The Bratton Team

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A few weeks ago, PBN published an article about Pacific Office Properties trying to sell three downtown Honolulu office buildings, or about 1.2 million square feet. These are three of the largest and best office buildings in downtown Honolulu and will surely attract new investors to our marketplace. This is an opportunity for a new investment group to come into a concentrated market, in terms of ownership, and immediately have some scale. Currently, Pacific Office Properties and Douglas Emmett own close to 40% of Honolulu’s Class “A” office buildings. This makes this a rare opportunity as we don’t see this kind of ownership concentration in many other markets throughout the United States.

Besides the “Honolulu Portfolio”, Pacific Office Properties is also trying to sell its interest in the former Federal Aviation Administration Building. “’We both agree that this is a good time to sell that asset,’ Larry Taff, president and CEO of Pacific Office Properties, previously told PBN. ‘With Waikiki Trade Center being converted to a hotel use, the office market in Waikiki has instantly gotten very tight. We believe that this building is well-positioned to benefit from that.'”

Read the rest of the PBN article here.