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CIGNA, Lend Lease Unload Office Properties

REDWOOD SHORES, CA-San Jose-based Divco West Properties is paying CIGNA Investment Management Inc. just under $400/sf for a 238,000-sf property while Daly City-based Callan Realty Co. is paying Lend Lease Investments just over that mark for a 138,000-sf property.

By Becky Bergman | Updated on December 05, 2000

REDWOOD SHORES, CA-Two office properties here are changing hands. CIGNA Investment Management Inc. is receiving $93 million from San Jose-based Divco West Properties for the 238,000-sf Shore Breeze, and Lend Lease Investments is selling The Shores, a 138,000-sf property, to Daly City-based Callan Realty Co. for $57 million.

Philadelphia, PA-based CIGNA was originally negotiating to sell the two-building Shore Breeze complex to Clarion Partners, but the New York-based pension fund advisor reportedly wasn’t able to obtain the California Teachers’ Retirement System money it wanted to use. CIGNA, however, still got its $390 per sf price.

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