{"id":1004019579,"date":"2010-04-26T08:08:15","date_gmt":"2010-04-26T16:08:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004019579"},"modified":"2022-11-30T18:43:51","modified_gmt":"2022-12-01T02:43:51","slug":"cbre-receives-more-than-2b-in-offers-for-calif-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbre-receives-more-than-2b-in-offers-for-calif-office-portfolio\/","title":{"rendered":"CBRE Receives More than $2B in Offers for Calif. Office Portfolio"},"content":{"rendered":"<p>April 26, 2010<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004019580\" style=\"width: 160px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/kla4067-three.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004019580\" data-attachment-id=\"1004019580\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbre-receives-more-than-2b-in-offers-for-calif-office-portfolio\/kla4067-three\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/kla4067-three.jpg\" data-orig-size=\"500,310\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"kla4067, three\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user kla4067&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/kla4067-three.jpg?w=500\" class=\"size-thumbnail wp-image-1004019580\" title=\"kla4067, three\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/kla4067-three.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004019580\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user kla4067<\/p><\/div>\n<p>Cash-strapped California has at least one reason to smile: CB Richard Ellis has received more than 300 offers to purchase and lease back 11 state office properties on behalf of the California Department of General Services.<\/p>\n<p>CBRE placed the properties on the market in late February. They total nearly 7.3 million rentable square feet, nearly all of which is LEED certified, and are located in Los Angeles, Oakland, Sacramento, San Francisco and Santa Rosa.<\/p>\n<p>\u201cThis sale will allow California to pay off debt, tap equity, and lock in some of the lowest rental rates seen in years,\u201d DGS Acting Director Ron Diedrich said when the properties were placed on the market. \u201cThe short and long-term financial gains will be real to help shore up the state budget in the years to come.\u201d<\/p>\n<p>CBRE will now enter into negotiations with the portfolio buyers who have submitted the most competitive offers, with the selected buyers to be announced in late May. Once the properties are sold, the state plans to retire more than $1 billion in bond debt, a move which it says will save California nearly half a billion in interest payments over the next 20 years. An additional $660 million in proceeds will be funneled directly into the state\u2019s General Fund.<\/p>\n<p>The Department of General Services is the State of California\u2019s business manager. It has more than 4,000 employees and a budget in excess of $1 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cash-strapped California has at least one reason to smile: CB Richard Ellis has received more than 300 offers to purchase and lease back 11 state office properties on behalf of the California Department of General Services. <\/p>\n","protected":false},"author":936,"featured_media":1004019580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21747],"tags":[],"class_list":["post-1004019579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBRE Receives More than $2B in Offers for Calif. Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbre-receives-more-than-2b-in-offers-for-calif-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBRE Receives More than $2B in Offers for Calif. Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"Cash-strapped California has at least one reason to smile: CB Richard Ellis has received more than 300 offers to purchase and lease back 11 state office properties on behalf of the California Department of General Services.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbre-receives-more-than-2b-in-offers-for-calif-office-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-04-26T16:08:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-01T02:43:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/04\/kla4067-three.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"310\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Allison Landa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-receives-more-than-2b-in-offers-for-calif-office-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbre-receives-more-than-2b-in-offers-for-calif-office-portfolio\\\/\"},\"author\":{\"name\":\"Allison Landa\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/0eb45390ae3124c14a919b7ec7bd2249\"},\"headline\":\"CBRE Receives More than $2B in Offers for Calif. 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