Cash-strapped Calif. puts state office buildings up for sale to help close budget deficit
By Judy Lin, APFriday, February 26, 2010
California puts 11 office buildings up for sale
SACRAMENTO, Calif. — California has put up the “for sale” sign on 11 state office buildings, including the San Francisco Civic Center and Ronald Reagan building in Los Angeles.
Real estate firm CB Richard Ellis began marketing the buildings Friday on behalf of the state.
Vice chairman Kevin Shannon says the firm is pitching the sale worldwide as a low-risk investment because the state is planning to lease the space back, giving the new owners a steady stream of income.
The sale was adopted as part of last year’s budget agreement between Gov. Arnold Schwarzenegger and lawmakers to raise money for the state. California is facing a $20 billion shortfall through the middle of next year.
The sale is expected raise more than $2 billion.
