Kamehameha Schools not selling land under landmark Honolulu building

Duane Shimogawa Reporter Pacific Business News

Kamehameha Schools isn’t selling its leased fee interest in the 677 Ala Moana Building nor is it looking to buy the landmark Honolulu high-rise, a spokesman for the trust confirmed to PBN.

The former Gold Bond Building, which is owned by Michigan-based Redico, recently completed a $14 million renovation and is now on the market for an undisclosed price, as first reported by PBN.

Kamehameha Schools, the state’s largest private landowner, owns the leased fee interest in the 12-story building. Across the street, new condominium towers are being built as part of its “Our Kakaako” master plan, and the University of Hawaii John A. Burns School of Medicine and UH Cancer Center are located behind the 677 Ala Moana Building.

“We have not offered to sell the leased fee interest in the 677 Ala Moana property,” Kekoa Paulsen, spokesman for the trust told PBN in an email. “Kakaako remains a key strategic area in support of our educational mission, so our plans do not include selling at this time. We appreciate the improvements and new energy Redico and its tenants have brought into the area, but we do not currently have any interest in buying the building.”

Roseville, California-based Palmer Capital Inc. is listing the 288,098-square-foot office building.

Dale Watchowski, president and CEO of Redico, previously told PBN that it has received a lot of investor interest once the renovation project was finished.

“Given the level of interest and current market conditions, we felt it was the right time to explore the sale of the building,” he said.

Duane Shimogawa covers energy, real estate and economic development for Pacific Business News.

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