (in such capacity,
the "Requiring Parties") agree to a Transfer of Common Stock constituting a
     -----------------
Majority Sale to any Non-RCBA Strategic Party, then the Purchaser hereby agrees
that, if requested by the Requiring Parties, he or she will Transfer to such
transferee or acquiring Person (the "Purchasing Party") on the same terms and
                                     ----------------
conditions (including, without limitation, time of payment and form of
consideration, but subject to Section 2.7(b)) as to be paid and given to the
Requiring Parties, the same portion (as determined by the immediately succeeding
sentence) of the Purchaser's Directly Owned Class A Common Stock as is being
Transferred by the Requiring Parties; provided, however, that subject to
                                      --------  -------
compliance with applicable law, in the event that the Purchasing Party notifies
the Company that it will require the structure of the transaction related to the
proposed Majority Sale to be treated as a recapitalization for financial
accounting purposes and that it will require the
<PAGE>

                                                                               9

Company to no longer be subject to the reporting requirements or Section 14 of
the Exchange Act after the closing date of the proposed Majority Sale, then,
solely to the extent deemed necessary by the Purchasing Party to satisfy such
requirements, the Purchasing Party may pay to the Purchaser consideration in the
Majority Sale with respect to the shares of Directly Owned Class A Common Stock
owned by him or her that differs from the form of consideration paid to one or
more of the Requiring Parties. The Purchaser can be required to Transfer
pursuant to this Section 2.7 that number of shares of Directly Owned Class A
Common Stock equal to the product obtained by multiplying (i) a fraction, (a)
the numerator of which is the aggregate number of issued and outstanding shares
of Directly Owned Class A Common Stock to be Transferred by the Requiring
Parties and (b) the denominator of which is the aggregate number of issued and
outstanding shares of Common Stock owned by the Requiring Parties at the time of
the Transfer by (ii) the aggregate number of issued and outstanding shares of
Directly Owned Class A Common Stock owned by the Purchaser.

                (b)  To exercise the right set forth in Section 2.7(a) hereto,
the Requiring Parties must give written notice (the "Required Sale Notice") to
                                                     --------------------
the Purchaser of any proposed Majority Sale giving rise to the rights of the
Requiring Parties set forth in Section 2.7(a) at least ten (10) calendar days
prior to such Transfer. The Required Sale Notice will set forth the number of
shares of Common Stock proposed to be so Transferred, the name of the Purchasing
Party, the proposed amount and form of consideration and the other terms and
conditions of the proposed Majority Sale. In connection with any such Transfer,
the Purchaser shall be obligated only to (i) make representations and warranties
(and provide related indemnification) as to his or her individual Ownership of
Directly Owned Class A Common Stock (and then only to the same extent such
representations and warranties are severally given by the Requiring Parties with
respect to their several Ownership of Common Stock), and (ii) agree to pay his
or her pro rata share (based on the number of shares Transferred by each
Stockholder in such Majority Sale) of any liability arising out of any
representations, warranties, covenants or agreements of the Requiring Parties
that survive the closing of such Majority Sale and do not relate to Ownership of
Common Stock. If the Transfer referred to in the Required Sale Notice is not
consummated within 120 days from the date of the Required Sale Notice, the
Requiring Parties must deliver another Required Sale Notice in order to exercise
their rights under this Section 2.7 with respect to such Transfer or any other
Transfer.

               (c)   The Company and the Purchaser each agree that any and all
Requiring Parties shall be third party beneficiaries of this Section 2.7.

3.  Other Covenants of the Purchaser.
    ---------------------------------

          3.1.  Holdback Agreement.
          ------------------------

                (a)  The Purchaser hereby agrees that he or she will not sell,
transfer, make any short sale of, grant any option for the purchase of, or enter
into any hedging or similar transaction with the same economic effect as a sale,
regarding any Common Stock (or other securities) of the Company held by the
Purchaser (other than those included in the registration) for a period specified
by the representative of the underwriters of Common Stock (or other securities)
of the Company not to exceed one hundred eighty (180) days following the
effective date of a registration statement of the Company filed under the
Securities Act pursuant to which
<PAGE>

                                                                              10

an Initial Public Offering is effected. The Company may impose stop-transfer
instructions with respect to the Common Stock (or other securities) subject to
the foregoing restriction until the end of said one hundred eighty (180) day
period. For the avoidance of doubt such agreement shall apply only to the
Initial Public Offering.

                (b)  The Purchaser agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the underwriter
which are consistent with the foregoing or which are necessary to give further
effect thereto.

          3.2.  Confidentiality.  Purchaser will not at any time (whether during
          ---------------------
or after the Purchaser's employment with the Company or its Subsidiaries)
disclose, retain, or use for the Purchaser's own benefit, purposes or account or
the benefit, purposes or account of any other Person, other than the Company and
any of its Affiliates, any trade secrets, know-how, software developments,
inventions, formulae, technology, designs, databases and drawings, or any
property or confidential information of the Company or any of its Affiliates
relating to research, operations, finances, current and proposed products and
services, vendors, customers, advertising, costs, marketing, trading,
investment, sales activities, promotion or the business and affairs of the
Company generally, or of any Affiliate of the Company ("Confidential
                                                        ------------
Information") without the written authorization of the Company; provided that
-----------                                                     -------- ----
the foregoing shall not apply to information which is not unique to the Company
or which is generally known to the industry or the public other than as a result
of the Purchaser's breach of this covenant or the wrongful acts of others who
were under confidentiality obligations as to the item or items involved. Except
as required by law, the Purchaser will not disclose to anyone, other than
Purchaser's immediate family and legal or financial advisors, the existence or
contents of this Agreement; provided that the Purchaser may disclose to any
prospective future employer the provisions of this Section 3.2 provided they
agree to maintain the confidentiality of such terms. The Purchaser agrees that
upon termination of the Purchaser's employment with the Company or its
Subsidiaries for any reason, the Purchaser will return to the Company
immediately all reports, memoranda, books, papers, plans, information, lists,
letters and other data, and all copies thereof or therefrom, in any way relating
to the business of the Company or any of its Affiliates, except that the
Purchaser may retain only those portions of personal notes, notebooks and
diaries that do not contain Confidential Information of the type described in
the preceding sentence. The Purchaser further agrees that the Purchaser will not
retain or use for the Purchaser's own benefit, purposes or account or the
benefit, purposes or account of any other Person, other than the Company and any
of its Affiliates, at any time any trade names, trademark, service mark,
Internet domain names, other proprietary business designation, patent, or other
intellectual property used or owned in connection with the business of the
Company or its Affiliates.

          3.3.  Assignment of Options Proceeds. The Purchaser will indicate on
          ------------------------------------
Row 3(A) or 4(A), as applicable, of Schedule I the assignment of options
proceeds only for those options that the Purchaser has validly tendered and not
withdrawn prior to the date hereof.

4.  Miscellaneous.
    -------------

          4.1.  Effectiveness; Termination. This Agreement will be effective
          --------------------------------
upon receipt of a confirmatory e-mail from the Purchaser with respect to his or
her desire to purchase shares of Directly Owned Class A Common Stock following
the effectiveness of the Registration
<PAGE>

                                                                              11

Statement, provided that the Company has received from the Purchaser a copy of
this Agreement duly executed by the Purchaser and, if applicable, his or her
spouse, with a properly completed Schedule I attached, and will terminate with
respect to the provisions referred to below as follows: (i) with respect to
Article 2 (other than Sections 2.5 and 2.7), on the Lapse Date; (ii) with
respect to Sections 2.5 and 2.7, upon a Qualified Initial Public Offering; and
(iii) with respect to all Sections (including, without limitation, all of
Article 2) other than Sections 3.1 and 3.2 upon (A) the sale of all or
substantially all of the equity interests in the Company to a third party
resulting in a Change of Control, whether by merger, consolidation, share
exchange, tender offer or otherwise, (B) the closing of a Majority Sale (other
than Section 2.5(c), which shall survive such Majority Sale) resulting in a
Change of Control, or (C) the approval in writing by the Company and the
Purchaser.

          4.2.  Additional Shares.  The Purchaser agrees that any other shares
          -----------------------
of Directly Owned Class A Common Stock which he or she shall hereafter acquires
(including, without limitation, from Other Purchasers) by means of a stock
split, stock dividend, distribution, exercise of stock options, purchase,
acquisition or otherwise shall be subject to the provisions of this Agreement
(other than Article 1) to the same extent as if held on the date hereof. For the
avoidance of doubt, the foregoing sentence (i) shall not include, without
limitation, any shares of Class A Common Stock (A) held in the 401(k) Plan prior
to their distribution to the Purchaser pursuant to the terms of the 401(k) Plan
or (B) underlying stock fund units in the DCP Plan prior to their distribution
to the Purchaser pursuant to the terms of the DCP Plan, and (ii) shall include,
without limitation, shares of Class A Common Stock (A) distributed to the
Purchaser pursuant to the terms of the 401(k) Plan or the DCP Plan and (B)
Option Shares.

          4.3.  Third Party Beneficiaries.  Except as set forth in Section
          -------------------------------
2.7(c) hereto, no provision of this Agreement is intended to confer upon any
Person other than the parties hereto any rights or remedies hereunder.

          4.4.  Purchaser's Employment or Engagement by the Company. Nothing
          ---------------------------------------------------------
contained in this Agreement shall be deemed to obligate the Company or any of
its Subsidiaries to employ or engage the Purchaser in any capacity whatsoever or
to prohibit or restrict the Company (or any such subsidiary) from terminating
the employment or engagement, if any, of the Purchaser at any time or for any
reason whatsoever, with or without Cause.

          4.5.  Non-Assignability.  This Agreement will inure to the benefit of
          -----------------------
and be binding on the parties hereto and their respective successors and
permitted assigns. This Agreement may not be assigned by any party hereto
without the express prior written consent of the other party, and any attempted
assignment, without such consents, will be null and void; provided, however,
                                                          --------  -------
that the Company may assign this Agreement to one or more of its Affiliates
without such consent; provided, further, that with respect to any Person who
                      --------  -------
acquires any shares of Directly Owned Class A Common Stock from the Purchaser in
compliance with the terms hereof: (a) the Purchaser shall, prior to such
Transfer, furnish to the Company written notice of the name and address of such
transferee, and (b) if such transferee is not an Other Purchaser, the Purchaser
and such transferee shall execute and deliver to the Company prior to such
Transfer an Assumption Agreement in the form of Exhibit C hereto (the
"Assumption Agreement"), whereby the Purchaser and such transferee shall assume
 --------------------
and be entitled to the rights and obligations under this Agreement to the extent
described in the Assumption Agreement.
<PAGE>

                                                                              12

          4.6.  No Inconsistent Agreements.  The Purchaser shall not enter into
          --------------------------------
any agreement or other arrangement of any kind with any Person with respect to
any Securities that is inconsistent with the provisions of this Agreement or
that may impair his or her ability to comply with this Agreement.

