Commercial real estate developers: ranked by commercial square footage developed in L.A. County.

EXECUTIVE SUMMARY

DESPITE increased building costs, amount of space being constructed by the 25 largest commercial developers in L.A. County rose by 2.2 million square feet, to 11.3 million square feet in 36 projects.

Five companies have more than 1 million square feet under construction in the county, led by Trammell Crow Co. The company is No. 2 this year with more than 2 million square feet in development.

Lowe Enterprises Inc., up four spots to No. 12 this year, made the largest jump on this year's list. It completed five projects totaling 800,000 square feet in 2004.

Watson Land Co., No. 6, developed the greatest total square footage in 2004, adding 2 million square feet in five projects. NewMark Merrill Cos. moved up two spots to No. 10.

Festival Cos. and Investment Development Services Inc. debut at Nos. 9 and 16, respectively. Festival Cos. has completed 18 projects totaling 6.5 million square feet while Investment Development Services Inc. has completed seven, totaling 3.9 million square feet.

THE TRENDS

[GRAPHICS OMITTED]

THE PACESETTER

MAJESTIC REALTY CO.

MAJESTIC Realty Co. tops the list of commercial real estate developers for the 14th consecutive year. The City of Industry-based company has developed 42.6 million square feet in the county since its inception in 1948.

Edward P. Roski Jr., the firm's chairman and chief executive, said activity increased last year after a mediocre 2003.

"Leasing was strong despite high construction and rent prices," said Roski. He credited increased trade with Asia as a contributing factor to an especially active market. "More goods flowing through the ports increased demand for space in Los Angeles."

Industrial master planned business parks comprise 90 percent of Majestic's portfolio. In L.A. County, the 400-acre Grand Crossing industrial park remains its largest project. More than half of the 6.5 million square feet have yet to be developed.

Majestic has four projects totaling 1.2 million square feet under construction in L.A. County.

Roski anticipates a moderate interest rate increase in 2005, but said the industry would plow ahead. "Rates are historically low. A rate hike won't affect growth," he said.

Rank   Company (Ranking in 2003)        L.A. County Projects
       * name                              (sq. footage/
       * address                          no. of projects)
                                             * project
                                          * owned sq. ft.

 1     Majestic Realty Co. (1)             42,577,775/312
       13191 Crossroads Parkway            33,186,375/263
       North, Sixth Floor
       City of Industry 91746

 2     Trammell Crow Co. (2)               32,534,312/69
       3 Park Plaza, Suite 1600             8,900,000/12
       Irvine 92614

 3     Overton Moore Properties (3)        28,000,000/40
       1125 W. 190th St., Suite 200         2,326,622/6
       Gardena 90248

 4     Maguire Properties (4)              18,200,000/16
       333 S. Grand Ave., Suite 400         10,500,000/7
       Los Angeles 90071

 5     Legacy Partners                     15,000,000/50
       Commercial Inc. (5)                   811,000/7
       4000 E. Third Ave., Suite 600
       Foster City 94404

 6     Watson Land Co. (6)                 14,000,000/115
       22010 S. Wilmington                 12,500,000/100
       Ave., Suite 400
       Carson 90745

 7     Carson Estate Trust (8)             11,150,000/76
       18710 S. Wilmington Ave.,            9,150,000/69
       Suite 200
       Rancho Dominguez 90220

 8     J.H. Snyder Co. (9)                  7,510,000/27
       5757 Wilshire Blvd.,                 2,700,000/9
       Penthouse 30
       Los Angeles 90036

 9     Festival Cos.                        6,500,000/18
       9841 Airport Blvd., Suite 700        1,600,000/5
       Los Angeles 90045

 10    NewMark Merrill Cos. (12)            6,113,000/61
       5850 Canoga Ave., Suite 650          3,725,000/39
       Woodland Hills 91367

 11    Voit Development Co. (11)            5,443,814/22
       21700 Oxnard St., Suite 350          1,273,449/7
       Woodland Hills 91367

 12    Lowe Enterprises Inc. (16)           5,300,000/39
       11777 San Vicente Blvd.,              374,000/1
       Suite 900
       Los Angeles 90049

 13    Mika Co. (13)                        5,000,000/62
       837 Traction Ave., Suite 400         2,000,000/26
       Los Angeles 90013

 14    Transpacific                         4,350,000/12
       Development Co. (17)                  804,000/5
       2377 Crenshaw Blvd., Suite 300
       Torrance 90501

