CB Richard Ellis Group Inc. on Wednesday said it has sold nearly 28.3 million shares of its Class A common stock in the open market for gross proceeds of about $300 million.

The Los Angeles real estate services giant said it plans to use the money for general corporate purposes, including paying down debt.

The company recently reported that its third quarter earnings plunged 69 percent as the recession continued to hurt commercial real estate leasing and sales. Several Los Angeles companies have turned to the equity markets in recent weeks to raise money to pay down debt.

CB Richard Ellis shares were down 1 cent, or less than 1 percent, to $10.89 in midday trading on the New York Stock Exchange. That’s more than 3 percent higher than the closing price before plans for the stock sale were announced Nov. 3.