Document:

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                                                                    EXHIBIT 10.7

                                PLEDGE AGREEMENT
                                ----------------

     Pledge Agreement, dated as of July 20, 2001 made by James H. Leonetti (the
"Pledgor"), to CBRE Holding, Inc., a Delaware corporation formerly known as BlUM
 -------
CB Holding Corp. ("CBRE"). Capitalized terms that are not defined herein shall
                   ----
have the meanings ascribed to them in the Note (as defined below).

     Pledgor (i) is the owner of shares of the Class A Common Stock of CBRE,
par value $0.01 per share, identified on Schedule 1 hereto (the "Pledged
                                                                 -------
Interests"). CBRE is loaning Pledgor Twenty Three Thousand Two Hundred Fifty
---------
Dollars ($23,250) (the "Loan"), to be evidenced by a full recourse note to be
                        ----
executed by Pledgor simultaneously herewith (the "Note"). It is a condition
                                                  ----
precedent to the making of the Loan under the Note that Pledgor shall have made
the pledge contemplated by this Agreement.

     NOW, THEREFORE, in consideration of the premises and in order to induce
CBRE to make the Loan under the Note, Pledgor hereby agrees with CBRE as
follows:

     1.  Pledge. Pledgor hereby pledges to CBRE and grants CBRE a first
         ------
priority security interest in (a) the Pledged Interests and (b) all Proceeds and
products thereof, accessions thereto and substitutions therefore, including,
without limitation, all Investment Property and General Intangibles included
therein and all dividends, distributions, rights and interests that may, from
time to time, be issued, granted or arise in respect thereof (collectively, the
"Collateral"). As used herein, the terms "Proceeds," "Investment Property" and
 ----------                               --------    -------------------
"General Intangibles" shall have the respective meanings set forth in the
 -------------------
Uniform Commercial Code of New York as in effect on the date hereof.

     2.  Security for Obligations. This Pledge Agreement secures the payment of
         ------------------------
all of Pledgor's obligations under the Note and this Pledge Agreement
(including, without limitation, interest accruing at the then applicable rate
provided in the Note after the maturity of the Loan and interest accruing at the
then applicable rate provided in the Note after the filing of any petition in
bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to the Pledgor, whether or not a claim for post-filing or
post-petition interest is allowed in such proceeding), whether due or to become
due or now existing or hereafter incurred (the "Obligations").
                                                -----------

     3.  Delivery of Pledged Collateral. All certificates or instruments
         ------------------------------
representing or evidencing the Pledged Interests, including Collateral received
by the Borrower after the date hereof, shall be delivered to and held by CBRE
and shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank, all
in form and substance satisfactory to CBRE.

     4.  Representations and Warranties. Pledgor represents and warrants that
         ------------------------------
(i) Pledgor is the legal and beneficial owner of the Pledged Interests and (ii)
no lien, security interest, pledge, hypothecation or similar encumbrance exists
on the Collateral (except as created hereunder) ("Lien").
                                                  ----

     5.  Disposition. The Pledgor may not sell, exchange or otherwise dispose of
         -----------
any of the Pledged Interests unless the Pledgor has repaid the amount of unpaid
principal and any accrued and unpaid interest on the Note in full. Without the
prior written consent of

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                                                                               2

CBRE, the Pledgor will not (a) grant any option with respect to, create, incur
or permit to exist any Lien or option in favor of or any claim of any Person
with respect to, any of the Collateral, or any interest therein, except for the
security interests created by this Pledge Agreement, or (b) enter into any
agreement or undertaking restricting the right or ability of the Pledgor or
CBRE to Transfer any of the Collateral, except for the restrictions set forth
herein with respect to the Pledgor.

     6.   Indemnity. The Pledgor shall pay, and save CBRE and its
          ---------
directors, employees and affiliates harmless from, any and all liabilities and
expenses related to or arising from the Note or the Pledge Agreement or any
exercise of remedies in respect thereof, including with respect to, or resulting
from any delay in paying, any and all stamp, excise, sales or other taxes which
may be payable or determined to be payable with respect to any of the Collateral
or in connection with any of the transactions contemplated by this Pledge
Agreement.

     7.   Rights and Remedies of CBRE. If any obligation under the Note is
          ---------------------------
not paid in full when due, or if any obligation thereunder is accelerated as set
forth therein (except in the case of an insolvency event described in clause (a)
of Section 2 of the Note, in which case no notice shall be required), (a) CBRE
shall, by notice to the Pledgor of its intent to exercise such rights, have the
right to receive any and all cash payments or distributions paid in respect of
the Collateral and make application thereof to the Obligations in such order as
CBRE may determine, and to exercise all rights of the Pledgor in respect of the
Collateral and (b) shall have and may exercise all the rights and remedies in
respect of the Collateral and the Obligations of a secured party under the New
York Uniform Commercial Code, and may apply any Proceeds from time to time to
the Obligations in such manner as it may elect. To the extent permitted by
applicable law, the Pledgor waives all claims, damages and demands it may
acquire against CBRE arising out of the exercise by them of any rights
hereunder. The Pledgor shall remain liable for any deficiency if the proceeds of
any sale or other disposition of Collateral are insufficient to pay the
Obligations.

