Parallel Capital Partners to Oversee Asset Management for 1 Million Square Feet of Honolulu Commercial Real Estate
San Diego Based Firm to Oversee Operations, Leasing and Improvements for Properties Including Waterfront Plaza and Davies Pacific Center.
- Honolulu, HI (1888PressRelease) May 07, 2019 - San Diego-based Parallel Capital Partners Inc. took over asset management of a $300 million portfolio of commercial and retail properties in downtown Honolulu, tapping Steven Sullivan, a former vice president of operations at The Shidler Group, as regional vice president for the Hawaii market.
As part of the deal, Parallel will oversee day-to-day management as well as leasing oversight for the 1 million-square-foot portfolio – comprised of the office buildings Waterfront Plaza (550,000 square feet) and Davies Pacific Center (375,000 square feet), plus two retail assets known as Waikiki Marketplace and King Kalakaua.
The principals of Parallel are the existing owners – along with Jay Shidler – of Davies Pacific Center and Waterfront Plaza, which were originally acquired by the partnership in 2003 and 2004 respectively.
According to Matt Root, managing partner of Parallel Capital Partners, “Our firm will oversee several million dollars in improvements to these properties – maintaining the original Hawaiian design aesthetic throughout – with a focus on enhancing the tenant experience through physical improvements, upgraded digital strategies and enhanced data analytics capabilities.”
He added, “The amenity wars have put gyms and terraces into office buildings, and the ability to manage the experience of these amenities wins talent and tenants. We are focused on collaborating with our tenants to create a workplace that appeals to an experience-driven workforce and attracts and retains the best talent in the marketplace.”
According to Root, this deal represents the continuation of a more than 30-year relationship between the principals of Parallel and The Shidler Group. To that end, “We are also thrilled to have former Shidler executive Steven Sullivan join our team. He will be responsible for working closely with Parallel’s senior leadership, property management, leasing and acquisition teams in effectuating the firm’s value creation and risk management efforts in the region.”
Working with The Shidler Group, Parallel principals have directed the acquisition and subsequent operations of over 1.8 million square feet of high-profile Honolulu commercial real estate including Waikiki Galleria, Davies Pacific Center, Pan Am Building, Waterfront Plaza, First Insurance Building, Bank of Hawaii Waikiki Center, The Shops at 2150 Kalakaua and 1833 Kalakaua (former PBN Building). “We look forward to continuing our long-standing partnership with Shidler in the Honolulu market and to steward these assets along the value continuum.”
The Honolulu CBRE leasing team, led by Serena Longo and supported by Jack Roney, will be retained to oversee leasing.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. is a private, fully integrated real estate investment and operating company focused on acquiring value-added and core-plus opportunities for its own account in primary and secondary markets west of the Mississippi, including Hawaii. For more information visitwww.parallelcapitalpartners.com.
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