Devnet Partners With CB Richard Ellis to Offer Carrier-Neutral Telecommunications Access to LNR Property Corporation.

Business Editors

WESTPORT, Conn.--(BUSINESS WIRE)--July 11, 2000

Devnet/CB Richard Ellis Bring Value and Choice to LNR 

Property Corporation Tenants

Devnet LLC, a leading provider of carrier-neutral telecommunications access infrastructures to commercial office properties, and CB Richard Ellis, the world's leading real estate services firm, today announced plans to offer Devnet's services to two major buildings owned by Lennar Partners, a subsidiary of LNR Property Corporation (NYSE:LNR) ("LNR").

As property manager of these LNR properties, CB Richard Ellis focuses on complete tenant -- and building owner -- satisfaction. CB Richard Ellis introduced Devnet to LNR because Devnet's carrier-neutral telecommunications infrastructure provides tangible benefits to both LNR and its tenants.

"We are pleased to partner with Devnet to bring their solution to our client, and its tenants," says Rick Randolph of CB Richard Ellis. "With Devnet, LNR tenants have the right to choose among multiple carriers and benefit from the state-of-the-art telecommunications services and technologies that Devnet makes available. This is an excellent opportunity for all involved."

Kevin Hanson of LNR agrees.

"Devnet's infrastructure and process management allow our tenants to get their telecom and data networks up and running more quickly than having to wait for individual carriers to install their equipment. It's really a win-win. We appreciate CB Richard Ellis bringing the Devnet solution to LNR."

With Devnet, LNR eliminates the need to rebuild and upgrade the networks in its buildings. Devnet also simplifies LNR's building management by installing a single infrastructure which allows access to multiple carriers, rather than the complexity and hassle of multiple carriers installing their own infrastructures.

"We look forward to continuing opportunities to partner with CB Richard Ellis," says Phil DiGennaro, president and chief operating officer of Devnet. "An industry leader like CB Richard Ellis helps us expand our reach to provide our services to top-notch property owners like LNR. Devnet, CB Richard Ellis and LNR share a commitment to complete tenant satisfaction, so this is a great partnership all around."

About Devnet

Devnet serves building owners with complete management of their communications infrastructure by both installing a state-of-the-art network with unlimited bandwidth and providing existing master non-exclusive cooperative agreements with integrated communications service providers.

As the "access landlord," controlling the telecommunications access rights for approximately 40 million square feet of commercial real estate buildings for various institutional and private owners, Devnet brings building owners of all sizes revenue potential otherwise unattainable to any individual property owner. For more information about Devnet, visit the company's Web site at www.devnetusa.com.

About CB Richard Ellis

CB Richard Ellis (NYSE:CBG) is the world's leading real estate services company. Headquartered in Los Angeles with 10,000 employees worldwide, the company serves real estate owners, investors and occupiers through nearly 250 offices in 36 countries.

Services include property sales and leasing, property management, corporate services and facilities management, mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting. CB Richard Ellis had 1999 revenues of $1.2 billion. For more information about CB Richard Ellis, visit the company's Web site at www.cbrichardellis.com.

About LNR Property Corporation, dba Lennar Partners:

LNR Property Corporation (NYSE:LNR) is one of the nation's leading real estate investment, finance and management companies. LNR Property Corporation, with offices in Miami; Irvine, Calif.; Atlanta; Portland, Oregon; San Diego; San Francisco Bay Area; Salt Lake City, Utah; and Tokyo, has been acquiring, developing and managing commercial real estate for over 30 years.

As of May 31, 2000, the company held assets of approximately $2.5 billion with current real estate projects comprising approximately 7.9 million square feet of office, industrial/warehouse and retail space, 2.2 million square feet of ground leases, 1,900 hotel rooms, and 12,600 apartments, either completed or under development, throughout the United States. The company had total revenues of $348 million and net earnings of $95.6 million for the fiscal year ended Nov. 30, 1999. The company had total revenues of $220.7 million and net earnings of $54.9 million for the six months ended May 31, 2000.