     8.   Cash Dividends; Voting Rights. Unless any obligation under the Note is
          -----------------------------
not paid in full when due, or if any obligation thereunder is accelerated as set
forth therein (except in the case of an insolvency event described in clause (a)
of Section 2 of the Note, in which case no notice shall be required), the
Pledgor shall be permitted (a) to receive, upon repayment of the Note and all
accrued and unpaid interest thereon, all cash dividends paid in respect of the
Pledged Interests and (b) to exercise all voting and corporate rights with
respect to the Pledged Interests.

     9.   Further Assurances. Pledgor agrees that from time to time the Pledgor
          ------------------
will promptly execute and deliver all further instruments and documents, and
take all further action, that may be necessary or desirable, or that CBRE may
request, in order to perfect and protect the pledge and first priority security
interest granted hereby, and further authorizes CBRE to file financing
statements with respect to the Collateral with the signature of the Pledgor as
CBRE determines appropriate.

     10.  Continuing Security Interest. This Agreement shall be a continuing
          ----------------------------
assignment of, and security interest in, the Collateral and shall remain in full
force and effect until payment of all obligations under the Note. Upon the
payment in full of all such obligations,

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Pledgor shall be entitled to the return of the Pledged Interests and to the
release of CBRE's security interest in the Collateral.

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

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                                                                               4

     IN WITNESS WHEREOF, Pledgor has caused this Agreement to be duly executed
and delivered as of the date first written above.

                                           /s/ James H. Leonetti
                                     -------------------------------------------
                                       Name:   James H. Leonetti
                                       Address:  200 North Sepulveda Boulevard
                                                 El Segunda, California 90245

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                                   Schedule 1
                                   ----------

2,907 shares of Class A Common Stock, par value $.01 per share, of CBRE Holding,
Inc.<PAGE>

                                                                    EXHIBIT 10.8

                             2001 CBRE HOLDING, INC.
                              STOCK INCENTIVE PLAN

                                OPTION AGREEMENT

        THIS AGREEMENT (the "Agreement"), is made effective as of the 20/th/ day
                             ---------
of July 2001, (the "Date of Grant"), between CBRE Holding, Inc., a Delaware
               ------------------
corporation (the "Company"), and Raymond E. Wirta (the "Participant").
                  -------                               -----------
Capitalized terms not otherwise defined herein shall have the same meanings
given them in the 2001 CBRE Holding, Inc. Stock Incentive Plan (the "Plan").

                                R E C I T A L S:
                                - - - - - - - -

        WHEREAS, the Company has adopted the Plan, which Plan is incorporated
herein by reference and made a part of this Agreement; and

        WHEREAS, the Committee has determined that it would be in the best
interests of the Company and its stockholders to grant the Options provided for
herein to the Participant pursuant to the Plan and the terms set forth herein.

        NOW THEREFORE, in consideration of the mutual covenants hereinafter set
forth, the parties agree as follows:

        1.  Grant of the Options. The Company hereby grants to the Participant
            --------------------
the right and option to purchase, on the terms and conditions hereinafter set
forth, all or any part of an aggregate of 176,153 Shares (the "Option"), subject
                                                               ------
to adjustment from time to time pursuant to the Plan. The purchase price of the
Shares subject to the Option shall be $16.00 per Share, subject to adjustment
from time to time pursuant to the provisions of the Plan. The Options are
intended to be non-qualified stock options, and are not intended to be treated
as options that comply with Section 422 of the Internal Revenue Code of 1986, as
amended.

        2.  Vesting.  The portion of the Option which have become vested and
            -------
exercisable at any time as described in this Section 2 are hereinafter referred
to as the "Vested Portion."
           --------------

        (a) Vesting Schedule.
            ----------------

            (i)  Subject to Section 2(a)(ii) and Section 2(b) below, the Option

     shall vest and become exercisable with respect to 20% of the Shares
     initially subject thereto on the first, second, third, fourth and fifth
     anniversaries of the Date of Grant.

            (ii) Notwithstanding the foregoing,
     upon a Change of Control, the Option, to the extent not previously canceled
     pursuant to Section 2(b) below, shall immediately vest and become
     exercisable with respect to all the Shares at the time subject to the
     Option.

