Broadcom and Heritage Fields El Toro, LLC Reach Agreement on Purchase of Land for New Corporate Campus

IRVINE, Calif., Nov. 13, 2014 /PRNewswire/ -- Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today announced that one of its wholly-owned subsidiaries has executed an agreement with Heritage Fields El Toro, LLC to purchase land to build a new corporate campus in Irvine, Calif. Broadcom's campus will be the first commercial development at Great Park Neighborhoods, a mixed-use, master-planned community managed by FivePoint Communities. For more news, visit Broadcom's Newsroom.

"We are thrilled to move forward with Broadcom's new corporate campus in the city of Irvine. Owning land and building a campus provides Broadcom with favorable economics and flexibility for the long-term," said Scott McGregor, Broadcom's President and Chief Executive Officer. "This approach also has the benefit of enabling us to design an environment for our workforce where we can prioritize collaboration and sustainability."

Broadcom plans to initially build a 1.1 million square foot campus with the opportunity to expand to up to 2 million square feet. The campus will feature a layout designed for Broadcom's unique culture of innovation and engineering excellence. It will have sustainability at its core, with development labs and open office workspaces designed to minimize energy use and maximize flexibility.

"Great Park Neighborhoods is a dynamic community that will include a variety of uses – including homes, shops and, now a Fortune 500^® company – to create a unique neighborhood around one of the world's great metropolitan parks," said FivePoint Communities CEO Emile Haddad. "FivePoint is pleased to work with Broadcom as it builds a state-of-the-art campus that will meet the needs of its employees for years to come and further enhance the entrepreneurial spirit of Irvine."

Subject to customary closing conditions, the land purchase is expected to close in Q1 2015. The campus is being designed by the international design firm M. Arthur Gensler Jr. & Associates, Inc. and built by DPR Construction. Once the land acquisition closes, Broadcom anticipates construction will begin in the first half of 2015 and be ready for initial occupancy in 2017.

Cautions Regarding Forward-Looking Statements:

All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. Examples of such forward-looking statements include, but are not limited to, references to the financial benefits of owning land and building a campus, the size of the new campus, and the timing and successful construction of the campus.  These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.

Important risk factors that may cause such a difference for Broadcom in connection with the purchase and related construction include, but are not limited to, risks inherent in such transactions, including matters arising in connection with the parties' efforts to comply with and satisfy applicable closing conditions relating to the acquisition of land, the timing and successful completion of construction, environmental issues, costs and unanticipated expenditures, potential contractual or other disputes; our ability to scale our workspace, and the inherent liability associated with owning property.

About Broadcom

Broadcom Corporation (NASDAQ: BRCM), a FORTUNE 500^® company, is a global leader and innovator in semiconductor solutions for wired and wireless communications. Broadcom^® products seamlessly deliver voice, video, data and multimedia connectivity in the home, office and mobile environments. With the industry's broadest portfolio of state-of-the-art system-on-a-chip solutions, Broadcom is changing the world by Connecting everything^®. For more information, go to www.broadcom.com.

About FivePoint Communities

Headquartered in Orange County, FivePoint Communities invests in and oversees some of the largest mixed-used projects in California, including Great Park Neighborhoods in Irvine, Newhall Ranch (the largest mixed-use community in Los Angeles County) and Valencia in the city of Santa Clarita. The first of the Great Park Neighborhoods, the Pavilion Park, opened in the fall of 2013 and is in the final stage of sales. The heart of the company's philosophy is to build sustainable mixed-use communities that encourage an active and engaged lifestyle for multiple generations. www.fivepointcommunities.com 

Broadcom^®, the pulse logo, Connecting everything^® and the Connecting everything logo are among the trademarks of Broadcom Corporation and/or its affiliates in the United States, certain other countries and/or the EU.  Any other trademarks or trade names mentioned are the property of their respective owners.

Contacts

SOURCE Broadcom Corporation; BRCM Corporate

Related Links

http://www.broadcom.com