financial plaza of the pacific asb tower

ASB TOWERFinancial Plaza of the Pacific

THE OFFERING

JLL is pleased to present this rare opportunity to own an entire multi-story, 60,000 square foot office tower in the heart of Honolulu’s Central Business District. This 12-story office building plus basement, known as the American Savings Bank Tower or ASB Tower is part of the Financial Plaza of the Pacific, one of Hawaii’s most identifiable and well-known business addresses. The Financial Plaza of the Pacific was built as one of Honolulu’s first commercial condominium projects in the early 1970s by the original developer, Castle and Cooke, Inc. The project quickly became known as the “Crown Jewel of the Pacific” when it opened its doors with some of Hawaii’s most notable companies occupying multiple floors. A majority of the complex is occupied by Bank of Hawaii, Hawaii’s largest locally-based bank, along with small shops, a Starbucks coffee shop, and generous common areas for seating and gathering. Bank of Hawaii’s main branch dominates the intersection of South King and Bishop Streets, the epicenter of the Honolulu Business District. The Financial Plaza of the Pacific encompasses nearly an entire city block and is flanked by Fort Street Mall and Merchant Streets. The entire Plaza is nearly 389,000 square feet and is almost 100% leased and occupied. The ASB Tower is situated along busy Fort Street Mall and directly across King Street from the recently opened Walmart. This tower encompasses approximately 59,999 square feet of building area and each floor is an individual condo unit ranging from 3,668 to 5,083 square feet, allowing an investor or owner/occupant the flexibility to sell or retain individual units. Many of the floors have been beautifully renovated, most notably the Executive Penthouse Suite where the president of American Savings Bank and the executive staff have offices. The ground floor of the ASB Tower offers an opportunity for retail exposure and corporate identity. There is also a large parking basement that connects directly to the ASB Tower allowing easy access for customers. The ASB Tower features concrete construction, 2 elevators, and tinted glass exteriors.

MERCHANT STREET FORT STREET MALL CORRIDORADJACENT BANK OF HAWAII & ASB TOWER

FORT STREET MALL CORRIDOR

ALOHA TOWER & OCEAN VIEW FROM EXEC. SUITE

FINANCIAL PACIFIC PLAZA COMMON AREA

MOUNTAIN & WALMART STORE VIEW

AS

B T

OW

ER

CHINATOWN

KAKAAKO

WALMART

Strategic LocationThe City of Honolulu is the State of Hawaii’s financial, commercial and governmental center.Located at the main-and-main intersection of King and Bishop Streets, the ASB Tower is truly the heart and soul of Honolulu’s Central Business District. Just minutes to H-1 freeway, King Street is also one of Oahu’s main transportation arteries for vehicles and buses traveling from West Honolulu near the Airport through downtown Honolulu to Waikiki.

Central Business District (CBD) Submarket StrengthImmediately surrounding the ASB Tower are multiple Class A Office Buildings such as Pacific Guardian Center (630,000 sf); Pauahi Tower (442,250 sf); First Hawaiian Bank Center (645,834 sf) and Harbor Court (206,000 sf). As of the end of the first quarter of 2018, the Honolulu CBD had a vacancy rate of 17.10% and an average monthly gross asking rent of $2.82 per square foot. Honolulu’s CBD has also experienced a surge in office building sales with the purchase of the former Clifford Center, Ocean View Center, Haseko Center and One South King Street, all of which are within walking distance of the Financial Plaza of the Pacific.

Downtown - Honolulu

Oahu

Kauai Oahu

MauiHawaiiState of Hawaii

ChinatownA historical 15-block area situated on the western perimeter of Honolulu’s financial district, this area has become the cultural hub for Honolulu’s diverse arts and entertainment venues within the last 10 years. Home to a variety of cultures, Chinatown during the day has various markets for leis, antiques, exotic fruits, seafood and curiosities like the “thousand-year old egg” along with Japanese and Chinese temples and various theaters, restaurants and bars in the evening.WalmartSituated directly across the Financial Plaza of the Pacific on the corner of Bethel and King Streets, this former Macy’s location has been redeveloped into an 80,000 square foot Walmart with a 450-stall parking garage.Aloha TowerLocated along the southern shore of downtown Honolulu, Aloha Tower was purchased for redevelopment in 2011 by Hawaii Pacific University (HPU), the largest occupier of office space in downtown Honolulu. The initial redevelopment completed in 2015 included a student activity center, urban loft spaces for nearly 300 students, and a multipurpose venue with spaces for community gatherings, performances, lectures and recreational activities along Pier 10. In 2017, HPU commenced a $50M redevelopment project that will be comprised of classrooms, an admissions office, a housing office, student center / learning commons, student organization spaces, a library/computer lab, book store and fitness center.

KakaakoEncompassing nine city blocks to the southeast of Honolulu’s Central Business District, Kamehameha Schools and Howard Hughes Corporation is currently redeveloping Kakaako into an urban community that embraces the island lifestyle and Hawaiian culture. Once an industrial and retail district with warehouses and various low-rise retail shops, plans for this mixed-use master planned community include open-air gathering places, networked walking paths, unique retail experiences and upwards of 8,000 vertical low- and high-rise residential units to support families of various income levels.

