PARALLEL CAPITAL PARTNERS COMPLETES $5.5 MILLION RENOVATION

by Sydnie Moore | Jun 19, 2013

NEWS FROM: Parallel Capital Partners, Inc.

FOR INFORMATION: Matt Root, Parallel Capital Partners, 858-882-9506
Jim Ingebritsen, Parallel Capital Partners, 858-882-9504
Sydnie Moore, Moore & Moore Communications, 619-823-8448

Parallel Capital Partners Completes $5.5 Million Renovation of High Profile Waikiki Office Building

Honolulu Property Renamed 1833 Kalakaua

HONOLULU (June 20, 2013) – San Diego-based real estate investment firm Parallel Capital Partners, Inc. recently completed the $5.5 million renovation of a 10-story office building located at the entry to the Waikiki District in downtown Honolulu.

Previously known as the Pacific Business News Building, the mid-rise structure at 1833 Kalakaua Ave. encompasses 91,886 square feet, including more than 4,000 square feet of retail space on the first floor, as well as 86,000 square feet of office space above. It 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 Jim Ingebritsen, founding partner of Parallel Capital Partners, a real estate investment and operating firm with properties in the western U.S. and Hawaii.

Improvements to the project, built in 1964 as the Federal Aviation Administration Building and now known as 1833 Kalakaua, include new paint and landscaping for the ground floor exterior, new roofing, a new fire life safety system, upgraded heating and air conditioning systems with digital controls, a new conference room, energy saving fans, a new energy management system and remodeled restrooms. In addition, new ceilings and energy efficient lighting were added throughout and the parking lot was repaved.

Parallel is finalizing plans for a second phase of upgrades in the coming year.

Situated near the Ala Moana Shopping Center, the Hawaii Convention Center, Waikiki and Hawaii Yacht Clubs, restaurants and recreational opportunities, the property is ideally located and offers ocean and mountain views. Several contiguous floors are available for lease to a multi-tenant occupant, with naming rights possible, Ingebritsen said.
The list of 35 current tenants includes Special Olympics Hawaii, Inc.; Morris Visitor Publications, LLC; Fung Associates; and SynCadd Systems, Inc.

Fung Associates, Inc. was the architect and J. Kadowaki the general contractor.

Bishop Street Commercial is handling leasing. For more information call (808) 695-3500 or go to www.BishopSC.com.

About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) 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 the western United States and Hawaii.