The Japan-based seller that developed the property paid $33 million for the dirt alone, according to the Honolulu assessor's office. The all-cash buyer, publicly traded Alexander & Baldwin of Honolulu, would not reveal what it paid for the building, but the State of Hawaii's Bureau of Conveyances tells GlobeSt.com that A&B paid a transfer tax of $20,00 based on a fee of 10 cents per $100 paid.
Known for its exterior glass elevator, the office tower has 5,500-sf floor plates and is 32% occupied. A&B's Vice President of Acquisitions and Investments Mike Wright tells GlobeSt.com that the company plans to "condoize" the building, portions of which have never been occupied.
"We're starting immediately on that process," says Wright, which plans some improvements to the building. "We plan to come to market in 90 to 100 days."
The building is located two blocks from the state capitol. Most floors have expansive views of the ocean and of Waikiki. National tenants include AOL-Time Warner, Prudential Insurance and T-Mobile.
Coupled with the lowest interest rate-environment in 40 years, Wright says the company's market research indicates that the building's design, plentiful on-site parking and views "will make this a very attractive investment for both investors and owner-user businesses."
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