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HONOLULU-The Shidler Group of San Diego has agreed to acquire the First Insurance Building, a 210,000-sf office building here that is 98% leased. The purchase will close before year’s end. The price is not yet being revealed by the parties involved.

The building address is 1100 Ward Ave. First Insurance Co. of Hawaii and Straub Clinic & Hospital are the major tenants. Shidler Group’s Hawaii managing partners says the asset fills a niche between its properties in the Kapiolani corridor and those in the Downtown financial district.

The building will be part of a portfolio of properties managed by Pacific Office Properties Trust LLC, a new private REIT formed by The Shidler Group to hold the group’s major class-A office building acquisitions, with a focus on the Western US cities of Honolulu, San Diego, Los Angeles and Phoenix.

According to published reports, Pacific Office Properties Trust is expected to be taken public in 18 months. If that happens, it would be the fourth real estate investment trust taken public by Shidler Group. Founder Jay Shidler currently serves as chairman of both First Industrial Realty Trust and Corporate Office Properties Trust,and the new REIT as well.

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