Topics

Real Estate Sellers
Trial date set for dispute over canceled sale of state-owned buildings

After almost four years, a legal spat over a busted deal to buy billions of dollars' worth of state government office buildings could finally be going to trial. The dispute focuses on a ballyhooed plan of then-Gov. Arnold Schwarzenegger to fill part of the state's budget deficit by unloading commercial building complexes owned by the state, including two in downtown Los Angeles, for $2.3 billion. The deal quickly fell apart after Gov. Jerry Brown took office in 2011 and canceled the sale. It made no sense for the state to sell the properties for quick cash and then pay rent, only to keep working in the same locations, the governor said. But the Texas and Irvine partnership...

Loading