          4.7.  Amendment; Waiver.  This Agreement may be amended only by a
          -----------------------
written instrument signed by the parties hereto. No waiver by either party
hereto of any of the provisions hereof shall be effective unless set forth in a
writing executed by the party so waiving.

          4.8.  Governing Law; Jurisdiction.  This Agreement shall be governed
          ---------------------------------
by and construed in all respects under the laws of the State of Delaware. Any
action to enforce which arises out of or in any way relates to any of the
provisions of this Agreement may be brought and prosecuted in such court or
courts located within the State of Delaware as provided by law, and the parties
consent to the jurisdiction of such court or courts located within the State of
Delaware and to service of process by registered mail, return receipt requested,
or by any other manner provided by Delaware law.

          4.9.  Notices.  Any notices or communications permitted or required
          -------------
hereunder shall be deemed sufficiently given if hand-delivered, or sent by (x)
registered or certified mail return receipt requested, (y) telecopy or other
electronic transmission service (to the extent receipt is confirmed other than
by automatic means) or (z) by overnight courier, in each case to the parties at
their respective addresses and telecopy numbers set forth below, or to such
other address of which any party may notify the other party in writing.

                (a)  If to the Company, to it at the following address:

                     CBRE Holding, Inc.
                     c/o CB Richard Ellis Services, Inc.
                     200 North Sepulveda Boulevard
                     Suite 300
                     El Segundo, CA  90245-4380
                     Attention:  General Counsel
                     Telecopy:  (310) 563-8632

                     with a copy to:

                     RCBA Strategic Partners, L.P.
                     909 Montgomery Street
                     Suite 400
                     San Francisco, CA  94133
                     Attention:  General Counsel
                     Telecopy:  (415) 434-3130
<PAGE>

                                                                              13

                     with another copy to:

                     Simpson Thacher & Bartlett
                     3330 Hillview Avenue
                     Palo Alto, CA  94304
                     Attention:  Richard Capelouto
                     Telecopy:  (650) 251-5002

                (b)  If to the Purchaser or to any Permitted Transferee, to him
or her at his or her address or telecopy number as set forth on the signature
page hereto, with respect to the Purchaser, or the applicable Assumption
Agreement, with respect to any Permitted Transferee.

          4.10.  Integration.  This Agreement and the documents referred to
          ------------------
herein or delivered pursuant hereto which form a part hereof contain the entire
understanding of the parties with respect to the subject matter hereof and
thereof. There are no restrictions, agreements, promises, representations,
warranties, covenants or undertakings with respect to the subject matter hereof
other than those expressly set forth herein and therein. This Agreement
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

          4.11.  Counterparts.  This Agreement may be executed in two or more
          -------------------
counterparts, and by different parties on separate counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same
instrument.

          4.12.  Injunctive Relief.  The Purchaser, on behalf of himself or
          ------------------------
herself and his or her Permitted Transferees, and the Company, on its own behalf
and on behalf of its successors and assigns, each acknowledges and agrees that a
violation of any of the terms of this Agreement will cause the other irreparable
injury for which adequate remedy at law is not available. Accordingly, it is
agreed that the Company or the Purchaser, as the case may be, shall be entitled
to an injunction, restraining order or other equitable relief to prevent
breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof in any court of competent jurisdiction in the United
States or any state thereof, in addition to any other remedy to which it or he
or she may be entitled at law or equity.

          4.13.  Severability.  If one or more of the provisions, paragraphs,
          -------------------
words, clauses, phrases or sentences contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any
respect for any reason, the validity, legality and enforceability of any such
provision, paragraph, word, clause, phrase or sentence in every other respect
and of the remaining provisions, paragraphs, words, clauses, phrases or
sentences hereof shall not be in any way impaired, it being intended that all
rights, powers and privileges of the parties hereto shall be enforceable to the
fullest extent permitted by law.

          4.14.  Rights to Negotiate.  Nothing in this Agreement shall be deemed
          --------------------------
to restrict or prohibit the Company from purchasing any Securities from the
Purchaser at any time upon such terms and conditions and at such price as may be
mutually agreed upon between the Company and the Purchaser, whether or not at
the time of such purchase circumstances exist
<PAGE>

                                                                              14

which specifically grant the Company the right to purchase, or the Purchaser the
right to sell, Securities pursuant to the terms of this Agreement.

          4.15.  Rights Cumulative; Waiver.  The rights and remedies of the
          --------------------------------
Purchaser and the Company under this Agreement shall be cumulative and not
exclusive of any rights or remedies which either would otherwise have hereunder
or at law or in equity or by statute, and no failure or delay by either party in
exercising any right or remedy shall impair any such right or remedy or operate
as a waiver of such right or remedy, nor shall any single or partial exercise of
any power or right preclude such party's other or further exercise or the
exercise of any other power or right. The waiver by any party hereto of a breach
of any provision of this Agreement shall not operate or be construed as a waiver
of any preceding or succeeding breach and no failure by either party to exercise
any right or privilege hereunder shall be deemed a waiver of such party's rights
or privileges hereunder or shall be deemed a waiver of such party's rights to
exercise the same at any subsequent time or times hereunder.

          4.16.  Interpretation.  The words "hereof," "herein," and "hereunder"
          ---------------------              ------    ------        ---------
and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement, and
Section, Subsection, Schedule and Exhibit references are to this Agreement
unless otherwise specified. The headings in this Agreement are included for
convenience of reference only and shall not limit or otherwise affect the
meaning or interpretation of this Agreement. The meanings given to terms defined
herein shall be equally applicable to both the singular and plural forms of such
terms.

          4.17.  Shares Subject to the Incentive Plan and this Agreement. By
          --------------------------------------------------------------
entering into this Agreement the Participant agrees and acknowledges that the
Participant has received a copy of the Incentive Plan. The shares of Directly
Owned Class A Common Stock purchased by the Purchaser pursuant to this Agreement
are subject to the Incentive Plan and this Agreement. In the event of a conflict
between any term or provision of the Incentive Plan and any term or provision of
this Agreement, the applicable terms and provisions of this Agreement will
govern and prevail.

          4.18.  Arbitration. Any dispute arising out of or relating to this
          ------------------
Agreement, including the breach, termination or validity hereof, shall be
exclusively and finally resolved by arbitration in accordance with the CPR Rules
for Non-Administered Arbitration by a sole arbitrator. The arbitration shall be
governed by the Federal Arbitration Act, 9 U.S.C. (S)(S) 1-16, and judgment upon
the award rendered by the arbitrator may be entered by any court having
jurisdiction thereof. The place of the arbitration shall be Los Angeles,
California.
<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                 CBRE HOLDING, INC.

                                 By:________________________________
                                 Name:
                                 Title:

                                 PURCHASER:

                                 ___________________________________
                                 Name:
                                 Address:

                                 Fax Number:
<PAGE>

                               CONSENT OF SPOUSE

          In consideration of the execution of the foregoing Employee
Subscription Agreement between CBRE Holding, Inc. and the Purchaser named
therein, I, ________________________________________________, the spouse of the
Purchaser named therein, do hereby join with my spouse in executing the
foregoing Employee Subscription Agreement and do hereby agree to be bound by all
of the terms and provisions thereof.

Dated as of ______________ ____, 2001       ________________________________
                                                       [Spouse]
<PAGE>

                                  SCHEDULE I

                                              Name of Purchaser:  ______________

                                         Signature of Purchaser:  ______________

                                                           Date:  ______________

          The Purchaser must fill in all of the blanks below (including filling
in a zero if applicable).  All capitalized terms used in this Schedule I shall
have the meanings set forth in the Employee Subscription Agreement between the
Purchaser and the Company.

Subscription of Shares for Direct Ownership
-------------------------------------------

1.  Number of shares of Directly Owned Class A Common Stock that
    the Purchaser is subscribing for
                                                                  ==============

2.  Total Purchase Price (equal to Row 1 multiplied by $16.00)  $ ______________

Payment
-------

3.  I want to assign the following proceeds that I would otherwise be entitled
    to receive in the Merger:

    [_]   All of my Merger Proceeds; or

    $__________of my Merger Proceeds

4.  I want to assign the following proceeds, net of withholding tax, that I
    would otherwise be entitled to receive in the offer to purchase options:

    [_]   All Options Proceeds

    $__________of my Options Proceeds

    Note:  The Company will notify you if you must pay any New Cash
    ----   Consideration in order to satisfy the Total Purchase Price for the
           shares you are subscribing for.
<PAGE>

                                   EXHIBIT A

                                  DEFINITIONS

          As used in this Agreement, terms defined in the headings shall have
their respective assigned meanings, and the following capitalized terms shall
have the meanings ascribed to them below:

          "Affiliate" means, with respect to any Person, (i) any Person that
           ---------
directly or indirectly controls, is controlled by or is under common control
with, such Person, or (ii) any director, officer, partner or employee of such
Person or any Person specified in clause (i) above, or (iii) any spouse, parent,
child, step-child, grandchild, step-grandchild or sibling of any Person
specified in clause (i) or (ii) above.  As used in this definition of
"Affiliate" and in this Agreement, "control" (including, with correlative
 ---------
meanings, "controlled by" and "under common control with") shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of management or policies, whether through the ownership of securities
or partnership or other ownership interests, by contract or otherwise.
Notwithstanding anything to the contrary stated herein, the Company and its
Subsidiaries shall not be considered Affiliates of RCBA Strategic.

          "Agreement" means this Employee Subscription Agreement, as the same
           ---------
may be amended, supplemented or otherwise modified from time to time.

          "Assigned Merger Proceeds" shall have the meaning ascribed to such
           ------------------------
term in Section 1.7(a) hereto.

          "Assigned Options Proceeds" shall have the meaning ascribed to such
           -------------------------
term in Section 1.7(b) hereto.

          "Assumption Agreement" shall have the meaning ascribed to such term in
           --------------------
Section 4.5 hereto.

          "Board of Directors" means the Board of Directors of the Company.
           ------------------

          "Business Day" means a day other than a Saturday, Sunday, holiday or
           ------------
other day on which commercial banks in New York City are authorized or required
by law to close.

