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September 24, 2020
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Swinerton Builders Inks Lease for 12k sf at Honolulu Office Tower


Swinerton Builders – one of Hawaii’s largest contractors – agreed to a 91-month lease for 12k sf of space on the fifth floor at Davies Pacific Center, a 23-story office tower located in the heart of the Honolulu business and financial district. The deal is worth $3.2 mil, or $2.93/sf/mo.

The deal accounts for roughly 13% of the vacant office space at Davies Pacific Center, a 375.7k sf, Class A office tower located at 841 Bishop St. The property is owned by San Diego-based Parallel Capital Partners Inc.

Swinerton, which provides commercial construction and construction management services throughout the United States, previously housed its Honolulu headquarters at the nearby Pauahi Tower. The company is rapidly growing its Hawaii portfolio, having recently landed a contract for the $50 mil renovation of Maui’s Kaanapali Beach Hotel.

Parallel, a real estate investment firm whose principals Jim Reynolds, Jim Ingebritsen and Matt Root own Davies Pacific Center in partnership with Honolulu-based The Shidler Group, took over asset management of the high-rise property last year and has since completed nearly $4 mil in elevator modernizations and spec suite upgrades. Another $1 mil in renovations, including lobby improvements, is still underway.

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