Lennar

Lennar dates back to F&R Builders, a company founded in 1954 by Gene Fisher and real estate developer Arnold P. Rosen. In 1956, Leonard Miller, who later became the namesake of the Miller School of Medicine at the University of Miami, a 23-year-old entrepreneur that owned 42 lots in Miami-Dade County, Florida, invested $10,000 and partnered with the company.{{cite book |url=https://books.google.com/books?id=WWpxrJ-j9cIC&pg=PA93 |pages=93–94 |title=Understanding Family Firms: Case Studies on the Management of Crises, Uncertainty and Change | first1=Alan L. | last1=Carsrud | first2=Malin | last2=Brännback |publisher=Springer Science+Business Media |year=2011 |isbn=9781461408666}}

In 1969, Lennar reached an equity base of $1 million, and by 1971, Miller and Rosen changed the name to Lennar Corporation. That year the firm became a public company via an initial public offering, raising $8.7 million. It was listed on the New York Stock Exchange in 1972.

In 1973, the company acquired Mastercraft Homes, based in Phoenix, Arizona, for approximately $2 million, as well as the Womack Development Company. Shortly thereafter, the company established operations in the Midwestern United States, purchasing Bert L. Smokler & Company, based in Detroit, Michigan, and Dreyfus Interstate Development Corp., based in Minneapolis–Saint Paul.{{Cite news | url=https://www.encyclopedia.com/books/politics-and-business-magazines/lennar-corporation | title=Lennar Corporation | publisher=Encyclopedia.com}}{{Cite news | url=https://www.nytimes.com/1973/04/17/archives/aetna-life-will-buy-100-of-aims-group.html | title=AETNA LIFE WILL BUY 100% OF AIMS GROUP | work=The New York Times | date=April 17, 1973}}

Lennar acquired H. Miller & Sons in 1984 for $24 million.{{cite news |url=https://www.sun-sentinel.com/news/fl-xpm-1998-01-06-9801050379-story.html |title=Obituaries: Howard H. Miller, Home Builder |work=Sun-Sentinel |date=January 6, 1998 | url-access=limited}}

In January 1989, the company acquired Richmond American Homes of Florida for $18 million.{{cite news |url=https://www.orlandosentinel.com/news/os-xpm-1989-01-24-8901240642-story.html |title=NIGHTMARE DREAM HOMES | work=Orlando Sentinel | date=January 23, 1989 | url-access=limited}}

In February 1992, the company acquired Amerifirst's $1 billion real estate portfolio in a joint venture with Morgan Stanley.{{Cite news | url=https://www.nytimes.com/1992/02/28/business/amerifirst-s-assets-sold.html | title=Amerifirst's Assets Sold | agency=Associated Press | work=The New York Times | date=February 28, 1992}}

In October 1992, following Hurricane Andrew, the company faced several lawsuits from homeowners alleging careless building quality.{{cite news | url=https://www.nytimes.com/1992/10/04/us/florida-builders-gird-for-lawsuits-over-homes-damaged-in-storm.html | title=Florida Builders Gird for Lawsuits Over Homes Damaged in Storm | work=The New York Times | date=October 4, 1992}}{{cite news | url=https://www.nytimes.com/1992/09/03/business/investing-into-the-wind-an-odd-volatile-game.html | title=Investing Into the Wind: An Odd, Volatile Game | first=Allen R. | last=Myerson | work=The New York Times | date=September 3, 1992}}{{cite news | url=https://www.csmonitor.com/1992/0908/08013.html | title=Home-Construction Industry in Florida Examined in Wake of Hurricane Andrew | first=Laurent | last=Belsie | work=The Christian Science Monitor | date=October 4, 1992}}

In July 1993, the company formed a joint venture with Westinghouse Electric Corporation and Lehman Brothers to acquire a $2 billion face-value loan portfolio from Westinghouse Electric Corporation for $1.1 billion.{{cite news | url=https://www.upi.com/Archives/1993/07/12/Lennar-to-partner-with-Westinghouse-Lehman/3560742449600/ | title=Lennar to partner with Westinghouse, Lehman | work=United Press International | date=July 12, 1993}}

In 1995, the company acquired Friendswood Development Company from Exxon,{{cite news | url=https://www.nytimes.com/1995/12/08/business/company-news-lennar-to-buy-exxon-s-real-estate-unit.html | title=LENNAR TO BUY EXXON'S REAL ESTATE UNIT | agency=Reuters | work=The New York Times | date=December 8, 1995}} and acquired California company Bramalea.

