Richard Peery | $1B+
Get in touch with Richard Peery | Richard Peery, founder of the Peery family real estate enterprise, built one of Silicon Valley’s most influential commercial property portfolios by specializing in high-quality office and industrial developments in Northern California. Known for acquiring and developing strategic assets near the world’s leading technology corridors, Peery helped shape the physical infrastructure that supported the region’s growth for decades. Operating with a low public profile, he expanded through long-term ownership, disciplined management, and a deep understanding of location-driven value. Peery is also recognized for philanthropy supporting education, community development, and civic initiatives.
Richard Peery (born 1938 or 1939) is an American billionaire real estate developer renowned for pioneering commercial development in Silicon Valley. In partnership with John Arrillaga since the 1960s, Peery acquired vast tracts of farmland and transformed them into office parks that became home to major technology companies, including Hewlett-Packard, Google, Intel, and Apple, fundamentally shaping the region's economic landscape.[1][2] His entrepreneurial career, which began with early ventures like owning gumball machines on the Stanford campus as a middle schooler and later operating a mini-golf course as a teenager, culminated in the founding of Peery/Arrillaga, a leading firm in Silicon Valley real estate.[2] Peery holds a Bachelor of Arts from Brigham Young University and briefly attended Stanford's MBA program before dropping out to pursue business opportunities.[1]
Peery's business acumen led to significant financial success, including a landmark 2006 sale of numerous properties with Arrillaga for $1.1 billion, contributing to his current net worth of $3.6 billion as of January 2026.[1] Beyond real estate, Peery has been a dedicated philanthropist; with his sister, he endowed Brigham Young University with $3 million to establish the H. Taylor Peery Institute of Financial Services, named after their late father. He founded the Peery Foundation in 1978 to advance social entrepreneurship and promote self-reliance among youth and families, with a focus on addressing poverty through innovative initiatives in the Bay Area and internationally.[1][3] The foundation, now managed by his son Dave, supports global efforts to empower underserved communities via entrepreneurial solutions.[1] In recognition of his family's commitment to these principles, Brigham Young University's Marriott School of Business named its flagship Social Entrepreneurship Program after the Peery family in 2011, endowing it to foster research, student competitions, and experiential learning aimed at solving societal challenges like extreme poverty and educational disparities.[3] Peery's legacy thus extends from Silicon Valley's built environment to broader impacts on education, innovation, and social welfare.[3]
Early Life and Education
Family Background
Richard Peery was born in 1938 or 1939.[1]
He is the son of H. Taylor Peery, a prominent banker and real estate professional who graduated from Stanford University with a BA in economics in 1927 and earned an MBA from Stanford Business School in 1929.[4] Taylor Peery began his career in investment counseling before joining Bank of America in 1931, where he rose over 24 years to the position of vice president by 1955, managing the bank's investment portfolio and personal investments with notable success.[4] In 1955, he left to become executive vice president and director of Allied Properties for two years, then founded Peery & Co., a real estate firm in 1957, which laid the groundwork for family involvement in Stanford-area properties.[4] Taylor Peery's experiences in banking and foresight into Silicon Valley's potential profoundly influenced his son, instilling principles of financial discipline, hard work, and prudent investment that shaped Richard's business acumen from an early age.[4]
Peery grew up in a family emphasizing education and entrepreneurship, with his father providing hands-on opportunities like yard work and investment tracking to build ambition and avoid complacency.[4] He has a brother, David Rich Peery, and one sister, Nancy Peery Marriott, with whom he co-endowed the H. Taylor Peery Institute of Financial Services at Brigham Young University with $3 million in honor of their father.[1][4] The family's early banking ties and real estate ventures in the Palo Alto area positioned Richard to inherit and expand upon a foundational portfolio, setting the stage for his future career.[4]
Early Entrepreneurial Ventures
During his middle school years in Palo Alto, California, Richard Peery demonstrated an early flair for business by acquiring ownership of every gumball machine on the Stanford University campus. Operating independently, he negotiated the purchases and managed the routes to service the machines, honing practical skills in logistics and revenue generation without formal guidance.[5][6]
As a teenager, Peery expanded his entrepreneurial activities by opening and operating his own miniature golf course, further showcasing his ability to conceptualize, launch, and run a recreational business venture. This hands-on experience involved self-taught management of daily operations, customer interactions, and financial oversight, all conducted amid the vibrant Stanford community. Influenced by his father's real estate environment, Peery's initiative in these projects built a modest capital base while establishing a local reputation for ingenuity and reliability.[1][2][4]
These youthful endeavors not only provided Peery with initial earnings but also cultivated his reputation within the Stanford area as a precocious entrepreneur, laying foundational experiences that informed his later professional pursuits.[6]
Formal Education
Richard Peery received a bachelor's degree from Brigham Young University (BYU) in the 1960s, an institution sponsored by The Church of Jesus Christ of Latter-day Saints (LDS Church), where the LDS-affiliated environment helped shape his personal values emphasizing integrity, service, and community involvement.[1] While the specific major is not publicly detailed, his studies aligned with his emerging business interests, providing foundational knowledge in economics and management that informed his later career path.[1]
Following his undergraduate studies, Peery enrolled in the Master of Business Administration (MBA) program at the Stanford Graduate School of Business, leveraging his family's longstanding connections to Stanford—his father, H. Taylor Peery, had attended the university in the 1920s.[7] However, he ultimately dropped out of the program to seize emerging real estate opportunities in Silicon Valley, prioritizing practical experience over formal graduate completion.[1]
Peery holds no advanced degrees, reflecting his belief in the value of hands-on learning and entrepreneurial application as superior to extended academic pursuits in certain contexts.[8] This approach underscored his transition from structured education to building a prominent real estate portfolio.
