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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.

Lend Lease made out even better. Divco’s purchase of the Shores, a three-building, 138,000-sf complex on Twin Dolphin Drive, comes out to $413 per sf, which helps explain the skyrocketing Bay Area lease rates, which in the Redwood Shores averages $95 per sf for class A space and $80.88 for class B space.

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