Lennar Venture Wins Bid for Former California Marine Base MIAMI, Feb. 17 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE:LENNYSE:andNYSE:LEN.B), one of the nation's largest homebuilders, announced today that, through a joint venture, it has placed the winning bid to purchase Heritage Fields, a former Marine Corps base in Irvine, California. The joint venture partners include LNR Property Corporation, Rockpoint Real Estate Fund I, LLC, Blackacre Institutional Capital Management, LLC and MSD Capital, L.P. The winning bid was $650 million to acquire the 3,700 acre, mixed-use, master-planned community, which includes approximately 3,400 homesites, commercial and retail properties, over 1,300 acres of public land known as the Great Park and other public serving areas. Emile Haddad, California Regional President of Lennar, said, "We are proud to play a role in the conversion of this historic property to reflect the vision of the City of Irvine. We believe this is an excellent opportunity to develop a premier community in one of the nation's most desirable and supply- constrained homebuilding markets." Mr. Haddad continued, "This is yet another step in Lennar and LNR's extensive expertise in military reuse projects. Since 1998, Lennar and LNR, individually or together, have partnered with six communities to redevelop military bases: Mare Island Naval Shipyard in Vallejo, Hunters Point Naval Shipyard in San Francisco, March Air Force Base in Riverside County, South Weymouth Naval Shipyard near Boston, Treasure Island in San Francisco and Marine Corps Air Station in Tustin." The community plan includes multiple residential products with prices currently ranging from $350,000 to over $2 million. Lennar expects to option a portion of the homesites and anticipates new home deliveries beginning in fiscal 2008. Lennar Corporation, founded in 1954, is headquartered in Miami, Florida and is one of the nation's leading builders of quality homes for all generations, building affordable, move-up and retirement homes. The Company operates primarily under the Lennar and U.S. Home brand names and utilizes a Dual Marketing strategy consisting of the Everything's Included(R) and Design Studio(SM) programs. Lennar's Financial Services Division provides mortgage financing, title insurance, closing services and insurance agency services for both buyers of the Company's homes and others. Its Strategic Technologies Division provides high-speed Internet access and cable television to residents of the Company's communities and others. Previous press releases may be obtained at http://www.lennar.com/. Some of the statements in this press release are "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption "Risk Factors Relating to Our Business" in Item 1 of our Annual Report on Form 10-K for our fiscal year ended November 30, 2004. We do not undertake any obligation or duty to update forward-looking statements to reflect either the occurrence or non-occurrence of any of the risk factors, or to reflect any other future event or circumstance. http://www.newscom.com/cgi-bin/prnh/20040604/LENLOGODATASOURCE: Lennar Corporation CONTACT: Marshall Ames, Investor Relations, Lennar Corporation, +1-305-485-2092 Web site: http://www.lennar.com/ Company News On-Call: http://www.prnewswire.com/comp/507038.html

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