          "Cause" means (i) the willful failure of the Purchaser to perform his
           -----
or her duties to the Company or its Subsidiaries which is not cured within 10
days following written notice, (ii) the conviction of the Purchaser of a felony,
(iii) willful malfeasance or misconduct by the Purchaser that is materially and
demonstrably injurious to the Company or its Subsidiaries, or (iv) the breach by
the Purchaser of the material terms of this Agreement, including, without
limitation, Section 2.1, 3.1 and 3.2.

          "CB Richard Ellis Services" means CB Richard Ellis Services, Inc., a
           -------------------------
Delaware corporation and a direct wholly owned subsidiary of the Company, and
shall also include its successors by means of a merger, consolidation,
reorganization, recapitalization or similar transaction.

          "CB Richard Ellis Services Common Stock" means the shares of common
           --------------------------------------
stock of CB Richard Ellis Services, $0.01 par value per share.
<PAGE>

          "CB Richard Ellis Services Options" means any option to purchase CB
           ---------------------------------
Richard Ellis Services Common Stock outstanding under any stock option or
compensation plan or arrangement of CB Richard Ellis Services, whether or not
vested.

          "Change of Control" means (i) the sale or disposition, in one or a
           -----------------
series of related transactions, of all, or substantially all, of the assets of
the Company to any "person" or "group," as defined in Sections 13(d)(3) or
14(d)(2) of the Exchange Act (other than RCBA Strategic and its Affiliates,
Freeman Spogli and their Affiliates or any group in which any of the foregoing
is a member); or (ii) or any person or group (other than RCBA Strategic and its
Affiliates, Freeman Spogli and their Affiliates or any group in which any of the
foregoing is a member) is or becomes the beneficial owner, directly or
indirectly, of more than 50% of the total voting power of the voting stock of
the Company (including by way of merger, consolidation or otherwise) and the
representatives of RCBA Strategic and its Affiliates, Freeman Spogli and their
Affiliates or any group in which any of the foregoing is a member, individually
or in the aggregate, cease to have the ability to elect a majority of the Board
of Directors.

          "Class A Common Stock" means the Class A common stock, par value $.01
           --------------------
per share, of the Company.

          "Class B Common Stock" means the Class B common stock, par value $.01
           --------------------
per share, of the Company.

          "Closing" shall have the meaning ascribed to such term in Section 1.3
           -------
hereto.

          "Closing Date" shall have the meaning ascribed to such term in Section
           ------------
1.3 hereto.

          "Code" means the Internal Revenue Code of 1986, as amended from time
           ----
to time, or any successor statute.  Any reference herein to a particular
provision of the Code shall mean, where appropriate, the corresponding provision
in any successor statute.

          "Common Stock" means the Class A Common Stock and Class B Common
           ------------
Stock, collectively.

          "Common Stock Equivalents" means any stock, warrants, rights, calls,
           ------------------------
options or other securities exchangeable or exercisable for, or convertible
into, Common Stock.

          "Company" shall have the meaning ascribed to such term in the preamble
           -------
to this Agreement.

          "Confidential Information" shall have the meaning ascribed to such
           ------------------------
term in Section 3.2 hereto.

          "Contribution Agreement" means the Amended and Restated Contribution
           ----------------------
and Voting Agreement, dated as of May 31, 2001, by and among the Company,
Acquisition, RCBA Strategic, Freeman Spogli, Raymond Wirta, Brett White and the
other parties thereto, as the same may be amended, supplemented or otherwise
modified from time to time.

          "Co-Sale Amount" shall have the meaning ascribed to such term in
           --------------
Section 2.5(a) hereto.
<PAGE>

          "Cost" means the purchase price of $16.00 per share of Class A Common
           ----
Stock paid by the applicable Purchaser, as adjusted by the Board of Directors in
good faith and on a consistent basis to reflect any stock splits, stock
dividends, recapitalizations and other similar transactions.

          "DCP Plan" means the Deferred Compensation Plan of CB Richard Ellis
           --------
Services.

          "Designated Manager Subscription Agreement" means any of the
           -----------------------------------------
Designated Manager Subscription Agreements entered into by an employee of the
Company and its Subsidiaries who was designated by the Board of Directors as a
designated manager in connection with the Offerings.

          "DGCL" means the Delaware General Corporation Law, as amended from
           ----
time to  time.

          "Directly Owned Class A Common Stock" means any shares of Class A
           -----------------------------------
Common Stock directly held of record by the Purchaser, whether acquired pursuant
to (i) this Agreement, (ii) the exercise of Options, (iii) the receipt of
distributions from the 401(k) Plan or the DCP Plan, (iv) purchase or other
acquisition from any Other Employee or Other Purchaser or (v) any other means
either on the date hereof or in the future.

          "Effective Time" shall have the meaning ascribed to such term in the
           --------------
Merger Agreement.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended,
           ------------
and the rules and regulations promulgated thereunder, as the same may be amended
from time to time.

          "Family Group" shall have the meaning ascribed to such term in Section
           ------------
2.2(a) hereto.

          "401(k) Plan" means the Capital Accumulation Plan of CB Richard Ellis
           -----------
Services.

          "Freeman Spogli" means FS Equity Partners III, L.P. and FS Equity
           --------------
Partners International, L.P., collectively.

          "Good Reason" means (i) a substantial diminution in the Purchaser's
           -----------
position or duties with the Company or its Subsidiaries, an adverse change in
the reporting lines of the Purchaser, or the assignment to the Purchaser by the
Company or its Subsidiaries of duties materially inconsistent with his or her
position with the Company or its Subsidiaries; (ii) any reduction in the
Purchaser's base salary or any material adverse change in the Purchaser's bonus
opportunity; or (iii) the failure of the Company or its Subsidiaries to pay the
Purchaser's compensation or benefits when due; in each of the foregoing clauses
(i) through (iii), which is not cured within 30 days following the Company's
receipt of written notice from the Purchaser describing the event that would
constitute Good Reason if not cured within such period.

          "Governmental Authority" means any nation or government, any state or
           ----------------------
other political subdivision thereof, and any entity exercising legislative,
judicial, regulatory or administrative functions of or pertaining to government.

          "Incentive Plan" means the 2001 CBRE Holding, Inc. Stock Incentive
           --------------
Plan.
<PAGE>

          "Initial Public Offering" means the first Public Offering occurring
           -----------------------
after the date hereof.

          "Lapse Date" means the earlier of (x) the tenth anniversary of the
           ----------
Closing Date and (y) the date that is 180 days after a Qualified Initial Public
Offering is consummated.

          "Majority Sale" shall have the meaning ascribed to such term in
           -------------
Section 2.5(a) hereto.

          "Merger" shall have the meaning ascribed to such term in the Merger
           ------
Agreement.

          "Merger Agreement" means the Amended and Restated Agreement and Plan
           ----------------
of Merger, dated May 31, 2001, among the Company, BLUM CB Corp. and CB Richard
Ellis Services.

          "Merger Proceeds" means the amount set forth in Row 3 of Schedule I
           ---------------
hereto.

          "NASDAQ" means the National Association of Securities Dealers
           ------
Automated Quotation System National Market.

          "New Cash Consideration" shall have the meaning ascribed to such term
           ----------------------
in Section 1.4(a)(ii) hereto.

          "New Certificates" shall have the meaning ascribed to such term in
           ----------------
Section 1.3 hereto.

          "Non-RCBA Strategic Party" means any Person other than RCBA Strategic
           ------------------------
or its Affiliates.

          "Offerings" means the registered offerings to certain employees and
           ---------
independent contractors of the Company and its Subsidiaries pursuant to the
Company's Incentive Plan, which offerings include shares of Directly Owned Class
A Common Stock, shares of Class A Common Stock to be held in the 401(k) Plan,
and shares of Class A Common Stock underlying stock fund units held in the DCP
Plan.

          "Old Certificates" shall have the meaning ascribed to such term in
           ----------------
Section 1.4(a)(iii) hereto.

          "Options Payment Consent" means the form of Consent and Letter of
           -----------------------
Transmittal previously distributed by, or on behalf of, CB Richard Ellis
Services to each holder of CB Richard Ellis Services Options, pursuant to which
each such holder is being requested to consent to the cancellation at the
Effective Time of all CB Richard Ellis Services Options held by such holder as
of the Effective Time, in exchange for an amount per share of CB Richard Ellis
Services Common Stock subject to such canceled CB Richard Ellis Services Options
equal to the greater of (i) the excess, if any, of (A) $16.00 over (B) the
exercise price per share of CB Richard Ellis Services Common Stock subject to
such canceled CB Richard Ellis Services Options and (ii) $1.00, in each case
minus any applicable withholding taxes.

          "Options Proceeds" means the amount set forth in Row 4 of Schedule I
           ----------------
hereto.

          "Other Employee" means any of the employees and independent
           --------------
contractors of the Company and its Subsidiaries other than the Purchaser.
<PAGE>

          "Other Purchaser" means any Other Employee that has (i) purchased
           ---------------
Class A Common Stock from the Company and is party to a Designated Manager
Subscription Agreement or an Employee Subscription Agreement or (ii) received
Class A Common Stock pursuant to the DCP Plan or 401(k) Plan and has properly
executed and delivered a Stockholder Agreement (as defined in the DCP Plan or
401(k) Plan) prior to such receipt.

          "Ownership" means, with respect to any Person, all matters related to
           ---------
such Person's and such Person's Affiliates' (i) beneficial ownership of Common
Stock, (ii) due authorization of a Transfer of such Common Stock, (iii) power to
Transfer such Common Stock, and (iv) non-violation of agreements, laws, etc.
relating to such Transfer of such Common Stock.

          "Permitted Transferee" shall have the meaning ascribed to such term in
           --------------------
Section 2.2(a) hereto.

          "Person" means any individual, corporation, limited liability company,
           ------
partnership, trust, joint stock company, business trust, unincorporated
association, joint venture, Governmental Authority or other entity of any nature
whatsoever.

          "Proposed Transferee" shall have the meaning ascribed to such term in
           -------------------
Section 2.5(a) hereto.

          "Prospectus" means the prospectus included in the Registration
           ----------
Statement filed by the Company.

          "Public Offering" means an underwritten offering of Securities to the
           ---------------
public pursuant to an effective registration statement filed under the
Securities Act.

          "Purchaser" shall have the meaning ascribed to such term in the
           ---------
preamble to this Agreement.

          "Purchasing Party" shall have the meaning ascribed to such term in
           ----------------
Section 2.7(a) hereto.

