SF Civic Center Up For Sale

Broke state selling off 24 government office buildings

By Jessica Greene
|  Friday, Feb 26, 2010  |  Updated 2:33 PM PDT
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San Francisco's Best Buildings

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Looking for a good real estate investment? A handful of state buildings, including the San Francisco Civic Center are up for sale.

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Looking for a great real estate investment? There are a couple dozen properties that could be the

California has put up the "for sale" sign on 24 office buildings in 11 sites, including the San Francisco Civic Center and Ronald Reagan building in Los Angeles.

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CB Richard Ellis began marketing the buildings Friday on behalf of the state. The state's also taking bids on the Public Utilities Commission building in San Francisco, Judge Joseph Rattigan state building in Santa Rosa and the Elihu Harris building in Oakland. Vice chairman Kevin Shannon says the firm is pitching the sale as a low-risk investment to potential buyers worldwide.

That's because the state is planning to lease the space back, giving the new owners a steady stream of income.

The sale was adopted as part of last year's budget agreement between Gov. Arnold Schwarzenegger and lawmakers to raise money for the state. California is facing a $20 billion shortfall through the middle of next year.

The sale is expected raise more than $2 billion.

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