San Diego-based Parallel Capital Partners signed a 7.5-year downtown Honolulu office lease at the Davies Pacific Center, which the company manages. The new tenant is Swinerton Builders — one of Hawaii’s largest contractors. Keenan J.S. Sue, senior vice president of JLL Honolulu, brokered the lease.
Davies Pacific Center is a 23-story office high-rise located on Bishop Street, in the heart of the Honolulu central business district. In a recent investment amounting to nearly $4 million, Parallel Capital and Honolulu-based owner The Schidler Group completed elevator modernizations and spec suite upgrades. Renovation work is still underway and includes improvements to the lobby.
The tower was built in 1972 and underwent a cosmetic renovation in 2006. On-site amenities include controlled access; 1,758 parking spaces on floors two through six; retail on the ground floor; major street exposure on Bishop Street; a landscaped pedestrian plaza; and a spacious mezzanine lobby, which boasts 20-foot-high ceilings.
Davies Pacific Center, 841 Bishop Street, Honolulu HI (Yardi Matrix)
Davies Pacific Center encompasses 355,000 square feet of commercial space, including 3,500 square feet of retail on the first floor. According to the press release regarding the long-term, $3.2 million lease signed by Swinerton, the company will occupy 12,000 square feet of office space on the fifth floor of the Class A tower.
Matt Root, CEO of Parallel Capital Partners, said this was a significant transaction for the Honolulu real estate market. “Swinerton is rapidly growing its Hawaii portfolio, recently landing a contract for the $50 million renovation of Maui’s Kaanapali Beach Hotel,” he said. “They have played a key role in the Hawaii retail and hospitality industries since 2003, and we are thrilled to have them as a tenant.”
Swinerton provides construction management services and commercial construction throughout the country, and is the fifth-largest construction company in Hawaii, according to sources cited by Pacific Business News. The company previously held its headquarters in the nearby Bishop Square Pauahi Tower.
Bishop Square Pauahi Tower, 1003 Bishop Street, Honolulu HI (Yardi Matrix)
