Paul Hastings Advised Morgan Stanley Real Estate in the Acquisition of a Diversified Portfolio of Land from Lennar Corporation

December 04, 2007

Paul Hastings Advised Morgan Stanley Real Estate in the Acquisition of a Diversified Portfolio of Land from Lennar Corporation

Los Angeles, CA (December 04, 2007) – Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm has represented Morgan Stanley Real Estate Fund, an affiliate of Morgan Stanley & Co., Inc., in the review of assets purchased from Lennar Corporation, one of the nation’s largest homebuilders. The acquired properties had a net book value of approximately $1.3 billion and the sales price was $525 million. The transaction closed on November 30, 2007.

Under the terms of the agreement, Morgan Stanley Real Estate Fund acquired approximately 11,000 homes in 32 communities located throughout the country. The land portfolio includes a mix of raw land as well as partially and fully developed home sites in both active and future communities. The communities are located in California, Colorado, Florida, Illinois, Maryland, Massachusetts, Nevada and New Jersey.

Partners Philip Feder, Charles Thornton, Robert McMurry, Mitchell Menzer, Jeffrey Haber and of counsel Catherine Norian led the Paul Hastings team, which included associates Edgar Khalatian, Olivia Marr, Elisa Paster, Brandon Martin, and Elizabeth Hanks.

About Morgan Stanley Real Estate: Morgan Stanley Real Estate is comprised of three major global businesses: Investing, Banking and Lending. Since 1991, Morgan Stanley Real Estate has acquired $158.1 billion of real estate assets worldwide and currently manages $88.3 billion in real estate assets on behalf of its clients.

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 17 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.