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Texans Take 11 Office Properties Amid Can-Kicking Accusations

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LA's Ronald Reagan State Building and the Junipero Serra State Building are among the booty of 11 statewide buildings that will be sold off for $2.3 billion. According to the Sacramento Bee, the state will lease the buildings back from the buyers--California First LLC, headed by a Texas-based real estate firm-for at least 20 years. Some people have been questioning this deal for a while, and one former member of the San Francisco State Building Authority continues to insist he was removed from the Building Authority for opposing the sale, according to ABC7. Meanwhile, Phil Tagami, a commercial real estate developer in Oakland calls this "kicking the can down the road" because "being says being tied to a lease keeps the state from downsizing or restructuring its debt." [The Ronald Reagan State building in Downtown via fridayinla]
· California Seals Deal to Sell 11 State Properties [Sac Bee]
· State building sales may cost tax payers more [ABC7]