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FivePoint's Newest Venture Buys Broadcom Campus in Orange County

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73-Acre Corporate Campus Will Be Renamed "Five Point Gateway"

Broadcom to Remain as Largest Tenant

Five Point Holdings, LLC (NYSE:FPH) is leading an investor group in the
$443-million purchase of Broadcom Limited's 73-acre corporate campus in
Great Park Neighborhoods.

The campus includes approximately 1 million square feet planned for
research and development and office space across four buildings designed
to accommodate thousands of employees. The campus will be renamed "Five
Point Gateway." Broadcom will remain the largest tenant, leasing
approximately 660,000 square feet of research and development space
pursuant to a 20-year lease.

FivePoint will be the majority owner of the campus through a new company
called Five Point Office Venture Holdings I, LLC that also includes
additional members, both of whom are affiliates of existing partners of
FivePoint in its Great Park Venture.

"We're excited to lead this new company in acquiring this campus that
will be home to several thousand employees," said FivePoint Chairman and
Chief Executive Officer Emile Haddad. "This venture adds a new dimension
to our company as we start building our commercial portfolio.

"We believe it is vital for Irvine and the region to create a
jobs-to-housing balance that positively impacts all aspects of community
life from traffic to lifestyle to more time with family," Haddad said.
"Providing jobs close to where people live is a fundamental aspect of
all of our communities."

FivePoint's other venture that is the master developer of Great Park
Neighborhoods (Heritage Fields El Toro, LLC) originally sold the land to
Broadcom in 2015 but retained a buy-back option on the site, which is
located at the southeast corner of Great Park Neighborhoods near the San
Diego Freeway and Irvine's Transportation Center. Broadcom elected to
sell the campus after the merger of Broadcom Corporation and Avago
Technologies, thereafter becoming known as Broadcom Limited.

In addition to Broadcom, both FivePoint and its largest shareholder, the
homebuilder Lennar (NYSE:LEN) will be separate tenants on the
campus. The balance of new office space – about 230,000 square feet –
will be leased to other tenants.

"The opportunity to become more enmeshed in the daily life of Irvine's
thriving business community has always been part of our long-term plan,"
Haddad said. "We are proud to have Broadcom, a world-class technology
company, as our first and largest tenant – and are looking forward to
very soon joining it as a neighbor."

About FivePoint

FivePoint, headquartered in Aliso Viejo, California, designs and
develops mixed-use, master-planned communities in coastal California.
FivePoint is developing vibrant and sustainable communities in Orange
County, Los Angeles County, and San Francisco County that will offer
homes, commercial, retail, educational, and recreational elements as
well as civic areas, parks, and open spaces. FivePoint's three
communities are: Great Park Neighborhoods® in Irvine, Newhall
Ranch® near Valencia, and The San Francisco
Shipyard/Candlestick Point in the City of San Francisco. The communities
are planned to include approximately 40,000 residential homes and
approximately 21 million square feet of commercial space.

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