In 1996, the company acquired Winncrest Homes. The company also acquired {{convert|2,200|acre|km2}} acres in and took over management of Coto de Caza, California, a census-designated place and a gated community, from Chevron Corporation.{{cite news | url=https://www.latimes.com/archives/la-xpm-1996-03-14-fi-47024-story.html | title=A New Landlord for Coto | first=DEBORA | last=VRANA | work=Los Angeles Times | date=March 14, 1996 | url-access=limited}}

In 1997, Stuart Miller, the son of co-founder Leonard Miller, became CEO of the company. Leonard Miller died in 2002.{{cite news | url=https://www.bizjournals.com/southflorida/stories/2002/08/05/focus7.html | title=Lennar's founder dies at 69 | work=American City Business Journals | date=August 5, 2002}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2002-jul-29-me-passing29.4-story.html | title=Leonard Miller, 69; Led Expansion of the Lennar Corp. | work=Los Angeles Times | date=July 29, 2002 | url-access=limited}} Stuart Miller served as Lennar's CEO until 2018 when he pivoted to an executive chairman position. As Lennar CEO, Stuart Miller is credited for navigating the company through the US housing crisis from 2007 to 2010.{{Cite web |last=Larsen |first=Keith |title=Inside the house of Lennar |url=https://therealdeal.com/magazine/miami-june-2018/inside-the-house-of-lennar/ |access-date=2024-08-13 |website=The Real Deal |language=en}}

In 1997, the company acquired West Venture Homes. In 2002, the company merged with Pacific Greystone, and acquired Theyst Venture Homes, which held 2700 homes in the North Natomas Community and 800 in San Diego. In 1998, the company acquired North American Title Company, Winncrest Homes, Polygon, and ColRich Communities. The company also acquired 3 closely held home construction companies operating in California for $370 million.{{cite news | url=https://www.nytimes.com/1998/04/09/business/company-news-lennar-adding-to-holdings-in-southern-california.html |title=LENNAR ADDING TO HOLDINGS IN SOUTHERN CALIFORNIA | agency=Bloomberg News | work=The New York Times | date=April 9, 1998}} The following year the company acquired Eagle Home Mortgage and Souththeyst Land Title.

In 2000, the company acquired U.S. Home Corporation for $476 million in cash and stock,{{cite news | url=https://www.nytimes.com/2000/02/18/business/company-news-lennar-agrees-to-buy-us-home-for-476-million.html |title=LENNAR AGREES TO BUY U.S. HOME FOR $476 MILLION | agency=Bloomberg News |work=The New York Times | date=February 18, 2000}}{{cite news | url=https://www.bizjournals.com/southflorida/stories/2000/02/14/daily20.html | title=Lennar to acquire U.S. Home Corp. in major merger | work=American City Business Journals |date=February 18, 2000}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2000-feb-17-fi-65143-story.html |title=Lennar to buy U.S. Home for $36 a Share | first=Tom | last=Petruno | work=Los Angeles Times | date=February 18, 2000}} which resulted in the company doubling in size.

In 2001, the company acquired home building operations from Fortress Investment Group.{{cite news | url=https://www.bizjournals.com/triangle/stories/2001/12/17/daily50.html | title=Lennar Corp. buys Sunstar Homes from Fortress Group | work=American City Business Journals |date=December 21, 2001}}

In 2002, the company acquired Patriot Homes based in Columbia, Maryland,{{cite news | url=https://www.bizjournals.com/baltimore/stories/2002/01/21/daily40.html | title=Lennar wraps up acquisition of Patriot Homes | work=American City Business Journals |date=January 24, 2002}} Barry Andrews Homes in Baltimore, Maryland, as well as Don Galloway Homes, The Genesee Company, Cambridge Homes, and Sunstar Communities. It also acquired Concord Homes and Summit Homes, both based in Chicago.{{cite news | url=https://www.bizjournals.com/southflorida/stories/2002/08/12/daily30.html | title=Lennar buys two Chicago firms | work=American City Business Journals | date=August 13, 2002}}

The company then acquired {{convert|650|acre|km2}} on Mare Island, in a closed Navy base, for redevelopment.{{cite news | url=https://www.latimes.com/archives/la-xpm-2005-mar-21-me-vallejo21-story.html | title=In Vallejo, a Lesson in Converting El Toro | first=Jean O. | last=Pasco | work=Los Angeles Times | date=March 21, 2005 | url-access=limited}}

In 2003, Lennar acquired Coleman Homes.

