SANTA ROSA -- The state of California today announced plans to sell the Judge Joseph A. Rattigan Building in downtown Santa Rosa along with 16 other office buildings, raising as much as an estimated $662 million to help offset a budget deficit.
The Department of General Services hired CB Richard Ellis Group to market 11 state office properties in Sacramento, Los Angeles, San Francisco and Oakland. The 11 properties have a total of 8.7 million square feet and $1.98 billion in projected market value.
The portfolio sale is part of more than $24 billion in spending cuts, shifts of funds, revenue boosts, taps of various state accounts and funds as well as other measures Governor Schwarzenegger announced in June.
“The governor was clear that we must re-think how we manage the state’s real estate,” said acting department Director Ron Diedrich. "The awarding of this contract is a significant step forward in DGS’ effort to carry out that mission."
The state estimates its main Santa Rosa building, located at 50 D St., has an estimated market value of $7.78 million, potentially netting the state $7.4 million.
The four-story building has a footprint of 94,000 square feet on just less than an acre of land and is the smallest of the state office buildings now on the market. The largest is the partially built 1.53 million-square-foot Franchise Tax Board complex in Sacramento.
The Santa Rosa building has 61,000 leasable square feet after the atrium is considered. Architect Larry Simons of Simons & Woodard in Santa Rosa designed the building, which was completed in 1983.
The state listed $1.87 million in deferred maintenance on the building.
Per recent state policy, the Santa Rosa building is registered with the U.S. Green Building Council for Silver-level certification under the Leadership in Energy and Environmental Design for Existing Buildings rating system.
