Carl E. Berg Submits Two Director Nominations For Election At The 2016 Annual Meeting Of Stockholders Of Stratus Properties Inc.

Jan 08, 2016, 14:40 ET from Carl E. Berg

CUPERTINO, Calif., Jan. 8, 2016 /PRNewswire/ -- Carl E. Berg, who is the largest shareholder (17.4%) of Stratus Properties Inc. (STRS: Nasdaq), today announced that he has sent to Stratus a written notice to nominate two persons, Mr. David M. Dean and Mr. Michael Knapp, for election as directors of Stratus at the 2016 Annual Meeting of Stockholders, pursuant to the advance notice requirements in Stratus' bylaws.  Mr. Dean currently serves as the Chief Operating Officer of Lincoln Capital Management, LLC, an organization that specializes in providing bridge financing incident to the Small Business Administration's 504 real estate loan program.  Mr. Knapp currently serves as the manager of Berg & Berg Enterprises, LLC, a real estate company affiliated with Mr. Berg which is involved in commercial research and development properties as well as residential properties. Neither Mr. Dean nor Mr. Knapp currently owns any securities of Stratus.  The Stratus board of directors is staggered, and, as a result, Stratus' stockholders will only be electing two directors at the 2016 Annual Meeting

"Both David Dean and Michael Knapp have significant experience in the real estate industry.  In addition to being an investor in real estate transactions before joining Lincoln Capital Management, David Dean played a significant role over 13 years in building Crescent Real Estate Equities Company, a New York Stock Exchange-listed company, to be a company with approximately $6 billion of assets at the time it was sold to affiliates of Morgan Stanley Real Estate in 2007.  I have worked closely with Michael Knapp on numerous real estate deals and developments at Mission West Properties, a public REIT that was more than twice Stratus' current size when we sold it to DivcoWest in 2012.  I continue to work with Michael on real estate deals at Berg & Berg.  I firmly believe that such experience and the independence and other qualities that David and Michael would bring to the Stratus boardroom would well serve the interests of Stratus' stockholders," said Mr. Berg.

Stratus is a real estate company engaged primarily in the development, management, operation and sale of commercial, hotel, entertainment, and multi- and single-family residential real estate properties located in Texas, primarily in the Austin, Texas area. 

Mr. Berg is a real estate investor and venture capitalist and was the Chief Executive Officer of Mission West Properties, a real estate investment trust, from 1997 through December 22, 2012, when that company was sold to DivcoWest, a privately owned real estate investment company.  He believes he has been Stratus' largest shareholder for almost the last 15 years.

Contact:
Carl E. Berg
10050 Bandley Drive
Cupertino, California 95014
(408) 725-0700

 

SOURCE Carl E. Berg