Kapiolani office complex sold for $85 million
An Oregon real estate investment group has purchased the Pacific Park Plaza office building on Kapiolani Boulevard for $85 million.
ScanlanKemperBard Cos. of Portland acquired the 254,639 square-foot complex at 711 Kapiolani Blvd., from Trans Pacific Development Co., ScanlanKemperBard said in a news release.
The company expects to invest $1.5 million in capital and tenant improvements during the six years it plans to hold the property.
The building, developed in the late 1980s, includes a 214,465 square-foot, 15-story Class A office tower and a 40,174 square-foot, two-story Class B building, both on land leased from the Harry and Jeanette Weinberg Foundation, and a five-story, 557-stall fee simple parking garage.
The property is 95 percent leased. Tenants include Geico, Progressive Insurance and Kaiser Foundation Health.