Real Estate Career
Entry into Family Business
Following his undergraduate studies at Brigham Young University and while pursuing an MBA at Stanford Graduate School of Business, Richard Peery began managing his father's modest property portfolio in the late 1950s, marking his transition into professional real estate.[1][4]
H. Taylor Peery, Richard's father, had established Peery & Co. in 1957 specifically to allow his sons to benefit from his expertise in Bay Area land investments, focusing on undervalued properties near Stanford University in Palo Alto and surrounding areas that showed potential for agricultural and commercial use.[4] The portfolio at the time emphasized holdings in California's Santa Clara Valley, where post-World War II suburban growth was beginning to transform orchards into opportunities for leasing and development, though the market remained subdued with limited financing options for smaller operators.[4]
In 1964, upon H. Taylor Peery's death at age 63, Richard, then 25, assumed full management of the company and its assets, applying lessons from his father in property valuation, maintenance, and strategic leasing to sustain and incrementally expand the family's California-based holdings amid economic constraints like tight credit and slow regional appreciation.[4][1] This phase built his foundational skills in overseeing agricultural lands and early commercial spaces, prioritizing conservative growth in the Stanford vicinity before broader ventures.[4]
Partnership with John Arrillaga
In the early 1960s, Richard Peery met John Arrillaga through Peery's uncle, a Wells Fargo executive, who recognized their shared interest in real estate opportunities around Stanford University.[6] Peery, building on his experience managing his family's modest property portfolio in Palo Alto, partnered with Arrillaga, a Stanford geography graduate, to pursue larger-scale investments.[1] This collaboration marked a significant escalation from Peery's earlier family business oversight, shifting toward high-stakes acquisitions in the emerging tech landscape.[9]
The duo's joint strategy centered on acquiring undervalued agricultural land in Silicon Valley during the nascent stages of the tech boom, when the region was still dominated by prune, almond, and cherry orchards.[6] With limited initial capital—about $2,000 of their own money supplemented by financing—they targeted thousands of acres of farmland south of San Francisco, particularly near Stanford in areas like Sunnyvale, San Jose, and Mountain View.[6] They developed these properties speculatively, constructing low-cost "tilt-up" concrete office buildings before securing tenants, an unconventional approach that allowed rapid adaptation to growing demand from semiconductor and tech firms.[6] Emphasizing immediate land appreciation over borrowing—Arrillaga famously viewed debt as risky—they converted large tracts of agricultural land into commercial office parks, ultimately creating over 12 million square feet of space.[6][9]
Peery and Arrillaga's partnership thrived on complementary skills, with Peery leveraging his financial acumen for land selection and expediting construction approvals, while Arrillaga applied his development expertise in supplier negotiations and tenant dealings, often using psychological insight to foster mutually beneficial agreements.[6] Operating through their firm, Peery Arrillaga, the collaboration endured for decades, spanning from the 1960s until a major asset sale in 2006 and continuing informally until Arrillaga's death in 2022.[1][9] This long-term alliance not only amplified their individual strengths but also positioned them as pioneers in Silicon Valley's commercial real estate transformation.[6]
Major Developments and Holdings
Peery and his longtime business partner John Arrillaga began developing office parks on acquired farmland in Silicon Valley during the mid-1960s, transforming orchards in areas such as Sunnyvale, Mountain View, and San Jose into commercial spaces tailored for the emerging technology sector.[6] Their speculative approach involved constructing low-rise, functional tilt-up buildings without pre-committed tenants, anticipating demand from semiconductor and computing firms; this strategy aligned with the region's shift from agriculture to innovation hubs.[6] By focusing on cost-effective designs and avoiding debt, they created campuses that supported the rapid growth of companies pioneering personal computing and software in the 1970s and 1980s.[6][1]