          "Qualified Initial Public Offering" shall mean a Public Offering after
           ---------------------------------
the Effective Time pursuant to which the Class A Common Stock becomes listed on
a national securities exchange or on the NASDAQ.

          "RCBA Strategic" means RCBA Strategic Partners, L.P., a Delaware
           --------------
limited liability company, together with its successors.

          "Registration Statement" means the Registration Statement on Form S-1
           ----------------------
filed with the SEC by the Company in connection with the Offerings.

          "Regulations" means the regulations promulgated under the Code.
           -----------

          "Required Sale Notice" shall have the meaning ascribed to such term in
           --------------------
Section 2.7(b) hereto.

          "Requiring Parties" shall have the meaning ascribed to such term in
           -----------------
Section 2.7(a) hereto.
<PAGE>

          "Securities" means (i) shares of Common Stock, (ii) Common Stock
           ----------
Equivalents and (iii) other securities of the Company other than debt securities
that are not Common Stock Equivalents.

          "Securities Act" means the Securities Act of 1933, as amended, and the
           --------------
rules and regulations promulgated thereunder, as the same may be amended from
time to time.

          "SEC" means the Securities and Exchange Commission.
           ---

          "Stockholders" means RCBA Strategic, Freeman Spogli, the Purchaser,
           ------------
the Other Purchasers and all of the other holders of Common Stock.

          "Stock Power" shall have the meaning ascribed to such term in Section
           -----------
1.4(a)(iii) hereto.

          "Subsidiary" means, with respect to any Person, any corporation,
           ----------
partnership, association or other business entity of which fifty percent (50%)
or more of the total voting power of shares of capital stock entitled (without
regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof, or fifty percent (50%) or more of the
equity interest therein, is at the time owned or controlled, directly or
indirectly, by any Person or one or more of the other Subsidiaries of such
Person or a combination thereof.

          "Total Purchase Price" shall have the meaning ascribed to such term in
           --------------------
Section 1.1(a) hereto.

          "Transfer" means any transfer, sale, assignment, distribution,
           --------
exchange, mortgage, pledge, hypothecation or other disposition of any Securities
or any interest therein, including transfers by operation of law in connection
with a merger transaction or otherwise.

          "Transferring Stockholders" shall have the meaning ascribed to such
           -------------------------
term in Section 2.5(a) hereto.
<PAGE>

                                   EXHIBIT B

                              FORM OF STOCK POWER

FOR VALUE RECEIVED, ____________________________________________________________
hereby sell(s), assign(s) and transfer(s) unto__________________________________
________________________________________________________________________________
________________________________________________________________________________
(_______) Shares of the ____________ Stock of __________________ standing in my
(our) name(s) on the books of said Corporation represented by Certificate(s)
No(s). _________________________________________________________________________
herewith, and do(es) hereby irrevocably constitute and appoint _________________
attorney to transfer the said stock on the books of said Corporation with full
power of substitution in the premises.

Dated:  ___________________________

                                        ______________________________
                                                  [Purchaser]
<PAGE>

                                   EXHIBIT C

                         FORM OF ASSUMPTION AGREEMENT

                                                [DATE]
CBRE Holding, Inc.
c/o CB Richard Ellis Services, Inc.
200 North Sepulveda Blvd., Suite 300
El Segundo, CA  90245-4380
Attention:  General Counsel

Dear Sir or Madam:

     Reference is made to the Employee Subscription Agreement, dated as of
_________ ___, 2001 (the "Employee Subscription Agreement"), between CBRE
Holding, Inc. and the undersigned Purchaser.  All capitalized terms not
otherwise defined herein shall have the meanings given to them in the Employee
Subscription Agreement.

     In consideration of the representations, covenants and agreements contained
in the Employee Subscription Agreement, the undersigned Permitted Transferee
hereby confirms and agrees that he or she shall be bound by the following
provisions thereof as if such Permitted Transferee were a Purchaser:  Articles
2, 3 and 4.

     Notwithstanding anything to the contrary stated herein or in the Employee
Subscription Agreement, the Purchaser shall remain bound by, and subject to,
each of the provisions of the Employee Subscription Agreement in accordance with
the terms thereof.

     This Assumption Agreement will be governed by, and construed in accordance
with, the laws of the State of Delaware applicable to contracts executed and to
be performed entirely within that state.

                                 Very truly yours,

                                 PERMITTED TRANSFEREE:

                                 _____________________________________
                                 Name:
                                 Address:

                                 Fax Number:

                                 PURCHASER:

                                 _____________________________________
                                 Name:<PAGE>

                                                                     EXHIBIT 4.5

                                  $65,000,000

                              CBRE Holding, Inc.

                           16% Senior Notes Due 2011

                    339,820 Shares of Class A Common Stock

                              PURCHASE AGREEMENT
                              ------------------

June 29, 2001

Credit Suisse First Boston Corporation
Eleven Madison Avenue
New York, New York  10010-3629

Dear Sirs:

          1.  Introductory.  CBRE Holding, Inc., a Delaware corporation (the
              ------------
"Company"), proposes, subject to the terms and conditions stated herein, to
issue and sell to Credit Suisse First Boston Corporation ("CSFBC" or the
"Initial Purchaser") $65,000,000 aggregate principal amount of its 16% Senior
Notes Due 2011 (the "Notes") and 339,820 shares of Class A common stock (the
"Common Stock") of the Company, par value $0.01 per share (the "Shares" and
together with the Notes, the "Offered Securities"). The Notes are to be issued
pursuant to an indenture (the "Indenture") to be dated as of the Closing Date
(as defined below), between the Company and State Street Bank and Trust Company
of California, N.A., as trustee (the "Trustee"). As part of the transactions
(the "Transactions") as defined in the "Description of the Notes" and as
described under the heading "The Transactions" in the Offering Document (as
defined herein), BLUM CB Corp. will merge with and into CB Richard Ellis
Services, Inc., a Delaware corporation ("CBRESI"), with CBRESI as the surviving
corporation in such merger (the "Merger"). Concurrently with the consummation of
the Merger, (1) the Company will execute a Notes Registration Rights Agreement
(the "Notes Registration Rights Agreement"), a Securityholders' Agreement (the
"Securityholders Agreement"), and an Anti-Dilution Agreement (the "Anti-Dilution
Agreement") and (2) CBRESI will enter into a credit agreement (together with the
related guaranties and security documents, the "Credit Agreement") among itself,
the guarantors named therein, Credit Suisse First Boston, New York branch, as
administrative agent, and the lenders named therein.
<PAGE>

                                      -2-

          This Agreement, the Indenture, the Offered Securities, the Exchange
Securities (as defined in the Notes Registration Rights Agreement), the Notes
Registration Rights Agreement, the Securityholders Agreement and the Anti-
Dilution Agreement are sometimes referred to in this Agreement collectively as
the "Operative Documents".  All material agreements and instruments relating to
the Transactions (including, but not limited to, the Merger Agreement and the
Credit Agreement) are sometimes referred to in this Agreement collectively as
the "Transaction Agreements".  The Operative Documents and the Transaction
Agreements are sometimes referred to in this Agreement collectively as the
"Transaction Documents".  References in this Agreement to the subsidiaries of
the Company shall include all direct and indirect subsidiaries of the Company
after the consummation of the Merger.

          Capitalized terms used but not defined herein shall have the meanings
given to such terms in the Offering Document (as defined below).

          The Company hereby agrees with the Initial Purchaser as follows:

          2.  Representations and Warranties of the Company.  The Company
              ---------------------------------------------
represents and warrants to, and agrees with, the Initial Purchaser that:

              (a)  An offering circular dated the date of this Agreement
     relating to the Offered Securities to be purchased by the Initial Purchaser
     has been prepared by the Company. Such offering circular, as the same may
     be supplemented prior to the closing of the offering is hereinafter
     referred to as the "Offering Document". On the date of this Agreement, the
     Offering Document does not include any untrue statement of a material fact
     or omit to state any material fact necessary in order to make the
     statements therein, in the light of the circumstances under which they were
     made, not misleading. The preceding sentence does not apply to statements
     or omissions from the Offering Document based upon written information
     furnished to the Company by the Initial Purchaser specifically for use
     therein, it being understood and agreed that the only such information is
     that described in Section 7(b) hereof.

              (b)  The Company has been duly incorporated and is an existing
     corporation in good standing under the laws of the jurisdiction of its
     incorporation, with corporate power and authority to own its properties and
     conduct its business as described in the Offering Document, and the Company
     is duly qualified to do business as a foreign corporation in good standing
     in all other jurisdictions in which its ownership or lease of property or
     the conduct of its business requires such qualification, except to the
     extent that the failure to be so qualified or to be in good standing would
     not have a material adverse effect on the business, financial condition or
     results of operation of the Company and its subsidiaries, taken as a whole
     (a "Material Adverse Effect").
<PAGE>

                                      -3-

              (c)  Each subsidiary of the Company has been duly incorporated and
     is an existing corporation, limited liability company or limited
     partnership, as the case may be, in good standing (if applicable) under the
     laws of the jurisdiction of its incorporation or organization, with power
     and authority to own its properties and conduct its business as described
     in the Offering Document, and each subsidiary of the Company is duly
     qualified to do business as a foreign corporation, limited liability
     company or limited partnership, as the case may be, in good standing (if
     applicable) in all other jurisdictions in which its ownership or lease of
     property or the conduct of its business requires such qualification, except
     to the extent that the failure to be so qualified or to be in good standing
     would not have a Material Adverse Effect; all of the issued and outstanding
     capital stock, ownership interests or partnership interests, as the case
     may be, of each subsidiary of the Company have been, and immediately
     following the Merger will be, duly authorized and validly issued and, in
     the case of capital stock, is fully paid and nonassessable; and except as
     disclosed in the Offering Document and for pledges in favor of Credit
     Suisse First Boston, New York branch, as collateral agent under the Credit
     Agreement, the capital stock, ownership interests or partnership interests,
     as the case may be, of the Company and each subsidiary owned by the
     Company, directly or through subsidiaries, will be owned free from liens,
     encumbrances and defects immediately following the Merger and the other
     Transactions.