 15    Katell Properties LLC (18)           4,345,000/26
       11400 W. Olympic Blvd.,              1,539,000/14
       Suite 200
       Los Angeles 90064

 16    Investment Development               3,850,000/7
       Services Inc.                        2,250,000/10
       515 S. Figueroa St.,
       Suite 1600
       Los Angeles 91107

 17    Vestar Development Co. (19)          3,760,000/9
       7575 Carson Blvd.                    2,155,000/6
       Long Beach 90808

 18    Samuelson and Fetter LLC (20)        3,740,000/32
       602 E. Huntington Drive,             2,429,000/18
       Suite D
       Monrovia 91016

 19    MJW Investments (21)                 3,600,000/52
       1640 Fifth St., Suite 112            4,000,000/25
       Santa Monica 90401

 20    Robertson Properties Group           3,486,994/15
       120 N. Robertson Blvd.               4,521,958/26
       Los Angeles 90048

 21    Continental Development              3,200,000/30
       Corp. (22)                           2,800,000/26
       2041 Rosecrans Ave., Suite 200
       El Segundo 90245

 22    Agora Realty and                     3,000,000/31
       Management Inc. (24)                  540,000/9
       15206 Ventura Blvd., Suite 306
       Sherman Oaks 91403

 23    La Caze Development Co. (25)         2,900,000/18
       2601 Airport Drive, Suite 300        1,800,000/7
       Torrance 90505

 24    AMB Property Corp. (23)              2,512,500/5
       Pier 1, Bay 1                       13,593,215/34
       San Francisco 94111

 25    Fu-Lyons Associates                  2,100,700/17
       15125 Garfield Ave.                  1,226,959/11
       Paramount 90723

Rank   Company (Ranking in 2003)             Current L.A.
       * name                              County Projects
       * address                            (sq. footage/
                                           no. of projects)
                                         * under construction
                                           * entitled only,
                                        not under construction

 1     Majestic Realty Co. (1)               1,247,600/4
       13191 Crossroads Parkway              4,660,000/28
       North, Sixth Floor
       City of Industry 91746

 2     Trammell Crow Co. (2)                 2,023,525/3
       3 Park Plaza, Suite 1600                75,000/1
       Irvine 92614

 3     Overton Moore Properties (3)           150,000/1
       1125 W. 190th St., Suite 200           500,000/2
       Gardena 90248

 4     Maguire Properties (4)                 none/none
       333 S. Grand Ave., Suite 400           200,000/1
       Los Angeles 90071

 5     Legacy Partners                        none/none
       Commercial Inc. (5)                    none/none
       4000 E. Third Ave., Suite 600
       Foster City 94404

 6     Watson Land Co. (6)                   1,874,320/2
       22010 S. Wilmington                   1,000,000/5
       Ave., Suite 400
       Carson 90745

 7     Carson Estate Trust (8)               1,371,000/5
       18710 S. Wilmington Ave.,              530,000/2
       Suite 200
       Rancho Dominguez 90220

 8     J.H. Snyder Co. (9)                   1,150,000/3
       5757 Wilshire Blvd.,                   650,000/3
       Penthouse 30
       Los Angeles 90036

 9     Festival Cos.                          600,000/3
       9841 Airport Blvd., Suite 700         2,300,000/2
       Los Angeles 90045

 10    NewMark Merrill Cos. (12)              508,125/2
       5850 Canoga Ave., Suite 650            145,000/1
       Woodland Hills 91367

 11    Voit Development Co. (11)              630,000/2
       21700 Oxnard St., Suite 350            none/none
       Woodland Hills 91367

 12    Lowe Enterprises Inc. (16)             none/none
       11777 San Vicente Blvd.,               none/none
       Suite 900
       Los Angeles 90049

 13    Mika Co. (13)                          none/none
       837 Traction Ave., Suite 400           180,000/3
       Los Angeles 90013

 14    Transpacific                           none/none
       Development Co. (17)                   165,000/1
       2377 Crenshaw Blvd., Suite 300
       Torrance 90501

 15    Katell Properties LLC (18)             311,000/2
       11400 W. Olympic Blvd.,                none/none
       Suite 200
       Los Angeles 90064

 16    Investment Development                 376,000/2
       Services Inc.                          903,000/2
       515 S. Figueroa St.,
       Suite 1600
       Los Angeles 91107

