Boom and bust

first_imgThe city is interested because it leases office space there for $8.7 million a year. The lease is up in three years, and costs for renting out the space continue to go up. City Hall’s bungling on this deal is incomprehensible. Prices for Los Angeles real estate of all types have been on an upward trajectory for years, and the city staff keeps expanding despite that trend. Any reasonable person would think the city’s elected officials would have enough grip on reality that they could have put those facts together and saved $100 million. But why should they care? It’s not their money; it’s yours. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! CINDY Miscikowski was right. The former Westside L.A. City Councilwoman warned her colleagues three years ago that if they didn’t buy Figueroa Plaza for the $125 million asking price, they would pay dearly for hesitating. That’s exactly what has happened. Last week, the council authorized the city of Los Angeles to send a letter of interest in buying the downtown office complex for $219 million. last_img

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