CB RICHARD ELLIS REPRESENTS ENTERPRISE RENT-A-CAR IN DEAL TO CONSTRUCT NEW REGIONAL HEADQUARTERS

Cleveland – November 19, 2007 – CB Richard Ellis has represented Enterprise Rent-A-Car in an agreement to build a new regional headquarters office building located on Mohawk Drive in Strongsville, Ohio. The planned 27,000 sq. ft. building will be home to 90 employees and will serve as Enterprise’s new regional headquarters. Carnegie Management and Development will build and own the two-story, state-of-the-art office building.

Enterprise was represented by Messrs. Howard Lichtig, SIOR, Vice President, and Michael Toth, Associate, both with CB Richard Ellis’ Brokerage Services Group. The team conducted a full market site search of existing facilities and land sites meeting Enterprise’s requirements. After reviewing many alternatives, a Strongsville land site, owned by Carnegie Management and Development, became the primary focus. What made this alternative so attractive, in addition to the location, was Carnegie’s deal structure. Carnegie presented a very creative arrangement which included: purchasing the existing Enterprise building in Westlake, leasing a portion of that building back to Enterprise, and developing, building and owning a new 27,000 sq. ft. office building for a twenty year term. “Carnegie did a great job listening to Enterprise’s needs and they presented a creative structured lease,” confirmed Mr. Lichtig.

Construction of the building will begin in early spring of 2008 and Enterprise expects to occupy their new facility by this time next year.

“All parties benefited from implementing a team approach by Enterprise, the City of Strongsville, CB Richard Ellis and Carnegie—it helped achieve the complex requirements of this deal,” stated Daniel Rose, Director of Development & Leasing for Carnegie. “We (Carnegie) were able to exhibit our flexibility and creativity as Build-to-Suit developers. Also, this deal was positive news regarding growth in the region and Carnegie was excited to help facilitate this growth.”

“As a large employer in Northeast Ohio, the new office will be a big contributor to the local economy,” said Scott Clemmer, Vice-President/General Manager for Enterprise. “We plan to relocate the employees who are currently working in our existing office in Westlake, Ohio, as well as hire additional employees to work in the new office.”

Enterprise focuses on the home-city rental car market, which serves the needs of local residents, and specializes in renting vehicles to customers who need a replacement car as the result of an accident, mechanical repair or theft, or who require a vehicle for a special occasion such as a short business or leisure trip. In order to serve the needs of all customers, Enterprise offers free customer pick up and rates up to 20 percent lower than at the airport as well as more than 120 types of automobiles, including vans and sport-utility vehicles.

Enterprise buys its automobiles from local dealerships and recruits its employees from colleges and universities within the region. Black Collegian magazine and CollegeGrad.com named Enterprise one of the largest employers of recent college graduates in the U.S. Enterprise has operated in Northeast Ohio since 1991 and has grown to employ more than 700 full and part-time employees.

About CB Richard Ellis

CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2006 revenue). With over 24,000 employees, the Company serves real estate owners, investors and occupiers through more than 300 offices worldwide (excluding affiliate and partner offices). CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. In 2007, CB Richard Ellis was named one of the 50 “best in class” companies by BusinessWeek, and one of the 100 fastest growing companies by Fortune.

Please visit our Web site at www.cbre.com.

About Carnegie Management and Development Corporation

Carnegie Management and Development Corporation is a Female owned, diversified real estate development and management company, that develops, owns and manages several million square feet of improved real estate consisting of residential, retail, office, governmental and environmental, as well as waterfront and special use properties. It began in 1984 as a Design-Build company, that has since expanded into a full service real estate development and management company, with its focus on long term asset-based growth. The Company functions with a highly efficient team to locate, research, acquire, develop and manage real estate assets with the goal of creating a diverse, financially solid portfolio of properties. For more information about Carnegie Management and Development Corporation, visit
http://www.carnegiecorp.com/.

About Enterprise Rent-A-Car

Founded in 1957, Enterprise Rent-A-Car is headquartered in St. Louis and serves customers in the United States, Canada, the U.K., Ireland, and Germany. Enterprise is North America’s largest car rental company in fleet size, number of locations, and annual revenue, ranking No. 21 on the Forbes Top 500 Private Companies in America. Enterprise has ranked highest in customer satisfaction among airport rentals in seven out of the past eight years, according to J.D. Power and Associates Rental Car Satisfaction StudySM. Enterprise is owned by the Taylor family, who also own and operate the Alamo Rent A Car and National Car Rental businesses.

For more information about Enterprise, visit www.enterprise.com.