Cigna Corp. is looking to sell half of its stake in an office complex where another high-rise is planned, according to real estate sources.
The Irvine Company is said to be among the bidders, according to two sources close to the deal who asked not to be named.
Philadelphia-based Cigna, one of the nation’s largest healthcare providers and a real estate investor, is looking for an equal partner in the 900,000-square-foot Irvine Center Towers, according to sources.
Irvine Center Towers includes four black 11-story office high-rises and a Prego Ristorante.
The healthcare insurer owns about 80% of Irvine Center Towers. Houston-based Transwestern Commercial Services owns the rest and manages the site.
Transwestern, which didn’t return calls for comment, could be bought out in a sale, sources said.
Some brokers said Cigna could do two deals,selling half a stake in the existing buildings at Irvine Center Towers and then selling a 50% stake in the proposed tower.
Plans call for putting up a 230,000-square-foot office building at Irvine Center Towers. It’s unclear what a sale by Cigna or a Transwestern buyout would mean for the planned tower.
A new investor with Cigna likely would handle construction of the tower, as well as management and leasing for all of Irvine Center Towers.
For more on this story, see the Nov. 14 edition of the Business Journal.
