Philadelphia, PA-based CIGNA was originally negotiating to sellthe two-building Shore Breeze complex to Clarion Partners, but theNew York-based pension fund advisor reportedly wasn't able toobtain the California Teachers' Retirement System money it wantedto use. CIGNA, however, still got its $390 per sf price.
Lend Lease made out even better. Divco's purchase of the Shores,a three-building, 138,000-sf complex on Twin Dolphin Drive, comesout to $413 per sf, which helps explain the skyrocketing Bay Arealease rates, which in the Redwood Shores averages $95 per sf forclass A space and $80.88 for class B space.
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