              (d)  The Indenture has been duly authorized by the Company; the
     Notes have been duly authorized by the Company; and when the Notes are
     delivered and paid for pursuant to this Agreement and the Indenture on the
     Closing Date (as defined below), assuming due authorization, execution and
     delivery of the Indenture by the Trustee, the Indenture will have been duly
     executed and delivered by the Company, such Notes will have been duly
     executed, authenticated, issued and delivered by the Company (assuming
     authentication by the Trustee in accordance with the provisions of the
     Indenture) and the Indenture and such Notes will constitute valid and
     legally binding obligations of the Company, enforceable in accordance with
     their terms and entitled to the benefits of the Indenture (assuming that
     the Indenture is a valid and legally binding obligation of the Trustee),
     subject to (i) the effects of bankruptcy, insolvency, fraudulent transfer,
     reorganization, moratorium or similar laws of general applicability
     relating to or affecting creditors' rights, (ii) general principles of
     equity (regardless of whether enforceability is considered in a proceeding
     at law or in equity) and (iii) an implied covenant of good faith and fair
     dealing.

              (e)  The Exchange Securities have been duly authorized by the
     Company. When the Exchange Securities are issued, executed and
     authenticated in accordance with the terms of the Exchange Offer and the
     Indenture, the Ex-
<PAGE>

                                      -4-

     change Securities (assuming authentication by the Trustee in accordance
     with the provisions of the Indenture) will be entitled to the benefits of
     the Indenture and will be the valid and binding obligations of the Company,
     enforceable against the Company in accordance with their terms (assuming
     that the Indenture is a valid and legally binding obligation of the
     Trustee), subject to (i) the effects of bankruptcy, insolvency, fraudulent
     transfer, reorganization, moratorium or similar laws of general
     applicability relating to or affecting creditors' rights, and (ii) general
     principles of equity (regardless of whether enforceability is considered in
     a proceeding at law or in equity).

              (f)  The Indenture conforms in all material respects to the
     requirements of the Trust Indenture Act of 1939, as amended (the "TIA" or
     the "Trust Indenture Act"), and the rules and regulations of the Securities
     and Exchange Commission (the "Commission") applicable to an indenture which
     is qualified thereunder.

              (g)  The Shares have been duly reserved for issuance by the
     Company, the issuance of the Shares has been duly authorized by the
     Company, and the Shares, when delivered pursuant to the terms of this
     Agreement, will be validly issued, fully paid and nonassessable, and except
     as set forth in the Offering Document no holder of any securities of the
     Company has any preemptive or other similar rights to subscribe for or to
     purchase any common stock of the Company arising by operation of the
     General Corporation Law of the State of Delaware, under the Certificate of
     Incorporation or bylaws of the Company or pursuant to the terms of any
     agreement or instrument to which the Company is a party.

              (h)  Except as disclosed in the Offering Document, there are no
     contracts, agreements or understandings between the Company and any person
     that would give rise to a valid claim against the Company or the Initial
     Purchaser for a brokerage commission, finder's fee or other like payment in
     connection with the Offered Securities.

              (i)  No consent, approval, authorization or order of, or filing
     with, any governmental agency or body or any court is required for the
     consummation of the transactions contemplated by this Agreement, the
     Registration Rights Agreement, the Anti-Dilution Agreement, the
     Securityholders Agreement or any other Transaction Document, in each case,
     in connection with the consummation of the transactions contemplated
     therein, except as may be required under the Securities Act, the TIA and
     the rules and regulations of the Commission thereunder with respect to the
     Exchange Offer Registration Statement or the Shelf Registration Statement
     (each as defined in the Notes Registration Rights Agreement) or the
     transactions contemplated by the Notes Registration Rights Agree-
<PAGE>

                                      -5-

     ment, the Anti-Dilution Agreement, the Securityholders Agreement or any
     state or foreign securities laws or by the regulations of the National
     Association of Securities Dealers, Inc.

              (j)  Assuming the accuracy of the representations of the other
     parties thereto and the performance by those parties of their agreements
     therein, the execution, delivery and performance by the Company and the
     subsidiaries of the Company (to the extent a party thereto) of each of the
     Transaction Documents and their compliance with the terms and provisions
     thereof and the consummation of the Transactions will not result in a
     breach or violation of any of the terms and provisions of, or constitute a
     default under, (i) any statute, rule, regulation or order of any
     governmental agency or body or any court, domestic or foreign, that has
     jurisdiction over the Company, or any of the Company's subsidiaries or any
     of their properties, (ii) the Transaction Documents or any agreement or
     instrument to which the Company or any of the Company's subsidiaries is a
     party or by which the Company or any of the Company's subsidiaries is bound
     or to which any of the properties of the Company or the Company's
     subsidiaries is subject or (iii) the charter, by-laws or similar governing
     documents of the Company or any of the Company's subsidiaries, except, with
     respect to clauses (i) and (ii), where such breach, violation or default
     would not have a Material Adverse Effect or would not have a material
     adverse effect on the Company's power or ability to consummate the
     Transactions; the Company has full corporate power and authority to
     authorize, issue and sell the Offered Securities as contemplated by this
     Agreement.

              (k)  None of the Company or any of the subsidiaries of the Company
     is in breach or violation of any of the terms and provisions of, or in
     default under, (i) any statute, rule, regulation or order of any
     governmental agency or body or any court, domestic or foreign, that has
     jurisdiction over the Company or any of the Company's subsidiaries or any
     of their properties, (ii) any agreement or instrument to which the Company
     or any of the Company's subsidiaries is a party or by which the Company or
     any of the Company's subsidiaries is bound or to which any of the
     properties of the Company or the Company's subsidiaries is subject or (iii)
     the charter, by-laws or similar governing document of the Company or any of
     the Company's subsidiaries, except with respect to clauses (i) and (ii) for
     any breaches, violations or defaults that would not have a Material Adverse
     Effect or would not have a material adverse effect on the Company's power
     or ability to consummate the Transactions.

              (l)  This Agreement has been duly authorized, executed and
     delivered by the Company. Each of the other Operative Documents has been,
     or
<PAGE>

                                      -6-

     as of the Closing Date will have been, duly authorized, executed and
     delivered by the Company. All of the Transaction Agreements have been, or
     will be as of or on the Closing Date, duly authorized, executed and
     delivered by each of the Company and the Company's subsidiaries (to the
     extent a party thereto). Each Transaction Document conforms or, at the
     Closing Date, will conform in all material respects to the descriptions
     thereof contained in the Offering Document and each Operative Document
     (other than this Agreement) is or will constitute valid and legally binding
     obligations of the Company and each Transaction Agreement constitutes or
     will, at the Closing Date, constitute valid and legally binding obligations
     of the Company to the extent it is a party thereto, enforceable in
     accordance with its respective terms, except that any rights to indemnity
     and contribution may be limited by federal and state securities laws and
     public policy considerations and subject to (i) bankruptcy, insolvency,
     fraudulent transfer, reorganization, moratorium and similar laws of general
     applicability relating to or affecting creditors' rights, (ii) general
     principles of equity (regardless of whether enforceability is considered in
     a proceeding at law or in equity) and (iii) an implied covenant of good
     faith and fair dealing.

              (m)  Except as disclosed in the Offering Document, the Company and
     its subsidiaries have good and marketable title to all real properties and
     all other properties and assets owned by them that are material to the
     Company and its subsidiaries taken as a whole, in each case free from
     liens, encumbrances and defects that would materially affect the value
     thereof or materially interfere with the use made or proposed to be made
     thereof by them; and except as disclosed in the Offering Document, the
     Company and its subsidiaries hold any leased real or personal property that
     is material to the Company and its subsidiaries taken as a whole under
     valid and enforceable leases with no exceptions that would materially
     interfere with the use made or proposed to be made thereof by them.

              (n)  The Company and its subsidiaries possess adequate
     certificates, authorities or permits issued by appropriate governmental
     agencies or bodies necessary to conduct the business now operated by them
     and have not received any notice of proceedings relating to the revocation
     or modification of any such certificate, authority or permit that, if
     determined adversely to the Company or any of its subsidiaries, would
     individually or in the aggregate have a Material Adverse Effect.

              (o)  No labor dispute with the employees of the Company or any
     subsidiary exists or, to the knowledge of the Company, is imminent that
     would reasonably be expected to have a Material Adverse Effect.
<PAGE>

                                      -7-

              (p)  The Company and its subsidiaries own, possess or can acquire
     on reasonable terms, adequate trademarks, trade names and other rights to
     inventions, know-how, patents, copyrights, confidential information and
     other intellectual property (collectively, "intellectual property rights")
     necessary to conduct the business now operated by them, or presently
     employed by them, and have not received any notice of infringement of or
     conflict with asserted rights of others with respect to any intellectual
     property rights that, if determined adversely to the Company or any of its
     subsidiaries, would individually or in the aggregate have a Material
     Adverse Effect.

              (q)  Except as disclosed in the Offering Document, neither the
     Company nor any of its subsidiaries is in violation of any statute, rule,
     regulation, decision or order of any governmental agency or body or any
     court, domestic or foreign, relating to the use, disposal or release of
     hazardous or toxic substances or relating to the protection or restoration
     of the environment or human exposure to hazardous or toxic substances
     (collectively, "environmental laws"), owns or operates any real property
     contaminated with any substance that is subject to any environmental laws,
     is liable for any off-site disposal or contamination pursuant to any
     environmental laws, or is subject to any claim relating to any
     environmental laws, which violation, contamination, liability or claim
     would individually or in the aggregate have a Material Adverse Effect; and
     the Company is not aware of any pending investigation which might lead to
     such a claim.

              (r)  Except as disclosed in the Offering Document, there are no
     pending actions, suits or proceedings against or affecting the Company, any
     of the Company's subsidiaries or any of their respective properties that
     (i) if determined adversely to the Company or any of its subsidiaries,
     would individually or in the aggregate have a Material Adverse Effect, (ii)
     would materially and adversely affect the ability of the Company to perform
     its obligations under the Transaction Documents or (iii) are otherwise
     material in the context of the sale of the Offered Securities; and no such
     actions, suits or proceedings are, to the knowledge of the Company,
     threatened or contemplated.

              (s)  The historical financial statements included in the Offering
     Document present fairly the financial position of the Company and its
     consolidated subsidiaries as of the dates shown and their results of
     operations and cash flows for the periods shown, and such financial
     statements have been prepared in conformity with the generally accepted
     accounting principles in the United States applied on a consistent basis
     and the assumptions used in preparing the pro forma financial statements
     included in the Offering Document provide a reasonable basis for presenting
     the significant effects directly attributable to the transactions or
<PAGE>

                                      -8-

     events described therein, the related pro forma adjustments give
     appropriate effect to those assumptions, and the pro forma columns therein
     reflect the proper application of those adjustments to the corresponding
     historical financial statement amounts.

