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					Category 3 Sale/Leaseback of State-Owned Buildings Site examples: Attorney General building, Sacramento California Emergency Management Agency, Sacramento Capitol Area East End Complex, Sacramento Elihu M. Harris building, Oakland Franchise Tax Board campus, Sacramento Earl Warren/ Hiram Johnson Center, San Francisco Junipero Serra building, Sacramento Justice building, Sacramento Public Utilities Commission building, San Francisco Judge Joseph A. Rattigan building, Santa Rosa Ronald Reagan building, downtown Los Angeles

See appendix A for sale/leaseback spreadsheet for details on possible revenues

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DEPARTMENT OF GENERAL SERVICES Real Estate Services Division
State-Owned Office Buildings

SCENARIO: Sale/Leaseback

Building Name 2015 NA $33,599,256 $463,886,784 $166,652,439 $20,139,871 544,625 $2.79 $33,322,444 1,111,167 $3.44 $45,868,974 $18,234,045 $31,919,293 107,004 $0.65 $834,631 2027 2014 Phase II 2011, Phase III 2028 and 2030 $396,746,064 1,525,152 676,097 324,312 276,112 210,453 61,114 515,390 $2.56 $1.80 $2.39 $1.80 $1.80 $4.39 $1.84 $357,553,555 $76,426,606 $34,097,410 $124,863,480 $7,784,012 $181,933,179 $1,975,748,242 $661,860,884 $103,456,520 $7,394,811 $96,855,306 $32,392,540 $30,835,276 $69,515,878 $126,848,761 2021 2019 NA 2013 NA 2011 $132,205,457 $109,180,184 307,396 $1.93 $7,119,291

Location

Bond Retirement Estimated Market Estimated Sales Year Value Proceeds $3.63 $2.75 $3.63 $2.87

Useable Office Square Feet

Current Rent Per Useable Square Current Annual Feet Rent

Estimated Average Rent Per Useable Square Feet

Estimated Annual Rent $13,390,170 $3,531,132 $48,402,435 $18,756,885

Annual Rent Difference $6,270,878 $2,696,501 $2,533,461 $522,840

Attorney General Building

Sacramento

California Emergency Management Agency

Sacramento

Capitol Area East End Complex Oakland

Sacramento

Elihu M. Harris Building

Franchise Tax Board Complex

Sacramento

$33,675,356 $35,616,790 $9,962,865 $5,964,019 $6,035,792 $1,320,062 $11,132,424 $175,764,250

$2.75 $3.85 $2.80 $2.03 $3.85 $2.30 $3.40

$50,330,016 $31,235,681 $10,896,883 $6,726,088 $9,722,929 $1,686,746 $21,027,912 $215,706,877

$16,654,660 -$4,381,109 $934,019 $762,069 $3,687,137 $366,684 $9,895,488 $39,942,627

Earl Warren/Hiram Johnson (Civic Center)

San Francisco

Junipero Serra State Building

Los Angeles

Justice Building (4949 Broadway)

Sacramento

Public Utilities Commission Building

San Francisco

Judge Joseph A. Rattigan Building

Santa Rosa

Ronald Reagan State Building

Los Angeles

TOTAL

NOTES 1) Estimated Market Values are cursory amounts intended to provide order of magnitude only. A formal appraisal by a fully licensed appraiser has not been conducted on these properties.

2) Estimated Market Values do not consider a "subject to appropriations" clause for the leaseback of the buildings. Per discussions with investment brokers, a subject to appropriations clause could reduce the market value of a building significantly.

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posted:12/11/2009
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