Major builds accelerated through the 1970s and 1980s, coinciding with Silicon Valley's tech boom, as Peery-Arrillaga erected over 12 million square feet of office space across multiple sites, including key corridors near Stanford University and Mineta San Jose International Airport.[6] Expansions in North San Jose, for instance, featured multi-building complexes with amenities like underground parking and recreational facilities, designed to attract large-scale corporate occupants amid the rise of firms like Intel and Cisco.[6] These developments not only housed early tenants such as Hewlett-Packard but also facilitated the influx of engineers and startups, solidifying the area's status as a global tech center.[1][6]
Peery's portfolio includes notable tenants like Google, Apple, Hewlett-Packard, Intel, and Cisco, occupying spaces within developments totaling millions of square feet.[1][6] These properties, often leased on long-term basis to ensure stability, underscore Peery's emphasis on enduring partnerships with tech giants.[10]
Today, Peery's holdings consist primarily of commercial office properties in Palo Alto and adjacent areas including Milpitas, Santa Clara, San Jose, and Fremont, managed through the Peery-Arrillaga partnership.[11] This portfolio reflects a strategy of retaining core assets for sustained income via long-term leases, even after significant sales like the 2006 divestiture of 5.3 million square feet.[1][12] Ongoing projects continue to prioritize functional spaces that support Silicon Valley's evolving tech ecosystem.[6]
Wealth and Recognition
Net Worth Evolution
Richard Peery's net worth began to accumulate in the 1960s through his entry into the family real estate business, where he managed and expanded a modest portfolio of properties in California, yielding initial gains from agricultural land acquisitions and early developments.[1] During this period, Peery's wealth growth was steady but limited, supported by conservative investments in farmland that laid the groundwork for future expansion.[6]
The pace of his fortune's growth accelerated significantly from the 1970s to the 1990s, driven by the explosive Silicon Valley technology boom and the lucrative dividends from his long-term partnership with John Arrillaga.[1] As they converted purchased orchards into high-demand office parks leased to emerging tech firms, Peery's assets appreciated rapidly, with notable milestones including a 2006 sale of key holdings for $1.1 billion that bolstered his portfolio.[1] By the early 2000s, his net worth had reached approximately $1.7 billion, reflecting the compounded value of these strategic developments.[13]
Peery's wealth continued to climb in subsequent decades, reaching $2.1 billion by 2013 and $2.8 billion by 2019, underscoring the enduring impact of Silicon Valley's real estate appreciation.[14][15] As of 2025, his net worth stands at an estimated $3.6 billion.[1] This progression is highlighted by his rankings: #374 on the 2024 Forbes 400 list of America's richest individuals and #1015 on the 2025 World's Billionaires list.[1]
Year Estimated Net Worth (USD) Source
2001 $1.7 billion Forbes World's Billionaires
2006 $1.1 billion Forbes Billionaires
2013 $2.1 billion Forbes 400
2019 $2.8 billion Forbes 400
2024 $3.6 billion Forbes 400
Industry Impact and Awards
Richard Peery played a pivotal role in pioneering Silicon Valley as a commercial real estate hub during the mid-20th century, transforming agricultural lands into office spaces that accommodated the burgeoning tech industry and enabled the growth of companies such as Hewlett-Packard and Apple. His foresight in acquiring and developing undervalued properties in the 1960s laid the groundwork for the region's evolution from orchards to a global innovation center, fostering an ecosystem that attracted venture capital and talent.
Peery's contributions to urban development extended beyond individual projects, as his investments helped reshape Santa Clara County's economy by converting farmland into high-density commercial districts that supported the tech boom and generated thousands of jobs. This transformation influenced broader regional planning, emphasizing sustainable growth and infrastructure that sustained Silicon Valley's dominance in technology for decades.
In recognition of his achievements, Peery was ranked #72 on Bisnow's 2016 list of the Richest People in Real Estate, reflecting his substantial portfolio valued at over $2 billion at the time. He earned widespread acclaim as an "early Silicon Valley property baron" for his strategic land acquisitions that capitalized on the area's potential.[2]
Peery's business philosophy centered on long-term investment in undervalued land and calculated risk-taking during the nascent stages of the tech sector, which allowed him to build enduring wealth while contributing to the infrastructure of innovation. This approach not only amplified his personal success but also set a model for patient capital in real estate development amid technological disruption.
