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Shidler group to buy First Insurance Building
The Shidler Group
will buy the First Insurance Building at 1100 Ward Ave. for an undisclosed amount, the company said. Shidler said it will place the building in a portfolio of properties managed by Pacific Office Properties Trust LLC
, a real estate investment trust Shidler formed in October to hold Class-A office acquisitions.
The REIT, which Shidler said it will take public on the New York Stock Exchange in 18 months, will focus on real estate acquisitions in Honolulu, San Diego, Los Angeles and Phoenix.