In 2004, the company acquired Newhall Land and Farming Company for $990 million.{{cite news | url=https://www.bizjournals.com/losangeles/stories/2004/01/26/daily23.html | title=LNR, Lennar close $1B Newhall Land buy | work=American City Business Journals |date=January 28, 2004}}{{cite news | url=https://www.wsj.com/articles/SB105882544425310700 |title=Lennar and LNR Set a Pact To Purchase Newhall Land | first=Evan | last=Perez | work=The Wall Street Journal | date=July 22, 2003 | url-access=subscription}}{{Cite news | url=https://www.nytimes.com/2003/07/22/business/company-news-real-estate-developer-sold-for-990-million.html | title=COMPANY NEWS; REAL ESTATE DEVELOPER SOLD FOR $990 MILLION | agency=Bloomberg News | work=The New York Times | date=July 22, 2003 | url-access=limited}} The company also acquired the assets of Queens Properties for $33.8 million,{{cite news | url=https://www.bizjournals.com/charlotte/stories/2004/02/23/story2.html | title=Lennar to buy Queens | first=J. Lee | last=Howard | work=American City Business Journals | date=February 23, 2004}} in addition to Connel-Barron Homes and Classic American Homes.

In 2005, Lennar acquired Barker Coleman Homes, and the company acquired the 3,718-acre Marine Corps Air Station El Toro for redevelopment.{{cite news | url=https://www.bizjournals.com/losangeles/stories/2005/02/14/daily36.html | title=Former Marine base El Toro goes to Lennar homes | work=American City Business Journals | date=February 17, 2005}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2005-feb-18-me-eltoro18-story.html | title=With El Toro Sold, What's Next? | work=Los Angeles Times | first=Jean O. | last=Pasco | date=February 18, 2005 | url-access=limited}}

In 2006, Lennar spun off its commercial servicing division, LNR Property Corporation, which was acquired by Starwood Capital Group in 2012.{{cite news | url=https://www.wsj.com/articles/SB10001424052970203897404578077361089782462 | title=Starwood to Buy LNR Property | first=Eliot | last=Brown | work=The Wall Street Journal | date=October 24, 2012 |url-access=subscription}}

In November 2006, Lennar chairman Robert J. Strudler died.{{cite news | url=https://www.nytimes.com/2006/11/13/business/12strudler.html | title=Robert J. Strudler, 64, Chairman of Lennar |work=The New York Times | date=November 13, 2006}}{{subscription required}}{{cite news | url=https://www.latimes.com/archives/la-xpm-2006-nov-11-me-passings11.3-story.html | title=Robert J. Strudler, 64; board chairman of home builder Lennar | work=Los Angeles Times | date=November 11, 2006 | url-access=limited}}

In December 2007, during the subprime mortgage crisis, the company sold an 80% interest in 11,000 properties for 40% of their previously stated book value to Morgan Stanley.{{cite news | url=https://money.cnn.com/2007/12/03/news/companies/lennar_morganstanley/ | title=Builder dumps homes in Morgan Stanley deal | first=Chris | last=Isidore | work=CNN | date=December 3, 2007}}

In 2007, Lennar founded Rialto Capital Management, which was originated to acquire distressed real estate and mortgage debt.{{cite news | url=https://blog.realestate.cornell.edu/2019/09/30/2019-summer-internship-series-wilson-blum-rialto-capital/ | title=2019 SUMMER INTERNSHIP SERIES: WILSON BLUM, RIALTO CAPITAL | first=Wilson | last=Blum | work=Cornell University | date=September 30, 2019}}

In 2008 and 2009, former businessman and convicted felon Barry Minkow engaged in an extortion scheme, spreading false information about the company that resulted in its stock price falling 26% in one day.{{cite news | url=https://fortune.com/2012/01/05/barry-minkow-all-american-con-man/ | title=Barry Minkow: All-American con man | first=Roger | last=Parloff | work=Fortune | date=January 5, 2012}} Minkow was sentenced to 5 years in prison and was ordered to pay $584 million in restitution.{{cite news | url=https://www.wsj.com/articles/SB10001424053111903461104576460033311796732 | title=Minkow Sentenced to 5 Years |first=Robbie |last=Whelan |work=The Wall Street Journal |date=January 5, 2012 | url-access=subscription}}

San Diego real estate developer Nicolas Marsch III hired Minkow to back his claims that Lennar cheated Marsch out of millions of dollars on a private golf community. After a trial, a Superior Court judge decided in July 2010 that Marsch actually owed Lennar $17 million for the development. A subsequent civil suit filed by Lennar against Marsch resulted in a $1 billion judgement in December 2013 for Lennar, $802 million in damages and $200 million in punitive damages.{{cite news |url=https://www.bloomberg.com/news/articles/2013-12-19/how-lennar-fought-an-extortion-attempt-and-won-a-1-billion-judgment | title=American Hustle: The CEO, the Ex-Partner, the Pastor, and the $1 Billion Shakedown: A scheme to smear homebuilder Lennar backfires |first=Paul M. | last=Barrett | work=Bloomberg Businessweek | date=December 20, 2013}}{{cite news | url=https://www.latimes.com/business/la-fi-re-lennar-minkow-lawsuit-20150403-story.html | title=Court upholds Lennar's $1-billion verdict against San Diego developer | first=E. Scott | last=Reckard | work=Los Angeles Times | date=April 3, 2015 | url-access=limited}}

