California property sales draw worldwide attention
The “For Sale” sign is up on several California buildings - including the Ronald Reagan State Building in downtown LA, though it may feel like selling the living room furniture to cover the rent.
Twenty four office buildings in California are up for sale in an attempt to close the state's budget deficit.
Last week, state officials began accepting bids on about half of the 24 sites. They include two buildings in downtown Los Angeles: the Junipero Serra State Building and the Ronald Reagan State Building.
Kevin Shannon, a real estate broker with CB Richard Ellis, is handling sales for the state. He said interest level has been high.
“It’s coming from around the world, from Europe, from the Middle East, from Japan, Pacific rim countries, from Canada and then there’s domestic interest as well," said Shanon.
Gov. Arnold Schwarzenegger and the Legislature approved the sale of the properties last June. Buyers will get a 20-year lease from state of California.
Shannon said he is calling for initial offers on April 14.
The buyers will be revealed about a month after that.
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