Parker says the home building company will move into the newest phase of the office development, at Aliso Viejo Parkway and Enterprise, in a relocation of offices from a number of other sites in Orange County.

The transaction brings leasing to 84% at the new phase of the Summit project and 92% overall at the campus, where close to one million sf of office space has been developed in a project owned by Parker and its partner, CIGNA Investments Inc. Lennar will merge its regional homebuilding divisions together at the Summit campus in mid-2004. The new location was chosen in part because of its convenience for Lennar's employees and for its ready access to San Diego, Los Angeles and the Inland Empire, says Jonathan M. Jaffe, regional president for Lennar. The lease was brokered by Ted Snell, John Desper and Heather Daze of CB Richard Ellis.

The Summit Office Campus, now about 60% completed, opened its first phase in August 1997 and is planned to be a total of 1.7 million sf on 60 acres. The project includes office space, outdoor spaces, walkways, gardens and on-site amenities that will include a hotel, retail shops and a sports club.

Lennar Corp., headquartered in Miami, is one of the nation's largest homebuilders.

Parker Properties is a family-owned, commercial real estate development, management and acquisition company. The company and its affiliates have been responsible for the development, project management or acquisition of more than 5.2 million sf of office, industrial and retail projects throughout California.