              (t)  To our knowledge, no "nationally recognized statistical
     rating organization" as such term is defined for purposes of Rule 436(g)(2)
     under the Securities Act (i) has imposed (or has informed the Company or
     any of the Company's subsidiaries that it is considering imposing) any
     condition (financial or otherwise) on the Company's or any of the Company's
     subsidiaries retaining any rating assigned to the Company or any securities
     of the Company or any of the Company's subsidiaries or (ii) has indicated
     to the Company that it is considering (a) the downgrading, suspension or
     withdrawal of, or any review for a possible change that does not indicate
     the direction of the possible change in, any rating so assigned or (b) any
     change in the outlook for any rating of the Company or any of the Company's
     subsidiaries or any securities of the Company or any of the Company's
     subsidiaries.

              (u)  Except as disclosed in the Offering Document, since the date
     of the latest audited financial statements of the Company included in the
     Offering Document, there has been no material adverse change, nor any
     development or event involving a prospective material adverse change, in
     the financial condition, business, properties or results of operations of
     the Company and its subsidiaries taken as a whole, and, except as disclosed
     in or contemplated by the Offering Document, there has been no dividend or
     distribution of any kind declared, paid or made by the Company on any class
     of its capital stock.

              (v)  The Company is not, and following the consummation of the
     Merger, the Company will not be, an open-end investment company, unit
     investment trust or face-amount certificate company that is or is required
     to be registered under Section 8 of the Investment Company Act of 1940 (the
     "Investment Company Act"); and the Company is not and, after giving effect
     to the offering and sale of the Offered Securities, the other Transactions
     and the application of the proceeds thereof as described in the Offering
     Document, will not be an "investment company" as defined in the Investment
     Company Act.

              (w)  No securities of the same class (within the meaning of Rule
     144A(d)(3) under the Securities Act) as the Offered Securities are listed
     on any national securities exchange registered under Section 6 of the
     Securities Exchange Act of 1934 ("Exchange Act") or quoted in a U.S.
     automated inter-dealer quotation system.
<PAGE>

                                      -9-

              (x)  Assuming the accuracy of the representations and the
     performance by the Initial Purchaser of its agreements contained herein,
     the offer and sale of the Offered Securities in the manner contemplated by
     this Agreement will be exempt from the registration requirements of the
     Securities Act by reason of Section 4(2) thereof and Regulation S
     thereunder.

              (y)  None of the Company, nor any of its respective affiliates,
     nor any person acting on its or their behalf has offered or will offer or
     sell the Offered Securities by means of any form of general solicitation or
     general advertising within the meaning of Rule 502(c) under the Securities
     Act. None of the Company nor any of the Company's subsidiaries has entered
     or will enter into any contractual arrangement with respect to the
     distribution of the Offered Securities except for this Agreement.

              (z)  The Offering Document, as of its date, contains all the
     information specified in, and meeting the requirements of, Rule 144A(d)(4)
     under the Securities Act.

          3.  Purchase, Sale and Delivery of Offered Securities.  On the basis
              -------------------------------------------------
of the representations, warranties and agreements herein contained, but subject
to the terms and conditions set forth herein, the Company agrees to sell to the
Initial Purchaser, and the Initial Purchaser agrees to purchase from the
Company, all of the Offered Securities at a purchase price of $63,525,020 in the
aggregate.

          The Company and the Initial Purchaser agree that the issue price of
the Offered Securities for U.S. Federal Income tax purposes is $916.35 per
$1,000 principal amount of Notes and $16.00 per Share.

          The Company will deliver against payment of the purchase price the
Notes in the form of one or more permanent global securities in definitive form
(the "Global Securities") deposited with the Trustee as custodian for The
Depository Trust Company ("DTC") and registered in the name of Cede & Co., as
nominee for DTC.  Interests in any permanent Global Securities will be held only
in book-entry form through DTC, except in the limited circumstances described in
the Offering Document.  The Company will deliver against payment of the purchase
price of the Shares, one or more certificates for the Shares in definitive form
in such denominations and registered in such names as the Initial Purchaser may
request in writing at least three full business days before the Closing Date.
Payment for the Offered Securities shall be made by the Initial Purchaser in
Federal (same day) funds by official check or checks or wire transfer to an
account at a bank acceptable to CSFBC drawn to the order of CBRE Holding, Inc.
at the office of Simpson Thacher & Bartlett, Palo Alto, California at 12:00 P.M.
(California time), on July 20, 2001, or at such other time not later than seven
full business days thereafter as CSFBC and the Company determine, such time
being herein re-
<PAGE>

                                      -10-

ferred to as the "Closing Date", against delivery to the Trustee as custodian
for DTC of the Global Securities representing all of the Offered Securities. The
Global Securities will be made available for checking at the office of Simpson
Thacher & Bartlett, Palo Alto, Calfornia at least 24 hours prior to the Closing
Date.

          4.  Representations by Initial Purchaser; Resale by Initial Purchaser.
              -----------------------------------------------------------------

              (a)  The Initial Purchaser represents and warrants to the Company
     that it is an "accredited investor" within the meaning of Regulation D
     under the Securities Act .

              (b)  The Initial Purchaser acknowledges that the Offered
     Securities have not been registered under the Securities Act and may not be
     offered or sold within the United States or to, or for the account or
     benefit of, U.S. persons except pursuant to an exemption from the
     registration requirements of the Securities Act. The Initial Purchaser
     represents and agrees that it has offered and sold the Offered Securities,
     and will offer and sell the Offered Securities, only (i) in accordance with
     Rule 144A under the Securities Act ("Rule 144A") and (ii) to a limited
     number of institutional investors reasonably believed by the Initial
     Purchaser to be "Accredited Investors" (as defined in Rule 501(a)(1), (2),
     (3) or (7) under Regulation D of the Securities Act), in private sales
     exempt from registration under the Securities Act, in each case who have
     executed or have agreed to execute the Securityholders Agreement.
     Accordingly, none of the Initial Purchaser or its affiliates, or any person
     acting on their behalf, has engaged or will engage in any directed selling
     efforts with respect to the Offered Securities, and the Initial Purchaser,
     its affiliates and all persons acting on their behalf have complied and
     will comply with the offering restrictions requirement of Rule 144A.

              (c)  The Initial Purchaser agrees that it and each of its
     affiliates has not entered and will not enter into any contractual
     arrangement with respect to the distribution of the Offered Securities
     except with the prior consent of the Company.

              (d)  The Initial Purchaser agrees that it and each of its
     affiliates will not offer or sell the Offered Securities in the United
     States by means of any form of general solicitation or general advertising
     within the meaning of Rule 502(c) under the Securities Act, including, but
     not limited to (i) any advertisement, article, notice or other
     communication published in any newspaper, magazine or similar media or
     broadcast over television or radio, or (ii) any seminar or meeting whose
     attendees have been invited by any general solicitation or general
     advertising. The Initial Purchaser agrees, with respect to resales made in
     reliance on Rule 144A of any of the Offered Securities, to deliver either
     with the confir-
<PAGE>

                                      -11-

     mation of such resale or otherwise prior to settlement of such resale a
     notice to the effect that the resale of such Offered Securities has been
     made in reliance upon the exemption from the registration requirements of
     the Securities Act provided by Rule 144A.

              (e)  The Initial Purchaser agrees that it will not offer, sell or
     deliver any of the Offered Securities in any jurisdiction outside of the
     United States.

          5.  Certain Agreements of the Company.  The Company agrees with the
              ---------------------------------
Initial Purchaser that:

              (a)  The Company will advise CSFBC promptly of any proposal to
     amend or supplement the Offering Document and will not effect such
     amendment or supplementation without CSFBC's consent, which consent shall
     not be unreasonably withheld or delayed. If, at any time prior to the
     completion of the resale of the Offered Securities by the Initial
     Purchaser, any event occurs as a result of which the Offering Document as
     then amended or supplemented would include an untrue statement of a
     material fact or omit to state any material fact necessary in order to make
     the statements therein, in the light of the circumstances under which they
     were made, not misleading, the Company promptly will notify CSFBC of such
     event and promptly will prepare, at its own expense, an amendment or
     supplement which will correct such statement or omission. Neither CSFBC's
     consent to, nor its delivery to offerees or investors of, any such
     amendment or supplement shall constitute a waiver of any of the conditions
     set forth in Section 6.

              (b)  The Company will furnish to CSFBC copies of any Offering
     Document and all amendments and supplements to any such document, in each
     case as soon as available and in such quantities as CSFBC reasonably
     requests. Subject to the terms of the Securityholders Agreement with
     respect to the Shares, at any time when the Company is not subject to
     Section 13 or 15(d) of the Exchange Act, the Company will promptly furnish
     or cause to be furnished to CSFBC and, upon request of holders and
     prospective purchasers of the Offered Securities, to such holders and
     purchasers, copies of the additional information required to be delivered
     to holders and prospective purchasers of the Offered Securities pursuant to
     Rule 144A(d)(4) under the Securities Act (or any successor provision
     thereto) in order to permit compliance with Rule 144A in connection with
     resales by such holders of the Offered Securities (the "Additional Company
     Information"). The Company will pay the expenses of printing and
     distributing to the Initial Purchaser all such documents.
<PAGE>

                                      -12-

              (c)  The Company will arrange for the qualification of the Offered
     Securities for sale and the determination of their eligibility for
     investment under the laws of such jurisdictions in the United States as
     CSFBC designates and will continue such qualifications in effect so long as
     required for the resale of the Offered Securities by the Initial Purchaser;
     provided, however, that the Company will not be required to qualify as a
     --------  -------
     foreign corporation or to file a general consent to service of process or
     to subject itself to taxation in respect of doing business in any such
     state where it is not then required to be so qualified or subject to
     taxation.

              (d)  During the period of three years hereafter, the Company will
     furnish to CSFBC as soon as practicable after the end of each fiscal year,
     a copy of its annual report to shareholders for such year; and the Company
     will furnish to CSFBC, as soon as available, a copy of each report and any
     definitive proxy statement of it filed with the Commission under the
     Exchange Act or mailed to holders of Offered Securities or of any
     securities of the Company which have been registered under Section 12 of
     the Exchange Act.

              (e)  During the period of two years after the Closing Date, the
     Company will, upon request, furnish to CSFBC, and upon request, furnish to
     any holder of Offered Securities, a copy of the restrictions on transfer
     applicable to the Offered Securities.

              (f)  During the period of two years after the Closing Date, the
     Company will not and will not permit any of its affiliates (as defined in
     Rule 144 under the Securities Act) to, resell any of the Offered Securities
     that have been reacquired by any of them.

