holualoa restaurant

Two-Fer

Holualoa Arizona Inc. has put the Pacific Center in downtown L.A. on the market and cut a deal to sell a Chatsworth office park.

The Kailua-Kona, Hawaii-based property owner has hired Richard Plummer, a senior director at Cushman & Wakefield, to sell its historic Pacific Center at 523 W. Sixth St. in downtown Los Angeles. Plummer confirmed he has the listing but declined to offer further details.

Holualoa has owned 410,000-square-foot building for about 18 months, and sources say the company decided to sell because of the strong demand for downtown properties. These sources project a sale price between $70 million and $80 million.

While the Pacific Center is being marketed for possible conversion to residential, some sources believe it would be difficult to accomplish because of the number of tenants with long-term leases.

The building, which is about 74 percent leased, is known for its opulent lobby and for being home to the Water Grill restaurant. The building was developed in the late 1920s by Pacific Mutual Life Insurance Co. for its headquarters. Its 300 parking spaces were the first underground spots built downtown.

Meanwhile, Holualoa sold its four-building Occidental Business Center in Chatsworth to Professional Real Estate Services Inc. for $13.4 million, according to Nick Brighton, president of Velocity Investments Inc., who represented the seller. PRES was represented internally.

Tenants at the 92,749-square-foot Occidental Business Center include City National Bank, Titan Corp. and Lanier Worldwide. The building is 95 percent leased, all with five-and 10-year leases, and attracts rates of about $1.80 a foot.

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