The State would lease the Office Buildings from the New Owners. The California terms for the lease of the Office Buildings from the new owners for 20 years. Over that period, it would pay $5.2 billion in rent, according to documents prepared for potential buyers of the sale-leaseback agreements.
The terms of the proposed leases also say the state would have to pay a monthly fee for nearly 3,500 parking spaces it now controls, adding $138 million to the state's costs over the next two decades. California taxpayers would even cover increases in property tax assessments once the buildings are sold.
Purchase and Sale-Leaseback
Well, The State of California, California Department of General Services (DGS) has received our Offer plus an estimate of more than 300 other offers to purchase and lease back 11 state office properties. Multiple bids were received by California for their exclusive Office Building portfolio which totaled in excess of $2 Billion.
The bids were received after CB Richard Ellis placed the properties on the market in late February. This generated worldwide interest from numerous buyers seeking stable, Leased Investment Properties.
The sale is also expected to net significantly more than the anticipated $660 million in proceeds that the state of California originally projected. Those proceeds should be funneled directly into the General Fund, helping to save Californians from increased taxes and deeper cuts in state programs and services.
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