In February 2017, the company acquired WCI Communities, which operated in Florida, for $643 million.{{cite press release | url=https://www.prnewswire.com/news-releases/lennar-completes-acquisition-of-wci-communities-300405585.html | title=Lennar Completes Acquisition of WCI Communities | publisher=PR Newswire | date=February 10, 2017}}

In 2018, Burger King moved into a new headquarters down the street from its old one, and Lennar moved into Burger King's former headquarters in the Waterford District near Miami International Airport.{{cite news |last1=Bandell |first1=Brian |title=Lennar signs deal for new headquarters in South Florida |url=https://www.bizjournals.com/southflorida/news/2019/09/20/lennar-signs-deal-for-new-miami-hq.html |access-date=October 22, 2023 |work=South Florida Business Journal |date=September 20, 2019|url-access=subscription}}

In February 2018, the company acquired CalAtlantic Homes.{{cite press release |title=Lennar Completes Strategic Combination with CalAtlantic |date=February 12, 2018 |publisher=PR Newswire |url=https://www.prnewswire.com/news-releases/lennar-completes-strategic-combination-with-calatlantic-300597384.html}} The same year, Lennar developed a venture capital arm, Lennar Ventures, dubbed LenX. In 2021, LenX announced strategic partnerships with companies ICON and Veev.{{Cite web |date=2021-11-19 |title=Lennar's LenX Taps Veev In NoCal Modular Pre-Fab Project |url=https://www.thebuildersdaily.com/lennars-lenx-taps-veev-in-nocal-modular-pre-fab-project/ |access-date=2024-08-13 |website=The Builder's Daily |language=en}} With Veev's collapse in 2023, LenX acquired the company.{{Cite web |last=Staff |first=T. R. D. |date=2023-12-29 |title=Lennar acquires proptech Veev, which bombed after raising $600M |url=https://therealdeal.com/sanfrancisco/2023/12/29/lennar-acquires-struggling-proptech-veev-at-huge-discount/ |access-date=2024-08-13 |website=The Real Deal |language=en}}

In November 2024, Lennar acquired Arkansas based builder Rausch Coleman Homes. With this acquisition, Lennar entered the Birmingham, Kansas City, Little Rock, Northwest Arkansas, Tulsa and Tuscaloosa markets. In addition, it expanded its presence in Houston, Huntsville, Northwest Florida, Oklahoma City and San Antonio.https://investors.lennar.com/press-releases/2024/11-19-2024-133149049

In February 2025, Lennar spun off Millrose Properties, Inc., a "first-of-its-kind" homesite option purchase platform. Millrose became an independent publicly traded company and began trading on the NYSE under the symbol "{{NyseSymbol|MRP}}."{{cite press release | url=https://www.prnewswire.com/news-releases/lennar-completes-spin-off-of-millrose-properties-302371281.html | title=Lennar Completes Spin-off of Millrose Properties | publisher=PR Newswire | date=February 7, 2025 |access-date=February 10, 2025}}

Founded in 1989, the Lennar Foundation receives $1,000 per home sold by the company to fund Focused Acts of Caring and various grants, with a focus on supporting at-risk children, medical research, and other philanthropic efforts.{{cite web |title=Lennar Corporation Community Involvement |url=https://www.lennar.com/about/community |website=www.lennar.com |access-date=20 September 2024}} The foundation also partners with the Miami Dolphins Challenge Cancer initiative and regularly donates to the Sylvester Comprehensive Cancer Center at the University of Miami.

Lennar is headquartered in Miami as part of the Waterford Business District located near the Miami International Airport neighboring other large companies. The company moved into the new 200,000 square feet facility in 2019 as part of a lease and later purchased the property in 2023.{{cite news |last1=Alvarado |first1=Francisco |title=Lennar pays $68M for its Miami headquarters property |url=https://therealdeal.com/miami/2023/12/22/lennar-pays-68m-for-its-miami-headquarters-building/ |access-date=20 September 2024 |work=The Real Deal |date=22 December 2023 |language=en}} Other corporate office locations include Dallas and Irvine, California in addition to dozens of Lennar Welcome Home Centers across the nation.

{{Reflist}}

• {{Official website|https://www.lennar.com/}}

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| name = Lennar Corporation

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Category:1954 establishments in Florida

Category:1970s initial public offerings

Category:American companies established in 1954

Category:Companies based in Miami

Category:Companies listed on the New York Stock Exchange

Category:Construction and civil engineering companies established in 1954

Category:Construction and civil engineering companies of the United States

Category:Home builders

Category:Real estate companies established in 1954

Category:Real estate companies of the United States