"The people's representatives, to correct their own mistakes, have
sold off the people's assets. In this case, the people's representative
have not been good stewards," said Donald Casper, a San Francisco State
Building Authority member who was fired after he criticized the planned
sale this spring. "Only if you have enough money to permanently rent a
hotel suite, as Arnold Schwarzenegger does, can you believe in a virtual
government that does not own buildings, or would you consider rent
payments to be a no-problem situation."
The buyers, calling themselves California First, LLC, include Hines Interests, a Houston-based real estate investment and management company; and Antarctica Capital Real Estate LLC, a partnership including L.A. real estate broker Rich Mayo and Chandra Patel, of Antarctica Capital. According to an online bio, Patel worked on establishing real estate investment trusts in India during the 1990s, before founding his current firm. We phoned him Monday afternoon, and will report on his comments when he calls back.
For now, it might be worth getting to know the guys who'll carry out Schwarzenegger's vision, which says the
government is less expert at managing buildings than the real estate
sharpies. Per the program of a 2007 New Delhi real estate conference attended by Patel:
Mr. Patel is a Managing Director of Antarctica IndiaMayo, meanwhile, has been brokering office building sales from LA for the past quarter century.
Real Estate Advisors (AIREA). AIREA is a real estate investment
management company focused upon India. He is also a founder and Managing
Director of the Antarctica Group. Prior to Antarctica, Mr. Patel headed
a variety of technology and information services companies, including
Ostara AEC and Asian Business Advisers. He was also an Associate at
Rogers & Wells. Mr. Patel worked upon the establishment of REITs in
India in the mid-90s, and has been involved in a number of pioneering
initiatives in US-India relations.
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Rich Mayo has over 25 years experience in the real estate industry and has been personally responsible for nearly $5 billion in real estate transactions, including nearly 20 million square feet of commercial office properties. He also has extensive experience in retail, hospitality and multi-family investments and developments.