California to Sell 24 Government Buildings for $2.3 Billion

CNBC ^ | 10/12/10

[calcowgirl]

The link wouldn’t open but IIRC the plan is to sell the buildings but then lease them back.
Almost certain to cost the taxpayers more in the long run, IMO

EXACTLY right.

[calcowgirl]

The PDF linked below is the sales brochure for the properties

11 Office Properties
7.3 Million Sq Ft
20 year sale/leaseback portfolio
3 California markets (L.A., S.F., Sac)

Sheesh - they sold the S.F. Civic Center, The RR Building, and other PRIMO real estate that was near new or recently refurbed. They keep moving further and further toward bankruptcy with their idiotic decisions, saddling the state with future recurring expenses.

http://marketing.cbre.com/Denver/PMC/GoldenState/GSPBRO.pdf

[Carry_Okie]

Just think what Arnold could have got for them five years ago. IMO, this is planned malfeasance.

[Carry_Okie]

LOL, great minds. Build the debt on the backs of the public selling an attractive depravity, cash in on the resulting financial desperation when they sell cheap, and leave them holding the bag for the interest.

[calcowgirl]

Well, we saw this coming a long time ago. Any valuable real property or revenue generating intangible property (e.g. the lottery)
has been on the selling block since Arnie took office. His financial backers appreciate it very much.

I’d like to see a pre-and-post Arnie balance sheet for the State.
I cannot wait until we are rid of this Austrian fool.

[Carry_Okie]

I cannot wait until we are rid of this Austrian fool.

Fool? I think more flim-flam man than fool; he plays the idiot savant.

[Carry_Okie]

Oh, I didn't add, "craven stooge for global power freaks he could never be," but I guess I just did.

Just another climber.

[truth_seeker]

The real estate is the smaller problem. It costs money to house people, whether you own or leaseback the facility.

But it costs far MORE to pay and benefit and pension the overpaid, overpensioned lazy worthless slugs who populate government office buildings.

Save money means cutting, slashing the ranks of government workers up and down.

Cut headcounts, cut salaries, cut benefits, cut pensions. Cut, slash, cut, slash.

Then the real estate issue becomes simple: The property is surplus, for there is no need to own or lease vacant space.

[calcowgirl]

Agreed

and Agreed.

[Carry_Okie]

I would assert that term limits have turned our legislature into the same thing: a series of nameless put-up dolls, cardboard cutout pols with no identifiable sponsors.

It is a recipe for total lack of accountability, which is what we see.

The initiative process keeps putting patches on problems that are far more fundamental. It "protects" us from taking the hard medicine that results from electing responsible leaders. It matters not if it is a drugged out crack mom or a corporate lawyer, the process threatens to make welfare addicts of us all simply because of its inherent propensity to contradictory statutes, sops for the black robes of despotism.

[Vaduz]

Only a fool would buy a building in San Francisco.

[calcowgirl]

I would add that within the initiative process there are all the fine-print provisions hidden behind the ‘patches’ which oftentimes cause a whole other set of problems.

WASS, as Waspman might say.

Speaking of which, where has that man been?

[Carry_Okie]

Speaking of which, where has that man been?

He's fine. He took a long trip and now he has computer problems.

[calcowgirl]

Thanks for letting me know.
I figured the former... didn’t know the latter.

I kinda miss that guy! (you listenin’, SW?)