Venable attorneys Patsy McGowan, Gabriel Steele, and Lauren Fields served as Maryland counsel to Lennar Corporation in its taxable spin-off of Millrose Properties, Inc. through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders. Lennar is one of the nation's leading homebuilders; it contributed $5.5 billion in land assets and $1.0 billion of cash to Millrose in connection with the spin-off. Millrose is an independent publicly traded company that intends to be treated as a real estate investment trust for federal income tax purposes and engages, through its subsidiaries, in land purchases, horizontal development, and homesite option purchase arrangements.