Posts Tagged ‘california sells buildings’

How much trouble are we in?  Does this sound like a domino?


California to Sell 24 Government Buildings for $2.3 Billion

The state announced Monday it is selling 24 government office buildings — including the Ronald Reagan State Building in Los Angeles and the San Francisco Civic Center — to a group of private investors for $2.3 billion.

Los Angeles, CA
Getty Images
Los Angeles, CA

Ron Diedrich, acting director of the California Department of General Services, announced it selected the offer from California First LLC, a partnership led by a Texas real estate firm and an Orange County private equity firm.

About $1 billion of the sale will be used to pay off bonds on the buildings, leaving more than $1.2 billion to go into the state’s general fund.

“After an extensive review of more than 300 bids that were received, I have determined that this offer presents the best value for the state,” Diedrich said in a statement.


Read Full Post »