 17    Vestar Development Co. (19)            none/none
       7575 Carson Blvd.                      none/none
       Long Beach 90808

 18    Samuelson and Fetter LLC (20)          none/none
       602 E. Huntington Drive,              1,250,000/1
       Suite D
       Monrovia 91016

 19    MJW Investments (21)                   475,000/3
       1640 Fifth St., Suite 112              310,000/2
       Santa Monica 90401

 20    Robertson Properties Group             none/none
       120 N. Robertson Blvd.                 263,000/4
       Los Angeles 90048

 21    Continental Development                none/none
       Corp. (22)                             none/none
       2041 Rosecrans Ave., Suite 200
       El Segundo 90245

 22    Agora Realty and                       none/none
       Management Inc. (24)                   none/none
       15206 Ventura Blvd., Suite 306
       Sherman Oaks 91403

 23    La Caze Development Co. (25)           140,000/1
       2601 Airport Drive, Suite 300          650,000/3
       Torrance 90505

 24    AMB Property Corp. (23)                361,900/2
       Pier 1, Bay 1                          none/none
       San Francisco 94111

 25    Fu-Lyons Associates                     65,000/1
       15125 Garfield Ave.                    none/none
       Paramount 90723

Rank   Company (Ranking in 2003)        Current L.A. County
       * name                             Renovations (1)
       * address                           * sq. footage
                                         * no. of projects

 1     Majestic Realty Co. (1)               2,241,682
       13191 Crossroads Parkway                  7
       North, Sixth Floor
       City of Industry 91746

 2     Trammell Crow Co. (2)                   none
       3 Park Plaza, Suite 1600                none
       Irvine 92614

 3     Overton Moore Properties (3)            none
       1125 W. 190th St., Suite 200            none
       Gardena 90248

 4     Maguire Properties (4)                  none
       333 S. Grand Ave., Suite 400            none
       Los Angeles 90071

 5     Legacy Partners                         none
       Commercial Inc. (5)                     none
       4000 E. Third Ave., Suite 600
       Foster City 94404

 6     Watson Land Co. (6)                     none
       22010 S. Wilmington                     none
       Ave., Suite 400
       Carson 90745

 7     Carson Estate Trust (8)                 none
       18710 S. Wilmington Ave.,               none
       Suite 200
       Rancho Dominguez 90220

 8     J.H. Snyder Co. (9)                     none
       5757 Wilshire Blvd.,                    none
       Penthouse 30
       Los Angeles 90036

 9     Festival Cos.                         1,900,000
       9841 Airport Blvd., Suite 700             3
       Los Angeles 90045

 10    NewMark Merrill Cos. (12)              53,000
       5850 Canoga Ave., Suite 650               1
       Woodland Hills 91367

 11    Voit Development Co. (11)               none
       21700 Oxnard St., Suite 350             none
       Woodland Hills 91367

 12    Lowe Enterprises Inc. (16)              none
       11777 San Vicente Blvd.,                none
       Suite 900
       Los Angeles 90049

 13    Mika Co. (13)                          200,000
       837 Traction Ave., Suite 400              2
       Los Angeles 90013

 14    Transpacific                            none
       Development Co. (17)                    none
       2377 Crenshaw Blvd., Suite 300
       Torrance 90501

 15    Katell Properties LLC (18)              none
       11400 W. Olympic Blvd.,                 none
       Suite 200
       Los Angeles 90064

 16    Investment Development                  none
       Services Inc.                           none
       515 S. Figueroa St.,
       Suite 1600
       Los Angeles 91107

 17    Vestar Development Co. (19)             none
       7575 Carson Blvd.                       none
       Long Beach 90808

 18    Samuelson and Fetter LLC (20)           none
       602 E. Huntington Drive,                none
       Suite D
       Monrovia 91016

 19    MJW Investments (21)                   40,000
       1640 Fifth St., Suite 112                 1
       Santa Monica 90401

 20    Robertson Properties Group              none
       120 N. Robertson Blvd.                  none
       Los Angeles 90048

 21    Continental Development                120,000
       Corp. (22)                                1
       2041 Rosecrans Ave., Suite 200
       El Segundo 90245

 22    Agora Realty and                       220,000
       Management Inc. (24)                      1
       15206 Ventura Blvd., Suite 306
       Sherman Oaks 91403

 23    La Caze Development Co. (25)           200,000
       2601 Airport Drive, Suite 300             1
       Torrance 90505

