Gov. Arnold Schwarzenegger and the legislature in June authorized the sale of the properties located in Los Angeles, Oakland, Sacramento, San Francisco and Santa Rosa. The state anticipates retiring more than $1 billion in bond debt via the sales, which are also expected to net at least $660 million in proceeds that will be funneled into the general fund. The CBRE team that is marketing the buildings is headed by vice chairman Kevin Shannon, based in the company's South Bay office in Torrance.
Acting director Ron Diedrich of the Department of General Services said in a prepared statement that the sale "will allow California to pay off debt, tap equity, and lock in some of the lowest rental rates seen in years." He noted that the 11 state office properties are among some of California's most energy efficient and environmentally friendly, making the properties attractive to a market that is seeking sustainable, green designs.
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