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May 25, 2020
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Parallel Capital Partners to Handle Asset Management for 1 msf Honolulu Portfolio


San Diego-based Parallel Capital Partners Inc has taken over asset management of a $300 mil portfolio of commercial and retail properties in downtown Honolulu. As part of the deal, Parallel will oversee day-to-day management as well as leasing oversight for the 1 msf portfolio – comprised of the office buildings at Waterfront Plaza (550k sf) and Davies Pacific Center (375k sf), plus two retail assets known as Waikiki Marketplace and King Kalakaua.

The principals of Parallel are the existing owners – along with Jay Shidler of The Shidler Group – of Davies Pacific Center and Waterfront Plaza, which were originally acquired by the partnership in 2003 and 2004 respectively. Steven Sullivan, a former vice president of operations at The Shidler Group, will oversee the portfolio, as regional vice president for the Hawaii market.

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.”

Working with The Shidler Group, Parallel principals have directed the acquisition and subsequent operations of over 1.8 msf 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).

The Honolulu CBRE leasing team, led by Serena Longo and supported by Jack Roney, will be retained to oversee leasing.

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