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Downtown L.A.'s Ronald Reagan State Building among 24 structures that could be sold for $2.2 billion

September 11, 2010 |  2:35 pm

California officials received a top bid of more than $2.2 billion from a consortium of three investment companies to buy 24 state office buildings, The Times has learned.

The state put the offices on the market in February. It tentatively plans to sell the structures, including the Ronald Reagan State Building in downtown Los Angeles, and then lease them back from the new owners for at least 20 years.

State representatives and private brokers representing the state in the auction refused to identify the top bidder because the process is not complete and the state may back out of the sale. People who know about the deal but weren't authorized to speak, however, said the top bid came from three firms: Hines, Antarctica Capital and Spyglass Realty Partners.

State officials hoped at the outset of the sale that the portfolio would garner $2 billion and let the state net about $660 million for the strapped general fund.

Read the full story here.

-- Roger Vincent

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