One of the region's most-respected commercial property owners is contemplating the sale of his entire 7.7-million square-foot Silicon Valley portfolio, sources say. But neither party to the potential transaction would confirm details on Friday.
Well-placed sources in valley real estate say Carl Berg is selling his entire Silicon Valley portfolio to Starwood Capital Group, a privately owned, Connecticut-based real estate investment firm. The deal, if done, would be the largest commercial property sale in Silicon Valley history, as measured by square footage.
The previous record-setter was the Peery-Arrillaga portfolio of 5.3 million square feet, which sold last year for more than $1 billion. A purchase price for the Berg deal could not be learned, but one source said it will likely total less than the Peery-Arrillaga sale.