 24    AMB Property Corp. (23)                 none
       Pier 1, Bay 1                           none
       San Francisco 94111

 25    Fu-Lyons Associates                    135,000
       15125 Garfield Ave.                       1
       Paramount 90723

Rank   Company (Ranking in 2003)        L.A. County Fee Work
       * name                             in Progress (2)
       * address                           * sq. footage
                                         * no. of projects

 1     Majestic Realty Co. (1)                  none
       13191 Crossroads Parkway                 none
       North, Sixth Floor
       City of Industry 91746

 2     Trammell Crow Co. (2)                 2,098,525
       3 Park Plaza, Suite 1600                  4
       Irvine 92614

 3     Overton Moore Properties (3)           150,000
       1125 W. 190th St., Suite 200              1
       Gardena 90248

 4     Maguire Properties (4)                   none
       333 S. Grand Ave., Suite 400             none
       Los Angeles 90071

 5     Legacy Partners                        100,000
       Commercial Inc. (5)                       2
       4000 E. Third Ave., Suite 600
       Foster City 94404

 6     Watson Land Co. (6)                      none
       22010 S. Wilmington                      none
       Ave., Suite 400
       Carson 90745

 7     Carson Estate Trust (8)                  none
       18710 S. Wilmington Ave.,                none
       Suite 200
       Rancho Dominguez 90220

 8     J.H. Snyder Co. (9)                      none
       5757 Wilshire Blvd.,                     none
       Penthouse 30
       Los Angeles 90036

 9     Festival Cos.                         1,700,000
       9841 Airport Blvd., Suite 700             4
       Los Angeles 90045

 10    NewMark Merrill Cos. (12)                none
       5850 Canoga Ave., Suite 650              none
       Woodland Hills 91367

 11    Voit Development Co. (11)                none
       21700 Oxnard St., Suite 350              none
       Woodland Hills 91367

 12    Lowe Enterprises Inc. (16)               none
       11777 San Vicente Blvd.,                 none
       Suite 900
       Los Angeles 90049

 13    Mika Co. (13)                            none
       837 Traction Ave., Suite 400             none
       Los Angeles 90013

 14    Transpacific                             none
       Development Co. (17)                     none
       2377 Crenshaw Blvd., Suite 300
       Torrance 90501

 15    Katell Properties LLC (18)               none
       11400 W. Olympic Blvd.,                  none
       Suite 200
       Los Angeles 90064

 16    Investment Development                 416,000
       Services Inc.                             1
       515 S. Figueroa St.,
       Suite 1600
       Los Angeles 91107

 17    Vestar Development Co. (19)              none
       7575 Carson Blvd.                        none
       Long Beach 90808

 18    Samuelson and Fetter LLC (20)            none
       602 E. Huntington Drive,                 none
       Suite D
       Monrovia 91016

 19    MJW Investments (21)                     none
       1640 Fifth St., Suite 112                none
       Santa Monica 90401

 20    Robertson Properties Group               none
       120 N. Robertson Blvd.                   none
       Los Angeles 90048

 21    Continental Development                  none
       Corp. (22)                               none
       2041 Rosecrans Ave., Suite 200
       El Segundo 90245

 22    Agora Realty and                       300,000
       Management Inc. (24)                      3
       15206 Ventura Blvd., Suite 306
       Sherman Oaks 91403

 23    La Caze Development Co. (25)             none
       2601 Airport Drive, Suite 300            none
       Torrance 90505

 24    AMB Property Corp. (23)                  none
       Pier 1, Bay 1                            none
       San Francisco 94111

 25    Fu-Lyons Associates                      none
       15125 Garfield Ave.                      none
       Paramount 90723

Rank   Company (Ranking in 2003)              Profile
       * name                             * headquarters
       * address                          * year founded
                                             * offices
                                        (L.A. County/total)

 1     Majestic Realty Co. (1)           City of Industry
       13191 Crossroads Parkway                1948
       North, Sixth Floor                       1/5
       City of Industry 91746

 2     Trammell Crow Co. (2)                  Dallas
       3 Park Plaza, Suite 1600                1948
       Irvine 92614                            5/N/A

 3     Overton Moore Properties (3)           Gardena
       1125 W. 190th St., Suite 200            1978
       Gardena 90248                          1/same

 4     Maguire Properties (4)               Los Angeles
       333 S. Grand Ave., Suite 400            1965
       Los Angeles 90071                       6/10