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                                                                               2

        (b)   Termination of Employment.
              -------------------------

        If the Participant's Employment is terminated for any reason, the Option
shall, to the extent not then vested, be canceled by the Company without
consideration; provided, however, that (i) if the Participant's Employment is
               --------  -------
terminated by the Company or applicable Affiliate without Cause (as defined
below) or if the Participant resigns from his or her Employment for Good Reason
(as defined below), the Option shall immediately vest and become exercisable for
all the Shares at the time subject to the Option or (ii) if the Participant's
Employment is terminated due to the Participant's death or Disability (as
defined below), the Option shall immediately vest and become exercisable with
respect to the number of Shares with respect to which the Option would have
become vested and exercisable in the calendar year of such termination of
Employment. The Vested Portion of the Option shall remain exercisable for the
period set forth in Section 3(a).

        3.    Exercise of Options.
              -------------------

        (a)   Period of Exercise. Subject to the provisions of the Plan and this
              ------------------
Agreement, the Participant may exercise all or any part of the Vested Portion of
the Option at any time prior to the earliest to occur of:

              (i)   the tenth anniversary of the Date of Grant;

              (ii)  one year following the date of the Participant's termination
        of Employment as a result of death or Disability;

              (iii) ninety days following the date of the Participant's
        termination of Employment by the Company or applicable Affiliate without
        Cause (other than as a result of death or Disability) or by the
        Participant for any reason; and

              (iv)  the date of the Participant's termination of Employment by
        the Company or applicable Affiliate for Cause.

        For purposes of this Agreement:

        "Cause" shall mean (i) the Participant's willful failure to perform
         -----
duties to the Company or its Affiliates, which is not cured within 10 days
following written notice from the Company describing such failure, (ii) the
Participant's conviction of a felony, (iii) the Participant's willful
malfeasance or misconduct which is materially and demonstrably injurious to the
Company, or (iv) breach by the Participant of the material terms of any
employment agreement with the Company (an "Employment Agreement"), including
                                           --------------------
without limitation all sections thereof addressing non-competition,
non-solicitation or confidentiality. For the purpose of the preceding sentence,
clause (i) only applies to the extent Participant refuses to undertake the
duties of his or her office and does not apply to situations where, although the
Participant is undertaking the duties of his or her office to the best of his or
her ability in good faith, a disagreement exists with regard to the quality of
the services rendered by the Participant; provided further, that no act or
                                          --------
failure to act by the Participant shall be considered "willful"

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                                                                               3

unless it is done, or omitted to be done, in bad faith without a reasonable
belief that the action or omission was in the best interest of the Company.

        "Disability" shall mean the inability of a Participant to perform in all
         ----------
material respects his or her duties and responsibilities to the Company, or its
Affiliates, for a period of six consecutive months or for an aggregate of nine
months in any twenty-four consecutive month period by reason of a physical or
mental incapacity. Any question as to the existence of a Disability as to which
the Participant and the Company cannot agree shall be determined in writing by a
qualified independent physician mutually acceptable to the Participant and the
Company. If the Participant and the Company cannot agree as to a qualified
independent physician, each shall appoint such a physician and those two
physicians shall select a third who shall make such determination in writing.
The determination of Disability made in writing to the Company and the
Participant shall be final and conclusive for all purposes of this Agreement.

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

        (b)    Method of Exercise.
               -------------------

               (i)  Subject to Section 3(a), the Vested Portion of the Options
     may be exercised by delivering to the Company at its principal office or
     its designee written notice of intent to so exercise; provided, that, the
                                                           --------
     Options may be exercised with respect to whole Shares only. Such notice
     shall specify the number of Shares for which the Options are being
     exercised and shall be accompanied by payment in full of the Option Price.
     The purchase price for the Shares as to which Options are exercised shall
     be paid to the Company in full at the time of exercise at the election of
     the Participant (A) in cash or its equivalent (e.g., by check); (B) in
     Shares having a Fair Market Value equal to the aggregate Option Price for
     the Shares being purchased and satisfying such other requirements as may be
     imposed by the Committee; provided, that such Shares have been held by the
                               --------
     Participant for no less than six months (or such other period as
     established from time to time by the Committee in order to avoid adverse
     accounting treatment applying generally accepted accounting principles);
     (C) partly in cash and partly in such Shares; or (D) if there should be a
     public market for the Shares at such time, subject to such rules as may be
     established by the Committee, through the delivery of irrevocable
     instructions to a broker to sell Shares obtained upon the exercise of the
     Option and to deliver promptly to the Company an amount out of the proceeds
     of such sale equal to the aggregate Option Price for the Shares being
     purchased. The Participant shall also be required to pay all withholding
     taxes relating to the exercise.

<PAGE>

                                                                               4

          (ii)  Notwithstanding any other provision of the Plan or this
     Agreement to the contrary, unless there is an available exemption from such
     registration or qualification requirements, the Options may not be
     exercised prior to the completion of any registration or qualification of
     the Options or the Shares that is required to comply with applicable state
     and federal securities laws or any ruling or regulation of any governmental
     body or national securities exchange that the Committee shall in its sole
     discretion determine in good faith to be necessary or advisable.

