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L.A. Urged to Buy 2 Office Buildings

August 04, 2004|From a Times Staff Writer

Los Angeles should buy two office buildings on Figueroa Street for $125 million because it would be less expensive than continuing to lease them, two council committees recommended Tuesday.

However, Councilmen Jack Weiss and Tony Cardenas voted to oppose the purchase of Figueroa Plaza, angered that the city turned down a chance to buy the buildings two years ago for $92 million. Weiss also said the city has no long-term plan for its real estate holdings and leases.

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