 5     Legacy Partners                      Foster City
       Commercial Inc. (5)                     1982
       4000 E. Third Ave., Suite 600            1/7
       Foster City 94404

 6     Watson Land Co. (6)                    Carson
       22010 S. Wilmington                     1912
       Ave., Suite 400                        1/same
       Carson 90745

 7     Carson Estate Trust (8)           Rancho Dominguez
       18710 S. Wilmington Ave.,               1914
       Suite 200                              1/same
       Rancho Dominguez 90220

 8     J.H. Snyder Co. (9)                  Los Angeles
       5757 Wilshire Blvd.,                    1949
       Penthouse 30                           1/same
       Los Angeles 90036

 9     Festival Cos.                        Los Angeles
       9841 Airport Blvd., Suite 700           1991
       Los Angeles 90045                        2/7

 10    NewMark Merrill Cos. (12)          Woodland Hills
       5850 Canoga Ave., Suite 650             1997
       Woodland Hills 91367                     3/7

 11    Voit Development Co. (11)          Woodland Hills
       21700 Oxnard St., Suite 350             1971
       Woodland Hills 91367                     1/3

 12    Lowe Enterprises Inc. (16)           Los Angeles
       11777 San Vicente Blvd.,                1972
       Suite 900                                2/7
       Los Angeles 90049

 13    Mika Co. (13)                        Los Angeles
       837 Traction Ave., Suite 400            1973
       Los Angeles 90013                      1/same

 14    Transpacific                          Torrance
       Development Co. (17)                    1954
       2377 Crenshaw Blvd., Suite 300           2/4
       Torrance 90501

 15    Katell Properties LLC (18)           Los Angeles
       11400 W. Olympic Blvd.,                 1976
       Suite 200                              1/same
       Los Angeles 90064

 16    Investment Development               Los Angeles
       Services Inc.                           1986
       515 S. Figueroa St.,                     3/6
       Suite 1600
       Los Angeles 91107

 17    Vestar Development Co. (19)            Phoenix
       7575 Carson Blvd.                       1991
       Long Beach 90808                         1/4

 18    Samuelson and Fetter LLC (20)         Monrovia
       602 E. Huntington Drive,                1948
       Suite D                                  2/5
       Monrovia 91016

 19    MJW Investments (21)                Santa Monica
       1640 Fifth St., Suite 112               1983
       Santa Monica 90401                       214

 20    Robertson Properties Group           Los Angeles
       120 N. Robertson Blvd.                  1992
       Los Angeles 90048                      1/same

 21    Continental Development              El Segundo
       Corp. (22)                              1969
       2041 Rosecrans Ave., Suite 200         2/same
       El Segundo 90245

 22    Agora Realty and                    Sherman Oaks
       Management Inc. (24)                    1986
       15206 Ventura Blvd., Suite 306           2/3
       Sherman Oaks 91403

 23    La Caze Development Co. (25)          Torrance
       2601 Airport Drive, Suite 300           1980
       Torrance 90505                         1/same

 24    AMB Property Corp. (23)             San Francisco
       Pier 1, Bay 1                           1983
       San Francisco 94111                      1/4

 25    Fu-Lyons Associates                   Paramount
       15125 Garfield Ave.                     1979
       Paramount 90723                        1/same

Rank   Company (Ranking in 2003)        Top Local Executive
       * name                           * name
       * address                        * title
                                        * phone number

 1     Majestic Realty Co. (1)          Edward P. Roski Jr.
       13191 Crossroads Parkway         chairman, ceo
       North, Sixth Floor               [phone]
       City of Industry 91746

 2     Trammell Crow Co. (2)            Thomas A. Bak
       3 Park Plaza, Suite 1600         managing director
       Irvine 92614                     [phone]

 3     Overton Moore Properties (3)     S. Moore/T. Tecimer
       1125 W. 190th St., Suite 200     ceo/president, coo
       Gardena 90248                    [phone]

 4     Maguire Properties (4)           Robert F. Maguire III
       333 S. Grand Ave., Suite 400     chairman, co-ceo
       Los Angeles 90071                [phone]

 5     Legacy Partners                  Scott Word
       Commercial Inc. (5)              senior vice president
       4000 E. Third Ave., Suite 600    [phone]
       Foster City 94404

 6     Watson Land Co. (6)              Bruce A. Choate
       22010 S. Wilmington              ceo, president
       Ave., Suite 400                  [phone]
       Carson 90745