          (iii) Upon the Company's determination that the Options have been
     validly exercised as to any of the Shares, the Company shall issue
     certificates in the Participant's name for such Shares. However, the
     Company shall not be liable to the Participant for damages relating to any
     delays in issuing the certificates to the Participant, any loss of the
     certificates, or any mistakes or errors in the issuance of the certificates
     or in the certificates themselves.

          (iv)  Should the Participant die while holding the Options, the Vested
     Portion of the Options shall remain exercisable by the Participant's
     executor or administrator, or the person or persons to whom the
     Participant's rights under this Agreement shall pass by will or by the laws
     of descent and distribution as the case may be, to the extent set forth in
     Section 3(a). Any heir or legatee of the Participant shall take rights
     herein granted subject to the terms and conditions hereof.

          (v)   As a condition to exercising the Options, the Participant shall
     become a party to the Subscription Agreement.

       4. No Right to Continued Employment. Neither the Plan nor this Agreement
          --------------------------------
shall be construed as giving the Participant the right to be retained in the
Employment of the Company or any Affiliate. Further, the Company or an Affiliate
may at any time dismiss the Participant or discontinue any Employment, free from
any liability or any claim under the Plan or this Agreement, except as otherwise
expressly provided herein.

       5. Legend on Certificates. To the extent provided by the Subscription
          ----------------------
Agreement, the certificates representing the Shares purchased by exercise of the
Options shall contain a legend stating that they are subject to the Subscription
Agreement and may be subject to such stop transfer orders and other restrictions
as the Committee may deem advisable under the Plan or the rules, regulations and
other requirements of the Securities and Exchange Commission, any stock exchange
upon which such Shares are listed, and any applicable Federal or state laws, and
the Committee may cause an additional legend or legends to be put on any such
certificates to make appropriate reference to such other restrictions.

       6. Transferability. Except as otherwise permitted by the Committee, the
          ---------------
Options are exercisable only by the Participant during the Participant's
lifetime and may not be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by the Participant otherwise than by will or
by the laws of descent and distribution, and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or any Affiliate; provided, that the
                                                    --------
designation of a

<PAGE>

                                                                              5

beneficiary shall not constitute an assignment, alienation, pledge, attachment,
sale, transfer or encumbrance.

       7.  Withholding and Other Taxes. A Participant shall be required to pay
           ---------------------------
to the Company or any Affiliate and the Company shall have the right and is
hereby authorized to withhold, any applicable withholding and other taxes in
respect of the Options, their exercise or any payment or transfer under the
Options or under the Plan and to take such other action as may be necessary in
the opinion of the Company to satisfy all obligations for the payment of such
withholding and other taxes (which include, without limitation, income tax and
national insurance contributions payable under the United Kingdom PAYE regime).

       8.  Securities Laws. Upon the acquisition of any Shares pursuant to the
           ---------------
exercise of the Options, the Participant will make or enter into such written
representations, warranties and agreements as the Committee may reasonably
request in order to comply with applicable securities laws or with this
Agreement.

       9.  Notices. Any notice necessary under this Agreement shall be addressed
           -------
to the Company in care of its Secretary at the principal executive office of the
Company and to the Participant at the address appearing in the personnel records
of the Company for the Participant or to either party at such other address as
either party hereto may hereafter designate in writing to the other. Any such
notice shall be deemed effective upon receipt thereof by the addressee.

       10. Choice of Law.  THE INTERPRETATION, PERFORMANCE AND ENFORCEMENT OF
           -------------
THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE.

       11. Options Subject to Plan and Subscription Agreement. By entering into
           --------------------------------------------------
this Agreement the Participant agrees and acknowledges that the Participant has
received a copy of the Plan and the Subscription Agreement. The Options are
subject to the Plan and the Subscription Agreement. The terms and provisions of
the Subscription Agreement as it may be amended from time to time in accordance
with its respective terms are hereby incorporated herein by reference. In the
event of a conflict between any term or provision contained herein and a term or
provision of the Plan or the Subscription Agreement, the applicable terms and
provisions of the Plan or the Subscription Agreement, as applicable, will govern
and prevail. In the event of a conflict between any term or provision of the
Plan and any term or provision of the Subscription Agreement, the applicable
terms and provisions of the Subscription Agreement will govern and prevail.

       12. Signature in Counterparts.  This Agreement may be signed in
           -------------------------
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

<PAGE>

                                                                               6

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

                                           CBRE HOLDING, INC.

                                           By:  /s/ Walter V. Stafford
                                              ------------------------
Agreed and acknowledged as
of the date first above written:

  /s/ Raymond E. Wirta
---------------------------

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