CBRE Announces Sale of Pacific Park Plaza to The STG Group for $57.6 Million

CBRE announced the sale of Pacific Park Plaza in Honolulu for $57.6 million to The STG Group.

“The sale of Pacific Park Plaza demonstrates the ongoing flight-to-quality trend in the multi-tenant office space, for both tenants and capital,” said Honolulu-based Matt Bittick, Senior Vice President with CBRE Capital Markets Institutional Group. “We were pleased to complete this sale, which was the first in Hawaii for STG."

CBRE represented the seller in the transaction. Mr. Bittick led the marketing effort and Greg Grant of CBRE Debt & Structured Finance facilitated $43.4 million in acquisition financing on behalf of the buyer. Serena Longo supported the team as the local leasing expert.

The 52-story Pacific Park Plaza, located at 711 Kapiolani Boulevard in Honolulu, Hawaii, consists of two buildings with a total of 254,658 rentable square feet. The property is 95 percent leased to a diverse roster of 30 tenants, including Kaiser Permanente, Hilton Grand Vacations, Hawaiiana Management Company and Geico. The office complex provides views of downtown Honolulu, Punchbowl, Waikiki, Diamond Head, Kakaako, and the Pacific Ocean. The property has undergone more than $4.2 million in recent exterior upgrades.