(CBD)

NIMITZ HWY

ALA MOANA BLVD

WAIKIKI

WAIKIKIAIRPORT

HONOLULU

ALA MOANA CTR

MAKIKI

AIRPORT ALOHA TOWER

Street View - Downtown

F E E S I M P L E O F F I C E B U I L D I N G F O R S A L E

PROPERTY SUMMARY

Address: 111 South King Street, Apt LL/1 915 Fort Street Mall, Apt B/1 900 Bishop Street, Apt LL & B/2/3/4/5/6/7/8/9/10/11/12 Honolulu, Hawaii 96813

Tax Map Key: 1-2-1-12: Parcel 6 Condo 2, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48

Land Area: 1.47 Acres (64,033.2 Square Feet) (Portion Of)

Building Area: Encompassing the Lower Level thru 12 floors Unit # Area (sf) LL 1,823 B/1 3,678 B/2 3,668 B/3 5,083 B/4 5,083 Total GLA: 59,999 Square Feet

Zoning: BMX-4

Purchase Price: $13,500,000.00 (US Dollars)*

FOR MORE INFORMATION PLEASE CONTACT:

Unit # Area (sf) B/5 5,083B/6 5,083 B/7 5,083B/8 5,083

FORT STREET MALLMERCHANT STREET

MERCHANT STREET

GROUND FLOOR

FORT STREET MALL

SECOND FLOOR

FLOORS 3- 12

3,678 SF

3,668 SF

5,083 SF

FLOOR PLANS

Wendell F. Brooks, III (S) Senior Vice President, Retail Brokerage Lead

+1 808 203 5715 [email protected]

PENTHOUSE, EXECUTIVE SUITES TYPICAL CONFERENCE ROOM EMLPOYEE LUNCH ROOM (2ND FLOOR) TYPICAL OFFICE FLOOR

BANK OF HAWAII ANNEX

Unit # Area (sf) B/9 5,083B/10 5,083B/11 5,083B/12 5,083

James “Kimo” L. Greenwell (S) Vice President, Retail Brokerage


1/15/19

ASB TOWER

* The units offered for sale are part of the Financial Plaza of the Pacific condominium project (the “Project”) created in the 60’s. The Project is not registered with the Real Estate Commission for the State of Hawaii. As such, no public report exists for the Project. In the event a single buyer purchases all of the units offered for sale, American Savings Bank, F.S.B. (“Seller”) intends to rely upon an exception from registration, namely HRS §514B-51(b)(3) relating to bulk sales of units. Additionally, Seller intends to rely upon another exception under §514B-51(b)(2) relating to sales of nonresidential units for $1 million or more.

1585 Kapiolani Boulevard, Suite 1750 Honolulu, Hawaii 96814T. 808.203.5700 F. 808.203.5709

www.jll.com/hawaii

Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2018. Jones Lang LaSalle. All rights reserved.

Wendell F. Brooks, III (S) Senior Vice President, Retail Brokerage Lead


James “Kimo” L. Greenwell (S) Vice President, Retail Brokerage


Jones Lang LaSalle Americas, Inc.

1585 Kapiolani Boulevard

Suite 1750

Honolulu, HI 96814

tel +1 808 203 5700 fax +1 808 203 5709

CONFIDENTIALITY AGREEMENT

American Savings Bank Tower at the Financial Plaza of the Pacific

915 Fort Street Mall, Honolulu, Hawaii 96813

This Confidentiality Agreement (this “Agreement”) is made as of the day and year indicated

below by and between AMERICAN SAVINGS BANK, F.S.B., a Federal savings bank (hereinafter “Disclosing Party”), and the undersigned (hereinafter “Recipient”).

WHEREAS, Recipient has requested information from Jones Lang LaSalle Americas, Inc.

(“Disclosing Party’s Broker”), in connection with the possible sale by Disclosing Party of real property.

WHEREAS, in the course of consideration of the possible purchase of the real property by

Recipient, Disclosing Party and Disclosing Party’s Broker will provide Recipient confidential, important, and/or proprietary information concerning the real property.

WHEREAS, the above-referenced parties are engaged in business discussions of a

sensitive nature pertaining to 915 Fort Street Mall, Apartment No(s) LL-1 and B-1 thru B-12, Honolulu, Hawaii 96813. Recipient agrees that the information shall be considered confidential and proprietary to Disclosing Party and that Recipient shall hold the same in confidence and shall not use the information other than for the consideration of the possible purchase of the real property.

THEREFORE, Recipient has agreed to execute this Agreement to memorialize Recipient’s

obligation to maintain the confidentiality of the information provided to Recipient by Disclosing Party and Disclosing Party’s Broker.

AGREEMENT

1. Confidential Information. For purposes of this Agreement, “Confidential Information” shall include all information or material disclosed or submitted orally, in writing or by any other media, whether or not such information is identified as Confidential Information by Disclosing Party and Disclosing Party’s Broker.

