CBRE Realty Finance, Inc. Amends Management Agreement With Its External Manager

HARTFORD, Conn., April 29 /PRNewswire-FirstCall/ -- CBRE Realty
Finance, Inc. (NYSE: CBF) today announced that its Board of Directors has
approved certain modifications to the Company's management agreement with
CBRE Realty Finance Management, LLC (the "Manager"), CB Richard Ellis, Inc.
("CBRE") and CBRE Melody & Company ("CBRE Melody") designed to provide the
Company with greater flexibility as it explores operational and strategic
initiatives to enhance stockholder value.

These modifications provide the Company with the right to terminate the
management agreement without paying a termination fee to the Manager and
with an option to acquire the Manager. The management agreement now also
terminates automatically upon the closing of a strategic transaction by the
Company without the payment of a termination fee. The Company also has
agreed to assume certain severance obligations for employees of the
Manager. In addition, the restriction on CBRE's and CBRE Melody's ability
to compete with the Company in the commercial finance debt space ends on
April 30, 2008 (this restriction previously was to end on December 31,
2008).

Kenneth J. Witkin, president and chief executive officer of CBRE Realty
Finance, Inc., commented, "Our Board continues to actively work with our
financial advisor, Goldman Sachs, to identify and evaluate a range of
strategic and operational initiatives to enhance stockholder value. We are
confident that our amended agreement with our external manager will provide
us with additional flexibility to successfully pursue whatever path the
Board determines is in the best interest of the Company and our
stockholders."

About CBRE Realty Finance, Inc.

CBRE Realty Finance, Inc. is a commercial real estate specialty finance
company primarily focused on originating, acquiring, investing in,
financing and managing a diversified portfolio of commercial real
estate-related loans and securities. CBRE Realty Finance has elected to
qualify to be taxed as a real estate investment trust, or REIT, for federal
income tax purposes. CBRE Realty Finance is externally managed and advised
by CBRE Realty Finance Management, LLC, an indirect subsidiary of CB
Richard Ellis Group, Inc. and a direct subsidiary of CBRE/Melody & Company.
For more information on the Company, please visit the Company's website at
http://www.cbrerealtyfinance.com .

Forward-Looking Information

This press release contains forward-looking statements based upon the
Company's beliefs, assumptions and expectations of its future performance,
taking into account all information currently available. These beliefs,
assumptions and expectations can change as a result of many possible events
or factors, not all of which are known to the Company or are within its
control. If a change occurs, the Company's business, financial condition,
liquidity and results of operations may vary materially from those
expressed in its forward- looking statements. The factors that could cause
actual results to vary from the Company's forward-looking statements
include the Company's future operating results, its business operations and
prospects, general volatility of the securities market in which the Company
invests and the market prices of its common stock, the Company's ability to
begin making investments in the future, availability, terms and development
of short-term and long-term capital, availability of qualified personnel,
changes in the industry, interest rates, the debt securities, credit and
capital markets, the general economy or the commercial finance and real
estate markets specifically, performance and financial condition of
borrowers and corporate customers, increased prepayments of the mortgage
and other loans underlying the Company's investments, the status of the
class action lawsuit, the potential derivative shareholder claim and any
future litigation that may arise, the ultimate proceeds of the sale of
assets underlying the Company's $40 million mezzanine investment and $42.8
million B-note investment, the outcome of the Company's exploration of
operational and strategic initiatives, and other factors, which are beyond
the Company's control. The Company undertakes no obligation to publicly
update or revise any of the forward-looking statements. For further
information, please refer to the Company's filings with the Securities and
Exchange Commission.



FOR FURTHER INFORMATION
AT CBRE REALTY FINANCE:
Michael Angerthal
Chief Financial Officer
(860) 275-6222
michael.angerthal@cbrerealtyfinance.com


See Also

• Jones Lang LaSalle Mourns the Death of Board Member Sir Derek Higgs
• First Team Estates' Lavish, $2M Office in Newport Beach, Rich in Art and High-End Design, Breaks New Ground in Luxury Real Estate Marketing
• Facing the Opposition - Part IV

Source: Real Estate Newswire