By Adriana Pop, Associate Editor
San Diego-based real estate investment firm Parallel Capital Partners has completed the $5.5 million renovation of a 10-story office building in downtown Honolulu.
Located at 1833 Kalakaua Ave. in Waikiki, the property previously known as the Pacific Business News Building totals 91,886 square feet of space. Built in 1964, the mid-rise structure features more than 4,000 square feet of first-floor retail and is currently 62 percent occupied.
“With the competitive nature of office leases in Honolulu, we knew the building needed to be updated to provide the amenities and efficiency our tenants deserve,” said Parallel founding partner Jim Ingebritsen.
Upgrades included new paint and landscaping for the ground-floor exterior, new roofing, a new fire life safety system, improved heating and air conditioning systems, a new conference room, a new energy management system, remodeled restrooms, energy-efficient lighting as well as a repaved parking lot.
The architect of the renovation project was Fung Associates Inc., while J. Kadowaki served as general contractor. In the coming year, Parallel Capital is planning more upgrades to the building, which it renamed 1833 Kalakaua.
Special Olympics Hawaii Inc., Morris Visitor Publications L.L.C., Fung Associates and SynCadd Systems Inc. are among the property’s 35 tenants. Bishop Street Commercial is in charge of the leasing activity.
Photo credit: www.parallelcapitalpartners.com