              (g)  During the period of two years after the Closing Date, the
     Company will not become an open-end investment company, unit investment
     trust or face-amount certificate company that is or is required to be
     registered under Section 8 of the Investment Company Act.

              (h)  The Company will pay all expenses of the Company and its
     subsidiaries incidental to the performance of the obligations of the
     Company and the Company's subsidiaries under this Agreement, the Indenture,
     the Registration Rights Agreement, the Anti-Dilution Agreement, the
     Securityholders Agreement and the other Transaction Documents, including
     (i) the fees and expenses of counsel and accountants for the Company, and
     of the Trustee and its professional advisers; provided, however, that the
                                                   --------  -------
     Company shall not be responsible for the payment of fees and expenses of
     Arthur Anderson LLP, to the extent attributable to the preparation and
     delivery of a comfort letter to the Initial Purchaser; (ii) all ex-
<PAGE>

                                      -13-

     penses in connection with the execution, issue, authentication, packaging
     and initial delivery of the Offered Securities and, as applicable, the
     Exchange Securities, and the printing of the Offering Document and
     amendments and supplements thereto, and any other document relating to the
     issuance, offer, sale and delivery of the Offered Securities and as
     applicable, the Exchange Securities; (iii) the cost of listing the Offered
     Securities and qualifying the Offered Securities for trading in The
     PortalSM Market ("PORTAL") and any expenses incidental thereto; (iv) the
     cost of any advertising approved by the Company in connection with the
     issue of the Offered Securities; and (v) expenses incurred in printing and
     distributing any Offering Document (including any amendments and
     supplements thereto) to or at the direction of the Initial Purchaser. In
     addition, the Company will pay the reasonable fees and expenses of Cahill
     Gordon & Reindel, special counsel to the Initial Purchaser. Each party will
     pay its own expenses in connection with attending or hosting meetings with
     prospective purchasers of the Offered Securities from the Initial
     Purchaser.

              (i)  In connection with the offering, until CSFBC shall have
     notified the Company of the completion of the resale of the Offered
     Securities, none of the Company or any of its respective affiliates has or
     will, either alone or with one or more other persons, bid for or purchase
     for any account in which it or any of its affiliates has a beneficial
     interest any Offered Securities or attempt to induce any person to purchase
     any Offered Securities; and none of them nor any of their affiliates will
     make bids or purchases for the purpose of creating actual, or apparent,
     active trading in, or of raising the price of, the Offered Securities.

              (j)  For a period of 120 days after the date of the initial
     offering of the Offered Securities by the Initial Purchaser, except as
     described in the section entitled "The Transactions" in the Offering
     Document, the Company will not offer, sell, contract to sell, pledge or
     otherwise dispose of, directly or indirectly, any United States dollar-
     denominated debt securities issued or guaranteed by the Company and having
     a maturity of more than one year from the date of issue. The Company will
     not at any time offer, sell, contract to sell, pledge or otherwise dispose
     of, directly or indirectly, any securities under circumstances where such
     offer, sale, pledge, contract or disposition would cause the exemption
     afforded by Section 4(2) of the Securities Act to cease to be applicable to
     the offer and sale of the Offered Securities.

              (k)  The Company will use the net proceeds from the sale of the
     Offered Securities in substantially the manner described in the Offering
     Document under the caption "Use of Proceeds".
<PAGE>

                                      -14-

              (l)  None of the Company or any of its subsidiaries will sell,
     offer for sale or solicit offers to buy or otherwise negotiate in respect
     of any security (as defined in the Securities Act) that would be integrated
     with the sale of the Offered Securities in a manner that would require the
     registration under the Securities Act of the sale to the Initial Purchaser
     of the Offered Securities or to take any other action that would result in
     the resale of the Offered Securities not being exempt from registration
     under the Securities Act.

              (m)  None of the Company or any of its subsidiaries will take,
     directly or indirectly, any action designed to, or that might reasonably be
     expected to, cause or result in stabilization or manipulation of the price
     of any security of the Company to facilitate the resale of the Offered
     Securities. Except as permitted by the Securities Act, the Company will not
     distribute any (i) preliminary offering memorandum or offering memorandum,
     including without limitation, the Offering Document, or (ii) other offering
     material in connection with the offering and sale of the Offered
     Securities.

              (n)  On the Closing Date, the Company shall deliver to the Initial
     Purchaser Secretary's Certificates reasonably satisfactory to the Initial
     Purchaser which shall include the following documents with respect to the
     Company and each of the Company's U.S. subsidiaries: (1) certificates of
     incorporation or formation, as applicable, (2) by-laws or other similar
     governing documents, (3) resolutions and (4) certificates of good standing
     and/or qualification to do business as a foreign corporation in such
     jurisdictions as the Initial Purchaser may reasonably request.

              (o)  On the Closing Date, the Company shall cause the Initial
     Purchaser to receive a copy of the opinions delivered in connection with
     the consummation of the Credit Agreement, which opinions shall expressly
     state that the Initial Purchaser is justified in relying upon the opinions
     therein.

          6.  Conditions to the Obligations of the Initial Purchaser.  The
              ------------------------------------------------------
obligations of the Initial Purchaser to purchase and pay for the Offered
Securities will be subject to the accuracy of the representations and warranties
on the part of the Company herein, to the accuracy of the statements of officers
of the Company made pursuant to the provisions hereof, to the performance by the
Company of its obligations hereunder and to the following additional conditions
precedent:

              (a)  The Initial Purchaser shall have received a letter, dated the
     date of this Agreement, of Arthur Andersen LLP in a form satisfactory to
     the Initial Purchaser in all respects.
<PAGE>

                                      -15-

              (b)  Subsequent to the execution and delivery of this Agreement,
     there shall not have occurred (i) a change in U.S. or international
     financial, political or economic conditions or currency exchange rates or
     exchange controls that would, in the reasonable judgment of CSFBC, be
     likely to prejudice materially the success of the proposed issue, sale or
     distribution of the Offered Securities, whether in the primary market or in
     respect of dealings in the secondary market, or (ii) (A) any change, or any
     development or event involving a prospective change, in the financial
     condition, business, properties or results of operations of the Company or
     its subsidiaries which, in the reasonable judgment of CSFBC, is material
     and adverse and makes it impractical or inadvisable to proceed with
     completion of the offering or the sale of and payment for the Offered
     Securities; (B) any downgrading in the rating of any debt securities of the
     Company by any "nationally recognized statistical rating organization" (as
     defined for purposes of Rule 436(g) under the Securities Act), or any
     public announcement that any such organization has under surveillance or
     review its rating of any debt securities of the Company (other than an
     announcement with positive implications of a possible upgrading, and no
     implication of a possible downgrading, of such rating); (C) any suspension
     or limitation of trading in securities generally on the New York Stock
     Exchange, or any setting of minimum prices for trading on such exchange, or
     any suspension of trading of any securities of the Company on any exchange
     or in the over-the-counter market; (D) any banking moratorium declared by
     U.S. Federal or New York authorities; or (E) any outbreak or escalation of
     major hostilities in which the United States is involved, any declaration
     of war by Congress or any other substantial national or international
     calamity or emergency if, in the judgment of CSFBC, the effect of any such
     outbreak, escalation, declaration, calamity or emergency makes it
     impractical or inadvisable to proceed with completion of the offering or
     sale of and payment for the Offered Securities.

              (c)  There shall exist at and as of the Closing Date no condition
     that would constitute a default (or an event that with notice or lapse of
     time, or both, would constitute a default) under any Transaction Agreement
     as in effect or as in draft form at the Closing Date.

              (d)  The Initial Purchaser shall have received an opinion and a
     letter, each dated the Closing Date, of Simpson Thacher & Bartlett, counsel
     to the Company, substantially in the form of Exhibit A attached hereto. The
                                                  ---------
     Initial Purchaser shall have received an opinion, dated the Closing Date,
     of Walter Stafford, Esq., Senior Vice President, Secretary and General
     Counsel of CBRESI, substantially in the form of Exhibit B attached hereto.
                                                     ---------
<PAGE>

                                      -16-

              (e)  The Initial Purchaser shall have received (i) a letter from
     Cravath Swaine & Moore, counsel for the Initial Purchaser, dated the
     Closing Date and in form and substance reasonably satisfactory to the
     Initial Purchaser and (ii) an opinion and a letter from Cahill Gordon &
     Reindel, special counsel for the Initial Purchaser, each dated the Closing
     Date, as to the validity of the Securities and in form and substance
     reasonably satisfactory to the Initial Purchaser.

              (f)  The Initial Purchaser shall have received a certificate,
     dated the Closing Date, of the Chief Executive Officer or any Vice
     President and a principal financial or accounting officer of the Company in
     which such officers, to the best of their knowledge after reasonable
     investigation, shall state that the representations and warranties made by
     the Company in this Agreement are true and correct and that, subsequent to
     the respective date of the most recent financial statements in the Offering
     Document, there has been no material adverse change, nor any development or
     event involving a prospective material adverse change, in the financial
     condition, business, properties or results of operations of the Company and
     its subsidiaries taken as a whole except as set forth in or contemplated by
     the Offering Document or as described in such certificate.

              (g)  The Initial Purchaser shall have received a letter, dated the
     Closing Date, of Arthur Anderson LLP which meets the requirements of
     subsection (a) of this Section, except that the specified date referred to
     in such subsection will be a date not more than three days prior to the
     Closing Date for the purposes of this subsection.

              (h)  Substantially concurrent with the closing in respect of the
     Offered Securities, the Merger shall be consummated and the proceeds from
     the sale of the BLUM CB Corp. 11 1/4% Senior Subordinated Notes due June
     15, 2011 shall be released from escrow.

              (i)  The Company and the Trustee shall have entered into the
     Indenture and you shall have received counterparts, conformed as executed,
     thereof.

              (j)  The Company shall have entered into the Notes Registration
     Rights Agreement and you shall have received counterparts, conformed as
     executed, thereof.

              (k)  The Company shall have entered into the Anti-Dilution
     Agreement and you shall have received counterparts, conformed as executed,
     thereof.
<PAGE>

                                      -17-

              (l)  The Company shall have entered into the Securityholders
     Agreement and you shall have received counterparts, conformed as executed,
     thereof.

              (m)  The Notes shall have been designated PORTAL securities in
     accordance with the rules and regulations adopted by the NASD relating to
     trading in the PORTAL market.

