CB Richard Ellis Group Inc. (CBG), a leading commercial real estate firm, recently won a contract from the cash-strapped California Government to sell 17 government-owned offices in a concerted effort to raise $660 million.

The properties are located across Los Angeles, Oakland, Sacramento, San Francisco and Santa Rosa. California’s Department of General Services intends to sell the buildings in the first half of 2010 through a sale-leaseback transaction in which the buildings will be sold and fully leased back by the government. The state would enter into long-term leases with the new owners once the sale is completed by its appointed broker CB Richard Ellis.

The move is expected to generate stable one-time revenue and offset the huge budget deficits of the government. The state also mulls auctioning the 150-acre Orange County Fairgrounds to raise additional cash to bail the government out of the liquidity crisis.

CB Richard Ellis is a commercial real estate services firm with full-service operations in metropolitan areas worldwide. The company offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other types of commercial real estate assets globally under the CB Richard Ellis brand name and provides development services under the Trammell Crow brand name.

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