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Fluor Increasing Its Irvine Office Space By More Than 100,000 SQ. FT.

Fluor Corporation (NYSE: FLR), a Fortune 500 company with annual revenues of $14.1 billion in 2006, will consolidate a portion of its Southern California operation when it moves into three buildings in Irvine Spectrum near the intersection of the Santa Ana (5) and San Diego (405) freeways this summer, The Irvine Company announced today.

Fluor has signed a lease for 169,254 sq. ft. in the Discovery Business Center area of Irvine Spectrum. Currently, a portion of Fluor’s Energy & Chemical business unit occupies a single building totaling 63,440 sq. ft. in University Research Park (URP), the thriving business park adjacent to the University of California, Irvine. It will relocate this group from URP to Irvine Spectrum.

Terms of Fluor’s lease were not released.

“The Irvine Spectrum facility will provide Fluor with the opportunity to consolidate a number of our Energy & Chemical projects from URP to this new facility, which will improve our operational efficiency. Fluor will continue to operate this facility in conjunction with our other Southern California facilities in Aliso Viejo and Long Beach,” said Luis Martinez, vice president and general manager of Fluor’s Southern California Operations. “Orange County is a fantastic place to do business and we are pleased to be growing in this dynamic market.”

Fluor plans a job fair at the new site June 9 to recruit candidates to supplement its current workforce at all three of Fluor’s Southern California locations.

Two of the buildings Fluor will move into were previously occupied by Broadcom Corp. In March, Broadcom relocated to a new 685,000 sq. ft. campus in URP after signing the biggest lease in Orange County history. Nearly all of Broadcom’s old space (about 445,000 sq. ft.) in Irvine Spectrum has already been filled, The Irvine Company said.

“Fluor’s move is the latest in a series of significant expansions involving some of Orange County’s top technology and engineering companies,” said Val Wheeler, President of The Irvine Company Office Properties. “At a time of historically low vacancy, we are pleased to be in a position to offer outstanding companies such as Fluor the space they desire as they grow and expand their businesses.”

Other recent notable recent deals in the Irvine Company’s portfolio of Orange County office buildings, which are about 95 percent leased, include:

•Capital Group leased 98,898 square feet in Discovery Business Center in Irvine Spectrum.

•Bio-RAD Laboratories renewed 185,897 square feet in Irvine.

•Kelley Blue Book renewed 47,654 square feet, and added 40,875 square feet, also in Irvine.

Fluor’s new offices will be less than a mile from the Irvine Spectrum Center, which offers the finest in dining, entertainment and shopping options. It is also a short distance from the Village Apartment Homes, which offers 1,550 apartment homes at varying price points. Employees will also be near The Irvine Transportation Center. Thousands of people use the center every day, which provides a convenient alternative to driving the region’s freeways. It offers a variety of options, including the train, buses, taxis and carpools.

Fluor joins other Irvine Spectrum companies in the industries of computer hardware, software, biotech, medical devices, automotive and broadband communications. With prestigious high-rises and campus-like environments, Irvine Spectrum is a world leader in its concentration of technology, research and development and light manufacturing companies. Other leading companies include Gateway, Verizon Wireless, Toshiba and Ford Motor Company and its Premier Auto Group: Volvo, Jaguar, Land Rover and Aston Martin.

Fluor was represented by Jeffrey Osborn, Chris Bosley and Tom McDonald of Cushman & Wakefield. The Irvine Company was represented in-house by Tom Greubel and Jeffrey Shaw.

About Fluor
Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $14.1 billion in 2006. For more information, visit www.fluor.com.

About The Irvine Company
The Irvine Company is a privately held real estate planning, development and investment company based in Newport Beach, Calif. The Investment Properties Group – an arm of The Irvine Company – owns and operates a world-class portfolio of office buildings, regional and
neighborhood shopping centers, and apartment communities in Orange County, West Los Angeles, San Diego and Silicon Valley. The portfolio also includes two hotels, three golf clubs and five marinas. Most of the Investment Property Group’s holdings are located on the Irvine Ranch in Orange County, which The Irvine Company is developing according to a comprehensive master plan.