CBRE Group, Inc.

SCHEDULE III-REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

December 31, 2014

(Dollars in thousands)


			Initial Cost									Balance at December 31, 2014
Description	Related Encumbrances		Land		Buildings and Improvements		Other		Costs Subsequent to Acquisition			Land		Buildings and Improvements		Other		Total (A), (B),(C)		Accumulated Depreciation (A), (D)			Depreciable Lives in Years (D)		Date of Construction		Date Acquired
REAL ESTATE HELD FOR SALE
Ground Lease
Jekyll Leaseholding, Jekyll Island, GA		—		—		—		6,161		(5,921	)		5		10		225		240		—			—		N/A		2009
Jekyll-CY, Jekyll Island, GA		—		—		—		2,900		(512	)		78		144		2,166		2,388		—			—		N/A		2009
Jekyll-SH, Jekyll Island, GA		—		—		—		3,439		(2,227	)		26		94		1,092		1,212		—			—		N/A		2009
REAL ESTATE UNDER DEVELOPMENT (NON-CURRENT)
Land
105 Commerce, Hazel Township, PA		—		610		—		—		217			827		—		—		827		—			—		N/A		2011
Office
TC Oaklawn, Leesburg, VA		3,131		2,500		—		—		1,303			3,417		386		—		3,803		—			—		N/A		2014
REAL ESTATE HELD FOR INVESTMENT
Ground lease
Centre Point Commons, Bradenton, FL		—		383		—		—		—			383		—		—		383		—			—		N/A		2006
Westlake Crossing, Humble, TX		—		255		—		—		572			827		—		—		827		—			—		N/A		2006
Industrial
MROTC, Oklahoma City, OK		8,506		3,223		3,347		—		2,795			4,275		4,928		162		9,365		(3,665	)		39		2006		2006
MROTC Steel Hangers, Oklahoma City, OK		9,554		—		2,470		740		10,273			—		13,483		—		13,483		(5,768	)		39		2006		2006
Land
Arrowood, Charlotte, NC		—		321		—		—		(321	)		—		—		—		—		—			—		N/A		2006
Atwater, Malvem, PA		—		4,210		—		—		47			4,257		—		—		4,257		—			—		N/A		2014
CG Sunland, Phoenix, AZ		—		1,472		—		—		176			1,648		—		—		1,648		—			—		N/A		2006
Livermore Oaks, Livermore, CA		—		653		—		—		155			808		—		—		808		—			—		N/A		2014
SA Crossroads II, San Antonio, TX		—		2,131		—		—		(1,530	)		601		—		—		601		—			—		N/A		2006
Sierra Corporate Center, Reno, NV		—		2,056		—		—		(998	)		1,058		—		—		1,058		—			—		N/A		2006
TCEP, Austin, TX		—		1,456		—		—		43			1,499		—		—		1,499		—			—		N/A		2008
Office
814 Commerce, Oak Brook, IL		21,652		4,784		8,217		—		2,480			3,299		12,182		—		15,481		(2,848	)		39		1972		2007

Total		42,843	$	24,054	$	14,034	$	13,240	$	6,552		$	23,008	$	31,227	$	3,645	$	57,880	$	(12,281	)

(A)	Includes costs and depreciation subsequent to December 20, 2006, the date we acquired Trammell Crow Company.

(B)	The aggregate cost for Federal Income Tax purposes is $76.5 million.

(C)

Reflects write downs for impairments of real estate and provisions for loss on real estate held for sale totaling $16.1 million on assets we own at December 31, 2014. These charges were recorded in 2008 through 2014 as a result of capital market turmoil and weak real estate fundamentals in the United States, in addition to reduced anticipated holding periods of certain assets.

(D)	Land, real estate under development and real estate held for sale are not depreciated.

CBRE Group, Inc.

NOTE TO SCHEDULE III—REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

(Dollars in thousands)

Changes in real estate investments and accumulated depreciation for the year ended December 31 were as follows:


	2014			2013
Real estate investments:
Balance at beginning of year	$	150,511		$	412,061
Additions and improvements		58,963			31,035
Dispositions		(149,332	)		(292,099	)
Other adjustments (1)		(2,262	)		(486	)

Balance at end of year	$	57,880		$	150,511

Accumulated depreciation:
Balance at beginning of year	($	23,557	)	($	32,878	)
Depreciation expense		(3,503	)		(6,445	)
Dispositions		14,779			15,766

Balance at end of year	($	12,281	)	($	23,557	)

(1)	Includes impairment charges and amortization of lease intangibles and tenant origination costs.