Non-essential real estate
"The Archdiocese of Los Angeles has sold its 12-story chancery on Wilshire Boulevard to help pay part of the costs of a record-breaking $660 million lawsuit settlement with alleged victims of clergy sexual abuse reached in July 2007.
The archdiocesan newspaper, the Tidings, reported the sale in its Jan. 18 edition. The archdiocese sold the Catholic Center for $31 million to Jamison Properties, but will lease back four floors of the 12-floor building from Jamison under a five-year lease agreement."
Just imagine if a commercial company had such a vast amount of non-essential real estate. Gone forever.
The archdiocesan newspaper, the Tidings, reported the sale in its Jan. 18 edition. The archdiocese sold the Catholic Center for $31 million to Jamison Properties, but will lease back four floors of the 12-floor building from Jamison under a five-year lease agreement."
Just imagine if a commercial company had such a vast amount of non-essential real estate. Gone forever.
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