 7     Carson Estate Trust (8)          James D. Flynn
       18710 S. Wilmington Ave.,        president
       Suite 200                        [phone]
       Rancho Dominguez 90220

 8     J.H. Snyder Co. (9)              Snyder/Goldstein/Wise/Swimmer
       5757 Wilshire Blvd.,             partners
       Penthouse 30                     [phone]
       Los Angeles 90036

 9     Festival Cos.                    Mark A. Schurgin
       9841 Airport Blvd., Suite 700    president
       Los Angeles 90045                [phone]

 10    NewMark Merrill Cos. (12)        S. Sigal/D. Frank
       5850 Canoga Ave., Suite 650      ceo/president
       Woodland Hills 91367             [phone]

 11    Voit Development Co. (11)        Tim Regan
       21700 Oxnard St., Suite 350      v.p. development/acquisition
       Woodland Hills 91367             [phone]

 12    Lowe Enterprises Inc. (16)       Robert J. Lowe
       11777 San Vicente Blvd.,         chairman, ceo
       Suite 900                        [phone]
       Los Angeles 90049

 13    Mika Co. (13)                    M. Kamen/S. Schwartz
       837 Traction Ave., Suite 400     principals
       Los Angeles 90013                [phone]

 14    Transpacific                     Thomas G. Irish
       Development Co. (17)             president
       2377 Crenshaw Blvd., Suite 300   [phone]
       Torrance 90501

 15    Katell Properties LLC (18)       Gerald L. Katell
       11400 W. Olympic Blvd.,          president
       Suite 200                        [phone]
       Los Angeles 90064

 16    Investment Development           D. Mgrublian/M. Siam/
       Services Inc.                    H. Eaves III
       515 S. Figueroa St.,             managing directors
       Suite 1600                       [phone]
       Los Angeles 91107

 17    Vestar Development Co. (19)      Richard Kuhle
       7575 Carson Blvd.                president
       Long Beach 90808                 [phone]

 18    Samuelson and Fetter LLC (20)    B. Fetter/R. Samuelson
       602 E. Huntington Drive,         principals
       Suite D                          [phone]
       Monrovia 91016

 19    MJW Investments (21)             Mark Weinstein
       1640 Fifth St., Suite 112        president
       Santa Monica 90401               [phone]

 20    Robertson Properties Group       Neil Haltrecht
       120 N. Robertson Blvd.           president
       Los Angeles 90048                [phone]

 21    Continental Development          Richard C. Lundquist
       Corp. (22)                       president
       2041 Rosecrans Ave., Suite 200   [phone]
       El Segundo 90245

 22    Agora Realty and                 C. Lefton/M. Bollenbacher
       Management Inc. (24)             ceo/president
       15206 Ventura Blvd., Suite 306   [phone]
       Sherman Oaks 91403

 23    La Caze Development Co. (25)     Norman R. La Caze
       2601 Airport Drive, Suite 300    owner, principal
       Torrance 90505                   [phone]

 24    AMB Property Corp. (23)          Lee Orr
       Pier 1, Bay 1                    v.p., development officer
       San Francisco 94111              [phone]

 25    Fu-Lyons Associates              Chuckie Lyons
       15125 Garfield Ave.              partner
       Paramount 90723                  [phone]

N/A--Not Available

(1) Projects/renovations in which developer has an equity stake.

(2) Fee work includes renovations, built-to-suits, speculative
developments and development management in which developer does
not have equity stake.

Note: The information on this list was provided by representatives of
the companies themselves. Developers are asked to include only the
square footage that is rentable to tenants, not the gross square
footage of the entire structures. Koll Development, No. 10 last year,
and Hines, No. 14 last year, may have qualified for this list, but
failed to submit information. Newhall Land, No. 15 last year, was
acquired by Lennar/LNR in 2004 and no longer holds commercial assets.

To the best of our knowledge, this information is accurate as of
press time. While every effort is made to ensure the accuracy and
thoroughness of the list, omissions and typographical errors sometimes
occur. Please send corrections or additions on company letterhead to
the Research Department, Los Angeles Business Journal, 5700 Wilshire
Blvd., Suite 170, Los Angeles 90036. [c] 2005 Los Angeles Business
Journal. This list may not be reprinted in whole or in part without
prior written permission from the editor. Reprints are available from
Wright's Reprints, [phone].

Researched by David Nusbaum