Personal Life
Marriage and Immediate Family
Richard Peery has been married to Mimi Peery since the early 1960s, forming a long-term partnership that has included joint involvement in philanthropic endeavors, such as co-founding the Peery Foundation in 1978.[16][3]
The couple has four children: Dennis, Jason, Jennifer, and David, all of whom have taken leadership roles in the family foundation, with David serving as president, Dennis as secretary, Jason as treasurer, and Jennifer as vice president.[17][18]
The Peery family resides in Palo Alto, California, where Richard and Mimi have been longtime residents.[7]
As an adult, Peery maintains a close connection with his sister, Nancy Peery Marriott, who is married to J. Willard "Bill" Marriott Jr., chairman of Marriott International.[1]
Religious and Community Ties
Richard Peery has been a lifelong active member of The Church of Jesus Christ of Latter-day Saints.[1][19]
Peery's educational background at Brigham Young University strengthened his connections to the LDS-affiliated institution, where he earned a bachelor's degree before pursuing graduate studies at Stanford.[1] These ties extended through family-supported initiatives at BYU, such as the establishment of the H. Taylor Peery Institute of Financial Services, honoring his father's legacy and fostering ongoing engagement with the university's community.[20]
Residing in Palo Alto, California, Peery has participated in local networks around the Stanford University area.[1]
Philanthropy
Peery Foundation Overview
The Peery Foundation was established in 1978 by Richard and Mimi Peery as a private grantmaking foundation headquartered in Palo Alto, California.[18][3] This family-led organization operates as a 501(c)(3) entity, focusing on proactive philanthropy by identifying and supporting initiatives aligned with the Peery family's values.[18][17]
From its inception, the foundation's initial emphasis was on investing in social entrepreneurs addressing poverty, with a mission to strengthen youth and families in building lives of dignity and self-reliance.[21][22] This approach reflects a commitment to high-impact giving through grants and investments in innovative solutions, particularly in the San Francisco Bay Area and beyond.[18][23]
The foundation's endowment has expanded considerably over the decades, directly linked to Richard Peery's wealth accumulated from real estate ventures. A notable example of this philanthropic extension is the $3 million endowment provided by Richard Peery, his wife Mimi, and his sister Nancy Peery Marriott to Brigham Young University in 2001, establishing the H. Taylor Peery Institute of Financial Services in honor of their father.[1][20]
Key Grants and Initiatives
The Peery Foundation's grantmaking emphasizes unrestricted, multi-year funding to social entrepreneurs addressing poverty, youth development, and family self-reliance, with a proactive approach to identifying high-impact opportunities rather than accepting unsolicited proposals.[24] Established in 1978 by Richard Peery and beginning active grantmaking in 2001, the foundation paused new grants in 2021 to reassess its strategy, though it continues to support existing partners.[24] Its portfolio is divided into three main areas: local Bay Area programs focused on youth and education, U.S.-based work and opportunity initiatives, and global development and health efforts, with approximately half of funding directed toward Northern California.[25]
In the Bay Area, the foundation targets closing opportunity gaps for at-risk youth through community-driven educational and transformational services, prioritizing high-quality programs requested by local schools and organizations. Key grantees include the East Palo Alto Charter School, which receives support for youth education programs, and the Ravenswood Education Foundation, aiding family and student achievement in under-resourced districts.[24] Another initiative supports restorative justice via the East Palo Alto Youth Court, fostering youth leadership and accountability to prevent achievement disparities. These efforts align with the foundation's local portfolio, which builds capacity among vulnerable youth in East Palo Alto and surrounding areas.[25]
Nationally, under the Work and Opportunity portfolio, grants promote economic mobility for low-income individuals through job placement, training, and self-sufficiency programs. Representative funding goes to the Center for Employment Opportunities in New York City for recidivism reduction and employment support, and Street Business School in Colorado for entrepreneurial training among underserved populations.[24] These initiatives emphasize scalable, market-based solutions to enhance family stability.
Globally, the foundation invests in poverty alleviation via innovative, market-driven approaches serving marginalized rural and vulnerable communities, often through health and agricultural access. Notable grantees include One Acre Fund for smallholder farmer support in Africa, Living Goods for community health worker networks delivering essential services, and VisionSpring for affordable vision care programs reaching millions in low-income regions.[24] Other examples encompass Medic Mobile's open-source health technology platform and Samasource's digital work opportunities for poverty-stricken areas, reflecting a commitment to flexible funding for social enterprises with proven scalability. The foundation participates in collaborative networks like Big Bang Philanthropy to amplify these anti-poverty efforts.
Disclaimer: This profile is based on publicly available information. No endorsement or affiliation is implied.
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