Parallel Capital Partners Inks $3.2 Million Lease Deal with High Profile Builder
Online PR News – 07-May-2020 – San Diego, Calif. – In a deal valued at $3.2 million, San Diego-based Parallel Capital Partners, Inc. has finalized a 91-month lease with Swinerton Builders – one of Hawaii’s largest contractors – at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in the heart of the Honolulu business and financial district. Representing 13% of Davies Pacific Center’s vacant office space, Swinerton will occupy approximately 12,000 square feet on the fifth floor of the Class A tower, which encompasses 375,742 square feet of commercial office and retail space.
Swinerton, which provides commercial construction and construction management services throughout the United States, previously housed its Honolulu headquarters at the nearby Pauahi Tower.
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 million in elevator modernizations and spec suite upgrades. Another $1 million in renovations, including lobby improvements, is still underway.
According to Root, CEO of Parallel Capital Partners, this latest lease deal is a significant transaction for the Honolulu real estate market. “Swinerton is rapidly growing its Hawaii portfolio – recently landing a contract for the $50 million renovation of Maui’s Kaanapali Beach Hotel,” he said. “They have played a key role in the Hawaii retail and hospitality industries since 2003, and we are thrilled to have them as a tenant.”
Keenan J.S. Sue of JLL brokered the deal.
Built in 1972 with extensive renovations completed in 2006, Davies Pacific Center features a landscaped pedestrian plaza and a spacious mezzanine lobby. With twenty-foot-high ceilings, the lobby makes an ideal backdrop for two of the five concrete intaglio sculptures that grace the center.
About Parallel Capital Partners, Inc.
Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a real estate investment and operating firm that focuses on office, industrial and retail property acquisition in markets in the western U.S. and Hawaii. The company identifies opportunities where assets are undervalued and uses restructuring, capital improvements and superior leasing and management to turn value-added opportunities into core properties.