A&B PROPERTIES SELLS TEXAS INDUSTRIAL PROPERTY
Northwest Business Center Sold For $6.25 Million

HONOLULU – (January 27, 2005) – A subsidiary of Alexander & Baldwin, Inc. (A&B) (NASDAQ: ALEX) today completed the sale of the Northwest Business Center, a three-building industrial complex in San Antonio, Texas, for $6.25 million. The 7.8 acre property, which is improved with 87,000 square-feet of leasable space, was sold by A&B subsidiary WDCI, Inc. to NWB One Investors, Ltd. WDCI had acquired the property in 1998.

“Similar to our recent property sale in Southern California, an unsolicited but attractive offer was received for the Northwest Business Center, which prompted our decision to sell,” explained Norbert Buelsing, A&B Properties’ executive vice president in charge of A&B’s leased portfolio. “We plan to reinvest the proceeds either in Hawaii or on the Mainland, as part of our ongoing strategy to grow our real estate business.”

The Northwest Business Center is located in the northwest quadrant of the San Antonio metropolitan area, with immediate access to the I-410 freeway. The property is a service center facility, containing a mix of smaller tenant spaces housing a combination of office and office/warehouse units – 27 spaces in total which are ideal for regional offices of national firms as well as start-up companies. Major tenants include the U.S. Fish & Wildlife Service, City of San Antonio Municipal Services and Lockheed Martin.

A&B Properties has an income portfolio of commercial properties in Hawaii and on the U. S. mainland consisting of more than 5.1 million square feet of leasable retail, office, and industrial space. The majority of A&B’s recent acquisition and investment activity has been focused on Hawaii where, since 1999, A&B Properties has acquired or invested in 22 properties outside its core land holdings on Maui and Kauai. These transactions represent a total capital commitment of over $400 million.

A&B Properties, Inc. (www.abprop.com.) is the real estate subsidiary of Alexander & Baldwin, Inc., a diversified corporation headquartered in Honolulu. A&B owns 91,000 acres in Hawaii, making it Hawaii’s fourth largest private landowner. A&B’s major lines of business are ocean transportation (Matson Navigation Company, Inc.); real estate (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company, Inc.). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.

Statements in this press release that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, overall economic conditions and other risks associated generally with acquisitions and developments. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.

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