NEWS FROM:                                                  EXHIBIT 99.1

GRIFFIN LAND & NURSERIES, INC.               CONTACT:
                                             ANTHONY GALICI
                                             CHIEF FINANCIAL OFFICER
                                             (860) 653-4541

GRIFFIN ANNOUNCES COMPLETION OF SHARE ACQUISITION AGREEMENT FOR THE SALE OF
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CENTAUR COMMUNICATIONS, LTD.
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NEW  YORK,  NEW YORK (FEBRUARY 27, 2004) GRIFFIN LAND & NURSERIES, INC. (NASDAQ:
GRIF)  ("GRIFFIN")  today  announced  that  Griffin  and  the  other  principal
shareholders  of  Centaur  Communications, Ltd. ("Centaur") had executed a Share
Acquisition  Agreement  providing for the sale of all of the A, B and C Ordinary
Shares  in  Centaur.  Griffin  owns  an  approximately  35%  interest (31% fully
diluted)  in  Centaur,  a  United  Kingdom  magazine  and  information  services
publisher.  Closing of the transaction, expected to take place in the first half
of  March,  is subject to several contingencies, including the buyer, which is a
shell  corporation,  securing  the  financing  for  the  transaction  through an
offering  of  securities,  and  the  separate  offer by the buyer to acquire the
remaining  class  of  shares  being  declared  unconditional.

Approximately  86% of the proceeds to Griffin would be in cash, with the balance
to be in common stock of the buyer, which would be a newly public company quoted
on  the  Alternative  Investment  Market  of The London Stock Exchange.  Griffin
estimates  that  if  completed, the sale of Centaur would result in an after-tax
profit to Griffin in a range of in excess of $7.00 per share of Griffin's issued
and outstanding common stock at current exchange rates and if all of the gain is
currently  recognized  for  accounting  purposes.

Griffin  operates  a  real estate business under its Griffin Land division and a
landscape  nursery  business,  Imperial  Nurseries,  Inc.

Forward-Looking  Statements:
This  Press  Release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act.  Although
Griffin  believes  that its plans, intentions and expectations reflected in such
forward-looking  statements  are  reasonable, it can give no assurance that such
plans, intentions or expectations will be achieved, particularly with respect to
the  closing  of the sale of Centaur. The projected information disclosed herein
is  based  on  assumptions  and  estimates  that, while considered reasonable by
Griffin  as  of the date hereof, are inherently subject to significant business,
economic,  competitive  and  regulatory uncertainties and contingencies, many of
which  are  beyond  the  control  of  Griffin.