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SAN FRANCISCO-Divco West and Page Mill Properties LP are taking to market a 4 million-plus-sf portfolio of office and other commercial assets in the Bay Area, Denver and Boston. Sources associated with the seller say a “conservative” estimate for the portfolio’s value is $1 billion.

The portfolio is dominated by assets acquired and owned by the Divco’s Page Mill Properties Fund. About which 2.5 million sf is in the San Francisco Bay Area. The balance of the office space is in Denver and Boston. In addition to office space, the portfolio includes interests in two Bay Area boutique hotels and a large Northern California development parcel.

Bids for the entire portfolio or any of the assets available for purchase, will be due in mid-November. Each bid will be required to show per asset pricing and the sellers may ultimately decide to refinance or recapitalize some of the assets.

“As we have seen in recent single dispositions in the Bay Area and elsewhere, the capital markets currently offer a tremendous opportunity to realize significant returns on well positioned properties,” says Divco CFO Steven Dietsch, CFO. “We believe that by structuring and offering an execution option on a large portfolio, we will reach an even deeper universe of buyers — including larger institutional buyers and others — with a variety of appetites at premium pricing levels.”

Steve Silk, Stephen Van Dusen, Greg Cioth and Jay Borzi of Secured Capital’s Los Angeles office have the disposition assignment. Steve Silk could not be reached Wednesday morning for comment.

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