2. Exclusions. Confidential Information does not include information that Recipient can

demonstrate: (a) was in Recipient’s possession prior to its being furnished to Recipient by Disclosing Party or Disclosing Party’s Broker, provided that the source of that information was not known by Recipient to be bound by a confidentiality agreement with or other continual, legal or fiduciary obligation of confidentiality to Disclosing Party; (b) is now, or hereafter becomes, through no act or failure to act on the part of Recipient, generally known to the public; (c) is rightfully obtained by Recipient from a third party, without breach of any obligation to Disclosing Party; or (d) independently developed by Recipient without use of or reference to the Confidential Information.

American Savings Bank Tower at Financial Plaza of the Pacific

Confidentiality Agreement

Page 2 of 4

3. Confidentiality. Recipient and Recipients directors, officers, employees, agents, and financial, legal and other advisors (hereinafter “Recipients Representatives”) shall not disclose any of the Confidential Information in any manner whatsoever, except as provided in paragraph 4 and 5 of this Agreement, and shall hold and maintain the Confidential Information in strictest confidence. Recipient hereby agrees to indemnify Disclosing Party and Disclosing Party’s Broker against any and all losses, damages, claims, expenses, and attorneys’ fees incurred or suffered by Disclosing Party or Disclosing Party’s Broker as a result of a breach of this Agreement by Recipient or Recipient’s Representatives.

4. Permitted Disclosures. Recipient will notify each employee, agent, affiliate or consultant

involved in the business discussions or who may have any occasion to view, handle, or obtain any of the Confidential Information, of the terms of this Agreement. Recipient may disclose the Confidential Information to those of Recipient’s Representatives responsible for evaluating or consummating the proposed real estate transaction, with a bond fide need to know such Confidential Information, but only to the extent necessary to evaluate or consummate the proposed real estate transaction.

5. Required Disclosures. Recipient may disclose the Confidential Information if and to the

extent that such disclosure is required by court order, provided that Recipient shall provide Disclosing Party a reasonable opportunity to review the court order and disclosure and to timely interpose its own objection to the required disclosure.

6. Use. Recipient and Recipient’s Representatives shall use the Confidential Information

solely for the purpose of evaluating the proposed real estate transaction and shall not in any way use the Confidential Information to the detriment of Disclosing Party or Disclosing Party’s Broker. Confidential Information shall not be duplicated except as permitted above. If the proposed real estate transaction shall not be consummated, Recipient shall destroy all Confidential Information received, whether in writing or by other media, within ten (10) after the proposed real estate transaction shall be terminated or abandoned by either Recipient or Disclosing Party. If requested by Disclosing Party, Recipient shall provide a written certificate regarding destruction within five (5) business days of request therefor.

7. Non‐Disclosure Period. The obligations of Recipient shall be effective from the date

Recipient signs this Agreement and delivers this Agreement to Disclosing Party and Disclosing Party’s Broker (the “Effective Date”) and shall terminate two (2) years after Recipient shall destroy all Confidential Information received as provided in Paragraph 6 above.

8. Authority. Recipient warrants to Disclosing Party and Disclosing Party’s Broker that

Recipient has the requisite authority to enter into and perform this Agreement.



Page 3 of 4

9. Equitable Remedies. Recipient acknowledges that Recipient’s breach of this Agreement may cause irreparable harm to Disclosing Party and Disclosing Party’s Broker and agrees that Disclosing Party and Disclosing Party’s Broker is entitled to seek injunctive or other equitable relief as well as monetary damages.

10. Miscellaneous.

a. Disclosing Party’s and/or Disclosing Party’s Broker failure to insist in any one or more instances upon strict performance by Recipient of any of the terms of this Agreement shall not be construed as a waiver of any continuing or subsequent failure to perform or delay in performance of any term of this Agreement.

b. This Agreement shall be governed by, enforced under, and construed and interpreted in accordance with, the law of the State of Hawaii without reference to conflict of laws principles.

c. Recipient agrees and consents to venue and personal jurisdiction in Honolulu, Hawaii.

d. If any provision of this Agreement is found by a proper authority to be unenforceable or invalid, such unenforceability or invalidity shall not render this Agreement unenforceable or invalid as a whole and in such event, such provision shall be changed and interpreted so as to best accomplish the objectives of such unenforceable or invalid provision within the limits of applicable law.

e. This Agreement is the complete and exclusive agreement regarding the disclosure of confidential information between the parties and replaces any prior oral or written communications between the parties regarding the Confidential Information.

** Signature Page to Follow **



Page 4 of 4

IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed as of the day of , 2019, in Honolulu, Hawaii.

RECIPIENT / PROSPECTIVE BUYER

(Company Name - please print or type) Address: Signature By: Title: Telephone: Facsimile: Email: RECIPIENT / PROSPECTIVE BUYER’S BROKER

(Company Name - please print or type) Address: Signature By: Title: Telephone: Facsimile: Email:

** Upon Completion, Please Remit to ** Wendell F. Brooks, III (S), Senior Vice President

Jones Lang LaSalle Americas, Inc. Email: [email protected]

mailto:[email protected]

financial plaza of the pacific asb tower

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