News Summary
Bowers and Kubota Consulting has successfully acquired a historic office building located at 1601 Kapiolani Blvd in Honolulu for nearly $19 million. This 12-story tower, built in 1991, offers approximately 75,000 square feet of commercial space and will serve as the new base for the company’s local operations. The deal reflects ongoing demand for well-placed commercial properties in Honolulu, providing the consulting firm with enhanced operational efficiency and strategic advantages in their service delivery.
Honolulu: Bowers and Kubota Consulting Acquires Historic Office Building for Nearly $19 Million
In Honolulu, a significant commercial property transaction has taken place as Waipahu-based Bowers and Kubota Consulting has purchased a prominent office building located at 1601 Kapiolani Blvd.. The deal was closed at an approximate value of $19 million, marking a notable investment in the local real estate market.
Details of the Acquisition
The office building, a 12-story tower constructed in 1991, encompasses nearly 75,000 square feet of space. The property has traditionally housed a diverse range of businesses, including medical, dental, accounting, healthcare administration, and retail services. The purchase was facilitated by Colliers Hawaii, which represented Bowers and Kubota Consulting, while Pacific Properties Group acted as the seller’s agent, representing Shaw Foundation Properties, a company based in Hong Kong.
Company Plans and Strategic Intentions
Following the acquisition, Bowers and Kubota Consulting intends to consolidate its Honolulu operations within the newly acquired space. This move aims to streamline its local service delivery, enhance operational efficiency, and foster a centralized environment for its construction, project management, architecture, and engineering services.
Property Features and Market Context
The building’s features have been highlighted as particularly advantageous in the Honolulu market. The tower’s relatively new construction for Hawaii standards and ample parking are considered key selling points. It also benefits from its good condition and strategic location on Kapiolani Blvd., a main thoroughfare that provides convenient access to various parts of Honolulu.
Reactions and Future Outlook
Brandon Bera, executive vice president of Colliers Hawaii, described the property as a fantastic asset due to its condition and parking facilities. He assured that the closing of the sale would not affect current tenants or businesses operating within the building, indicating a smooth transition post-sale.
Background and Market Significance
This transaction underscores ongoing activity in Honolulu’s commercial real estate sector, which sees continuous interest from local and international investors. The building’s history dating back to the early 1990s reflects a period of substantial development in Honolulu’s downtown and surrounding areas, and its ongoing relevance as a business hub.
Overall, the purchase by Bowers and Kubota Consulting highlights a strategic move to expand its footprint in Hawaii’s competitive office market, while the sale process demonstrates the continued desirability of well-maintained, strategically located commercial properties in Honolulu.
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- Hawaii News Now: Second Opossum Over One Month Captured in Honolulu
- Wikipedia: Real Estate Development
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