A potential sell-off of state-owned California real estate could be the state’s largest ever.
From the New York April issue: Approximately 1.6 million square feet of state-owned real estate in San Francisco and Oakland may be sold in what could potentially be the largest real estate sell-off in the state government’s history, according to Bloomberg news. With 7.3 million square feet across the state potentially on the block, northern California residents could see the 900,000-square-foot San Francisco Civic Center and a 700,000-square-foot office tower in Oakland under new ownership. The sale is part of an effort to cover a massive state deficit. CB Richard Ellis is marketing the listings. “We are confident that the expansive global marketing campaign we’re launching today will attract strong national and international interest in this generational acquisition opportunity,” said Kevin Shannon, a vice chairman with CBRE. Click here for more real estate headlines from around the country. Compiled by Amy Tennery