              (n)  On or prior to the Closing Date, the Company shall have
     provided to the Initial Purchaser and counsel to the Initial Purchaser
     copies of all Transaction Documents executed and delivered on or prior to
     such date, including but not limited to legal opinions relating to the
     Transactions.

              (o)  On or prior to the Closing Date, the Company shall have paid
     in full all fees and expenses owing pursuant to the Commitment Letter dated
     February 23, 2001, as amended through the Closing Date, between DLJ
     Investment Funding II, L.P. and CBRE Holding, Inc.

          7.  Indemnification and Contribution.
              --------------------------------

              (a)  The Company will indemnify and hold harmless the Initial
     Purchaser, its partners, directors and officers and each person, if any,
     who controls the Initial Purchaser within the meaning of Section 15 of the
     Securities Act, against any losses, claims, damages or liabilities, joint
     or several, to which the Initial Purchaser may become subject, under the
     Securities Act or the Exchange Act or otherwise, insofar as such losses,
     claims, damages or liabilities (or actions in respect thereof) arise out of
     or are based upon any breach of any untrue statement or alleged untrue
     statement of any material fact contained in the Offering Document, or any
     amendment or supplement thereto, or arise out of or are based upon the
     omission or alleged omission to state therein a material fact necessary in
     order to make the statements therein, in the light of the circumstances
     under which they were made, not misleading, including any losses, claims,
     damages or liabilities arising out of or based upon the Company's failure
     to perform its obligations under Section 5(a) of this Agreement, and will
     reimburse the Initial Purchaser for any legal or other expenses reasonably
     incurred by the Initial Purchaser in connection with investigating or
     defending any such loss, claim, damage, liability or action as such
     expenses are incurred; provided, however, that the Company will not be
                            --------  -------
     liable in any such case to the extent that any such loss, claim, damage or
     liability arises out of or is based upon an untrue statement or alleged
     untrue statement in or omission or alleged omission from any of such
     documents in reliance upon and in conformity with written information
     furnished to the Company by the Initial Purchaser specifically for use
     therein, it being understood and agreed that the only such information
     consists of the information described as such in subsection (b) below.
<PAGE>

                                      -18-

              (b)  The Initial Purchaser will indemnify and hold harmless the
     Company, its directors and officers and each person, if any, who controls
     the Company within the meaning of Section 15 of the Securities Act, against
     any losses, claims, damages or liabilities to which the Company may become
     subject, under the Securities Act or the Exchange Act or otherwise, insofar
     as such losses, claims, damages or liabilities (or actions in respect
     thereof) arise out of or are based upon any untrue statement or alleged
     untrue statement of any material fact contained in the Offering Document or
     any amendment or supplement thereto or arise out of or are based upon the
     omission or the alleged omission to state therein a material fact necessary
     in order to make the statements therein, in the light of the circumstances
     under which they were made, not misleading, in each case to the extent, but
     only to the extent, that such untrue statement or alleged untrue statement
     or omission or alleged omission was made in reliance upon and in conformity
     with written information furnished to the Company by CSFBC specifically for
     use therein, and will reimburse any legal or other expenses reasonably
     incurred by the Company in connection with investigating or defending any
     such loss, claim, damage, liability or action as such expenses are
     incurred, it being understood and agreed that the only such information
     furnished by the Initial Purchaser consists of (i) the following
     information in the Offering Document: under the caption "Plan of
     Distribution", the seventh, eighth, ninth, tenth and eleventh paragraphs,
     and the fourth sentence of the sixth paragraph; provided, however, that the
                                                     --------  -------
     Initial Purchaser shall not be liable for any losses, claims, damages or
     liabilities arising out of or based upon the Company's failure to perform
     its obligations under Section 5(a) of this Agreement.

              (c)  Promptly after receipt by an indemnified party under this
     Section of notice of the commencement of any action, such indemnified party
     will, if a claim in respect thereof is to be made against the indemnifying
     party under subsection (a) or (b) above, notify the indemnifying party of
     the commencement thereof; but the omission so to notify the indemnifying
     party will not relieve it from any liability which it may have to any
     indemnified party otherwise than under subsection (a) or (b) above. In case
     any such action is brought against any indemnified party and it notifies
     the indemnifying party of the commencement thereof, the indemnifying party
     will be entitled to participate therein and, to the extent that it may
     wish, jointly with any other indemnifying party similarly notified, to
     assume the defense thereof, with counsel reasonably satisfactory to such
     indemnified party (who shall not, except with the consent of the
     indemnified party, be counsel to the indemnifying party), and after notice
     from the indemnifying party to such indemnified party of its election so to
     assume the defense thereof, the indemnifying party will not be liable to
     such indemnified party under this Section for any legal or other expenses
     subsequently incurred by such indemnified party in connection with the
     defense thereof other than reasonable costs of investigation. No
     indemnifying party shall, without the prior written consent of the
     indemnified party, effect any settlement of any pending or threatened
     action in respect of which any indemnified party is or could have been a
     party
<PAGE>

                                      -19-

     and indemnity could have been sought hereunder by such indemnified party
     unless such settlement includes an unconditional release of such
     indemnified party from all liability on any claims that are the subject
     matter of such action and does not include a statement as to or an
     admission of fault, culpability or failure to act by or on behalf of any
     indemnified party.

              (d)  If the indemnification provided for in this Section is
     unavailable or insufficient to hold harmless an indemnified party under
     subsection (a) or (b) above, then each indemnifying party shall contribute
     to the amount paid or payable by such indemnified party as a result of the
     losses, claims, damages or liabilities referred to in subsection (a) or (b)
     above (i) in such proportion as is appropriate to reflect the relative
     benefits received by the Company on the one hand and the Initial Purchaser
     on the other from the offering of the Offered Securities or (ii) if the
     allocation provided by clause (i) above is not permitted by applicable law,
     in such proportion as is appropriate to reflect not only the relative
     benefits referred to in clause (i) above but also the relative fault of the
     Company on the one hand and the Initial Purchaser on the other in
     connection with the statements or omissions which resulted in such losses,
     claims, damages or liabilities as well as any other relevant equitable
     considerations. The relative benefits received by the Company on the one
     hand and the Initial Purchaser on the other shall be deemed to be in the
     same proportion as the total net proceeds from the offering (before
     deducting expenses) received by the Company bear to the total discounts and
     commissions received by the Initial Purchaser from the Company under this
     Agreement. The relative fault shall be determined by reference to, among
     other things, whether the untrue or alleged untrue statement of a material
     fact or the omission or alleged omission to state a material fact relates
     to information supplied by the Company or the Initial Purchaser and the
     parties' relative intent, knowledge, access to information and opportunity
     to correct or prevent such untrue statement or omission. The amount paid by
     an indemnified party as a result of the losses, claims, damages or
     liabilities referred to in the first sentence of this subsection (d) shall
     be deemed to include any legal or other expenses reasonably incurred by
     such indemnified party in connection with investigating or defending any
     action or claim which is the subject of this subsection (d).
     Notwithstanding the provisions of this subsection (d), the Initial
     Purchaser shall not be required to contribute any amount in excess of the
     amount by which the total discounts and commissions received by the Initial
     Purchaser exceeds the amount of any damages which the Initial Purchaser
     would have otherwise been required to pay by reason of such untrue or
     alleged untrue statement or omission or alleged omission.

              (e)  The obligations of the Company under this Section shall be in
     addition to any liability which the Company may otherwise have and shall
     extend, upon the same terms and conditions, to each person, if any, who
     controls such Initial Purchaser within the meaning of the Securities Act or
     the Exchange Act; and the obligations
<PAGE>

                                      -20-

     of the Initial Purchaser under this Section shall be in addition to any
     liability which the Initial Purchaser may otherwise have and shall extend,
     upon the same terms and conditions, to each person, if any, who controls
     the Company within the meaning of the Securities Act or the Exchange Act.

          8.  Survival of Certain Representations and Obligations.  The
              ---------------------------------------------------
respective indemnities, agreements, representations, warranties and other
statements of the Company or any of its officers and of the Initial Purchaser
set forth in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation, or statement as to the results thereof,
made by or on behalf of the Initial Purchaser, the Company or any of its
respective representatives, officers or directors or any controlling person, and
will survive delivery of and payment for the Offered Securities. If for any
reason the purchase of the Offered Securities by the Initial Purchaser is not
consummated, the Company and the Initial Purchaser shall remain responsible for
their respective expenses to be paid or reimbursed by them pursuant to Section
5(h), except that the Company shall not be responsible for the fees and expenses
of counsel to the Initial Purchaser, and the respective obligations of the
Company and the Initial Purchaser pursuant to Section 7 shall remain in effect.

          9.  Notices.  All communications hereunder will be in writing and, if
              -------
sent to the Initial Purchaser, will be mailed, delivered or telegraphed and
confirmed to the Initial Purchaser at Eleven Madison Avenue, New York, New York
10010-3629, Attention: Investment Banking Department - Transactions Advisory
Group, or, if sent to the Company, will be mailed, delivered or telegraphed and
confirmed to it at CBRE Holding, Inc., 909 Montgomery Street, Suite 400, San
Francisco, California 94133, Attention: Claus Moller.

          10.  Successors.  This Agreement will inure to the benefit of and be
               ----------
binding upon the parties hereto and their respective successors and the
controlling persons referred to in Section 7, and no other person will have any
right or obligation hereunder, except that holders of Offered Securities shall
be entitled to enforce the agreements for their benefit contained in the second
and third sentences of Section 5(b) hereof against the Company as if such
holders were parties thereto.

          11.  Counterparts.  This Agreement may be executed in any number of
               ------------
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement.

          12.  Applicable Law.  This Agreement shall be governed by, and
               --------------
construed in accordance with, the laws of the State of New York.

          The Company hereby submits to the non-exclusive jurisdiction of the
Federal and state courts in the Borough of Manhattan in The City of New York in
any suit or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.
<PAGE>

                                      -21-

          If the foregoing is in accordance with the Initial Purchaser's
understanding of our agreement, kindly sign and return to us one of the
counterparts hereof, whereupon it will become a binding agreement between the
Company and the Initial Purchaser in accordance with its terms.

                              Very truly yours,

                              CBRE HOLDING, INC.

                              By:  /s/ Claus J. Moller
                                  --------------------------------
                                  Name: Claus J. Moller
                                  Title: President

The foregoing Purchase Agreement
is hereby confirmed and accepted
as of the date first above written.

Credit Suisse First Boston Corporation

By:  /s/ Malcolm Price
   -------------------------------------------
   Name: Malcolm Price
   Title: Managing Director

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