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Pacific Business News Building for sale

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Pacific Business News Building for sale

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The Shidler Group is putting the Pacific Business News Building up for sale at a price tag of $12 million.

It also is offering its holdings of 30 fee-simple office and retail condo units at nearby Eaton Square for about $350,000 apiece.

"It's just that it's a good market for properties in that price range right now in that location," said Managing Partner Larry Taff. "We also wanted to focus on our more recent acquisitions."

Last year, The Shidler Group made the landmark purchase of the Davies Pacific Center downtown and the Pan Am Building on Kapiolani Boulevard. The group bought the two properties for $90 million in December while selling its interest in the Waikiki Galleria Tower for $125 million.

The Pacific Business News building was a 1996 acquisition for about $7.5 million. The Eaton Square properties, measuring between 500 and 4,600 square feet, were purchased the same year.

When PBN moved into the 10-story building at 1833 Kalakaua Ave. three years later, the name was changed to the Pacific Business News building.

Measuring 93,500 square feet, the Class A building has views of the Hawaii Convention Center, Diamond Head, Waikiki Beach, Magic Island and the Ala Wai Canal. It originally was built by the government and was once home to the Federal Aviation Adminstration.

Seeking larger facilities, Garakuta-Do, a Japanese antique store on the ground floor and tenant of five years, is vacating its space and moving to a street near Ward Center.

Taff said a few prospective tenants have asked about the space. Other building tenants include New Wave Broadcasting, Network Media, Galaxy Tours, Hospitality Unlimited and the consulate of Uruguay.

The building is about 82 percent occupied, according to building manager Cynthia Garo, and many new deals are in the works.

"We have a diverse group of tenants here, and a lot of it is geared toward the travel industry," she said.

Last year, The Shidler Group also purchased the Bay View Golf Course in Kaneohe and shops at 2150 Kalakaua Ave.

Mike Hamasu, research director of Colliers Monroe Friedlander, called the sale a good move.

"The vacancy down there is between 16 and 18 percent right now," he said. "Waikiki is probably the worst market in terms of office space."

CB Richard Ellis is handling sales for the Pacific Business News Building while Hawaiian Island Homes is handling sales for Eaton Square Condominiums.

:P

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