ALAMEDA, Calif. — California has picked a winning bidder for its plan to sell 11 office buildings and lease them back in a deal that will lead to the redemption or defeasance of more than $1 billion in outstanding lease-revenue debt.

California First LLC, a consortium led by privately owned real estate firm Hines and private-equity firm Antarctica Capital Real Estate, will buy the 11 buildings for $2.33 billion. The state will lease them back for at least 20 years.

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