ALEXANDER & BALDWIN TO PURCHASE TWO DOWNTOWN HONOLULU PROPERTIES
Haseko Center and Ocean View Center


HONOLULU -- A subsidiary of Alexander & Baldwin, Inc. (A&B) shortly will purchase two prime downtown Honolulu office buildings from an affiliate company of Haseko Japan, Inc., announced A&B President and CEO W. Allen Doane. The buildings—Haseko Center and Ocean View Center—are located adjacent to each other in close proximity to numerous state and federal government buildings, and boast occupancy rates of 93 percent and 96 percent, respectively. The $18 million purchase is expected to close within 30 days. “This acquisition demonstrates our confidence in the Hawaii real estate market,” said Doane, “and is part of A&B’s ongoing strategy to diversify our real property assets further, both in terms of type and location. We look forward to adding these high-quality, attractive office buildings to our portfolio and commend Haseko for maintaining their prime condition,” Doane added. 

Both buildings have been recognized for their excellence in building maintenance, which, along with their prime location, accounts for their high occupancy. The two properties have a total leasable area of 160,000 square feet. Once these transactions are complete, A&B will have a portfolio of commercial properties in Hawaii and on the U.S. mainland consisting of more than 3.8 million square feet of leasable retail, office and industrial space.

The Haseko Center, developed by Haseko (Hawaii), Inc. in 1980, is an eight story office building, located at 820 Mililani Street. It has a total leasable area of 73,400 square feet and 220 parking stalls. The Ocean View Center, also developed by Haseko (Hawaii), Inc. and completed in 1987, has a street address of 707 Richards Street, and occupies a corner location close to Ala Moana Blvd. It, too, is eight stories and contains a total leasable area of 85,400 square feet with 292 parking stalls. These will be the fourteenth and fifteenth major property acquisitions by A&B since 1994. 

WDCI, Inc. is a subsidiary of A&B-Hawaii, Inc., the food products, and real estate development and management subsidiary of Alexander & Baldwin, Inc. (NASDAQ: ALEX), a diversified corporation headquartered in Honolulu. A&B’s other main subsidiary is Matson Navigation Company, Inc. (ocean transportation). 

# # #

back to index