Former Gold Bond
building for sale
The owner of the former Gold Bond Building has put the Kakaako office property on the market.
Property managers for Connecticut General Life Insurance Co. recently told tenants at 677 Ala Moana that the insurance giant was selling the 12-story building.
PM Realty Group, which manages the property, also informed tenants that prospective buyers would be touring the building.
Linda Gee, PM Realty vice president, declined comment.
The prospective deal comes as real estate activity in Kakaako has been on the upswing with retail and residential development on the former Victoria Ward Ltd. properties and the University of Hawaii's $150 million John A. Burns School of Medicine.
Built in the 1960s, the 677 Ala Moana Building, which sits on leasehold land owned by the Kamehameha Schools, has been known as the Gold Bond Building for much of its existence. The name came from Gold Bond Stamp Co., a Minneapolis-based company that was the building's main tenant for many years.
The company, through a local partnership known as Pacific International Building Partners, acquired the building in 1982 for nearly $18 million then sold it six years later to local developers Kurisu & Fergus and Dick Gushman for about $25 million, state land records show.
A partnership that included Gushman and local developer Duncan McNaughton took over the building in 1989 before turning it over to current owner Connecticut General in 1996.