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Business Journal: State Reaches Agreement to Sell Properties



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(Sacramento, CA)
Monday, October 11, 2010
The California First LLC partnership - which includes Hines Interests, the largest landlord in Sacramento - should complete the deal by the end of the year.  More than 300 companies submitted bids for the buildings, which include the California Emergency Management building, the Capitol Area East End Complex, along with the Department of Justice and Franchise Tax Board offices.
 
The state has agreed to lease back the office space over the next 20 years, but is not required to maintain, operate or repair the buildings.  The state should collect about $1.1 billion for the buildings after paying off debt, but the deal could actually cost the state about $1 billion over the next two decades, according to a recent analysis.
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