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SACRAMENTO, Calif. — California announced Monday it is selling 24 government office buildings — including the Ronald Reagan State Building in Los Angeles and the San Francisco Civic Center — to a group of private investors for $2.3 billion.
Ron Diedrich, acting director of the California Department of General Services, announced the sale made to California First LLC, a partnership led by a Texas real-estate firm and an Orange County private- equity firm.
About $1 billion of the sale will be used to pay off bonds on the buildings, leaving more than $1.2 billion to go into the state’s general fund.
